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Tag: retirement

How to catch up on retirement savings in your 50s

How to catch up on retirement savings in your 50s

Finance
Planning young: a retirement roadmap If you're nearing retirement age and your savings are looking a little sparse, you're not alone. Forty-six percent of baby boomers don't have anything stashed away for retirement, according to a study from the Insured Retirement Institute, which means nearly half of soon-to-be retirees need to supercharge their savings if they don't want to work the rest of their lives. The bad news is that if you're in your 50s and are just now starting to save, it's going to be a tough road ahead to save enough to enjoy a comfortable retirement. The good news is that it can be done, and even if you can't save half a million dollars by the time you turn 65, you can put away a decent chunk of change — which is far better than nothing. Picking up...
This retirement expense has hit $100,000 annually — and it's rising

This retirement expense has hit $100,000 annually — and it's rising

Finance
This retirement living expense has nowhere to go but up. The annual cost of a private room in a nursing home has cracked the six-figure mark, according to Genworth Financial. The national annual median cost of a private room in a nursing home is $ 100,375, the insurer found in its 2018 Cost of Care study. Overall, the rising cost of care has outpaced inflation. The Consumer Price Index for all urban consumers was 2.1 percent for the first half of 2018. The annual median cost of a room at an assisted living facility grew by 6.67 percent between 2017 an...
EU orders Poland to stop forcing retirement of high court justices

EU orders Poland to stop forcing retirement of high court justices

World
Oct. 19 (UPI) -- The European Court of Justice ruled Friday that Poland must halt the implementation of a new law forcing members of the Supreme Court to retire at 65. The new law, which took effect in early July, lowered the mandatory retirement age down from 70. It forced the retirement of about 40 percent of the Polish Supreme Court's justices. Critics accuse Warsaw of enacting the new law in order to bring in new justices loyal to the government. The government, though, says the new age requirement makes the courts more efficient. About one-third of the high court's 73 judges have stepped down since enforcement of the law. Chief Justice Malgorzata Gersdorf in July called the law a "purge" of justices in which the ruling Law and Justice Party is attempting to seize control of the court...
Are you putting retirement plans on hold? What that means for your Medicare eligibility

Are you putting retirement plans on hold? What that means for your Medicare eligibility

Finance
If you're at least 65 and still punching the clock at work, odds are that you have two benefit enrollment periods to worry about this year. That's because in addition to signing up for next year's workplace health benefits, older workers must also make sure to coordinate their coverage with their eligibility for Medicare. The ordeal is a confusing one for the growing population of older workers. By 2024 there will be about 13 million individuals age 65 and older in the workforce, according to the Bureau of Labor Statistics. More from FA Playbook:How y...