NEW YORK, Feb 26- When Wanda Simpson reached retirement a couple of years ago, the Cleveland mom had an unwelcome companion: Around $25,000 in debt. New data reveal that Wanda Simpson has company- and plenty of it. Among families headed by those 55 or older, 65.4 percent are still carrying debt loads, according to the Washington, D.C.- based Employee Benefit Research...» Read More
There was a time - not THAT terribly long ago - when boomers who had something to say took to the streets with signs of protest, usually against authority (especially the government). Sit-ins were the way to stand out.
Reigning in the deficit will be nothing short of a "suicide mission" for the people charged with the task, Alan Simpson, co-chair of President Barack Obama's bipartisan Deficit Reduction Commission, told CNBC Monday.
As the first wave of Baby Boomers reaches retirement age, predictions for the nation’s health care system have been nothing short of apocalyptic.
How unemployed Boomers can cope with age discrimination in the workforce, and why younger executives should accept them.
Federal and state officials, many facing record budget deficits, are starting to aggressively pursue companies that try to pass off regular employees as independent contractors. The New York Times reports.
Carly Fiorina, former Hewlett Packard CEO and Republican Senatorial candidate for the state of California, shares her thoughts on the Baby Boomer legacy of debt, and that impacts the future of the United States.
Major demographic differences with the rest of the nation could present roadblocks for future social and education programs, while delayed retirement will affect housing and labor market trends.
As the record federal budget deficit draws increasing scrutiny from Washington to Wall Street to Main Street, deficit hawks may take aim at entitlement programs including Social Security. And, the nearly 80 million Baby Boomers phasing into retirement will set in motion a dynamic that—if not addressed by Congress—could result in the next generation getting fewer benefits.
If you haven’t maxed out your 401k/403b contributions at work, you are eligible to take advantage of what is known as the catch-up provision. In essence, if you haven’t saved as much as legally possible every year you’ve been working, you are able to contribute an extra $5,500 per year (over and above the legal limit - $16,500) into your retirement plan in 2010.
A bipartisan group of former lawmakers and budget officials called on Congress and President Barack Obama Monday to commit to reining in trillion-dollar plus budget deficits to avoid dragging down the economy.
The Social Security Administration makes it official Thursday: There will be no cost of living increase for Social Security recipients next year, the first year without one since automatic adjustments were adopted in 1975.
Reverse mortgages are quickly turning into a main source of income for struggling seniors trying to stay financially afloat, industry analysts say. But the mortgages come with significant drawbacks, such as high fees, complicated paperwork and the possibility of owing more than the value of the home.
Even as the Obama administration braces for another grim report about job losses on Friday, economists say that the president’s $787 billion stimulus package has helped blunt the downturn in limited but discernible ways.
The recession is starving the government of tax revenue, just as the president and Congress are piling a major expansion of health care and other programs on the nation's plate and struggling to find money to pay the tab.
I have long thought the oil market got ahead of itself. The recent strength in the price has been due more to the thought economic recovery was close at hand. As I have been writing, I think that the recovery will come, but not today.
The administration isn't the only one that got flattened by the steamroller that has been our economy recently. Unemployment is at 9.5% and some of you might remember I had a bet with a Soleil director it would level at 8.5%. So much for my predictions.
General Motors is using its huge pension fund in a way it never intended. It had planned — and put money aside — for a steady march of retirees over time. But instead, tens of thousands of blue-collar workers, most in their 40s and 50s, are all becoming eligible for retirement benefits now, as the company rapidly downsizes.
People in the business community often argue against expanding public health care and pension benefits, arguing that this would raise taxes and that the private sector can do a better job providing those benefits than the government. But the evidence is mounting that the private sector can't.
CFP Julie Casserly reveals the three things you should never do in retirement.
Now that he’s won the White House, the biggest question on the minds of many Americans is how the sweeping tax law changes he’s proposed will affect them in the years to come.