Posts Tagged ‘social security’
69% of Seniors Say Social Security ‘Critical’ to Retirement Plans
More than two-thirds of seniors say that Social Security benefits are critical to their retirement planning according to a new survey, while a plurality said their biggest financial regret from their younger days was not saving enough. The April survey was conducted by LendEDU, an online student loan refinancing marketplace, which sought the opinions of…
Read MoreRetired couples might need $400,000 in savings to cover medical expenses
Retired couples who are Medicare beneficiaries could need as much as $413,000 saved to cover medical expenses in the latter stages of life, an increase over the previous year’s estimate of $383,000. This is according to new findings from the Employee Benefit Research Institute (EBRI). The figure is the “predicted savings target for Medicare beneficiaries…
Read MoreBaby boomers are struggling to recoup lost 401K balances
The 401k account balances of baby boomers were nearly $30,000 lower in June 2023 than they were by the end of 2021, showing that those in or near retirement are having a harder time recovering financial losses than younger generations. This is according to data from Fidelity Investments, as reported by USA Today. “By the…
Read MoreSeniors Would Rather Plan to Pay for Funerals Than Long-Term Care
Putting off retirement planning is common among healthy seniors — to the point where a substantial majority of them would rather think about dying than how to plot out their remaining living years. Three-quarters of respondents to a survey from Home Instead, Inc., a home health provider, said they felt more comfortable thinking about funerals…
Read MoreSurvey finds nearly 25% of adults have no retirement plan besides Social Security
A survey of over 1,000 U.S. adults conducted by GOBankingRates found that if not for the presence of the Social Security program, nearly one in four adults would not have any retirement plan at all. “While nearly as many people could leave their benefits on the table and still retire in style, 50% of the…
Read More21% of Boomers Lack Savings for One Month’s Expenses
Yet another poll reveals that all generations feel unprepared when it comes to retirement savings — with 21% of baby boomers lacking adequate savings to cover one month of basic expenses, according to AARP. Co-commissioned with the Association of Young Americans, the “Three Generations Survey” asked baby boomers,Generation Xers, and millennials, a variety of retirement…
Read MoreSmoking Linked to Frailty in Seniors
Seniors who smoke may be more likely to become frail, a new British study suggests. Researchers tracked more than 2,500 people 60 and older in England and found that current smoking boosted that risk by about 60 percent. The scientists determined that the participants were frail if they had at least three of five conditions:…
Read MoreMore Than Half of Americans Will Need Nursing Home Care: Study
That eclipses the 35 percent estimate used by the U.S. Department of Health and Human Services, the researchers added. “Lifetime use of nursing homes is considerably greater than previously thought, mostly due to an increase in short stays of less than three weeks,” said lead researcher Michael Hurd. He is director of the RAND Center…
Read MoreReverse Mortgages Could Hold Key to Secure Retirement
Joining the chorus of popular media outlets that have covered home equity’s role in retirement, USA Today ran a lengthy piece this week about ways homeowners can tap into their wealth — including with a Home Equity Conversion Mortgage. Quoting experts such as reverse mortgage researcher Wade Pfau and wealth advisor Randy Bruns, the national…
Read MoreAs more seniors live alone, retirement finances could be challenging
Generation Xers and baby boomers who live alone in retirement may face unique financial challenges compared to other seniors, according to a column in The Street by Center for Financial Planning (CFP) partner Sandra D. Adams. After a New York Times story was published on the challenges of seniors living alone, Adams looked at data…
Read More
