Reflecting the growing concern over health care costs and economic issues, American workers' confidence in being able to afford a comfortable retirement decreased over the past year by a rate unmatched in the 18 years of the Retirement Confidence Survey® (RCS), according to just-released survey results.
The percentage of workers who are very confident about having enough money for a comfortable retirement decreased sharply, from 27 percent in 2007 to 18 percent in 2008, the biggest one-year drop in the 18-year history of the RCS. Retiree confidence in having a financially secure retirement also decreased, from 41 percent to 29 percent, a drop of 12 percentage points.
Decreases in confidence occurred across all age groups and income levels but was particularly acute among younger workers and those with lower income. The RCS was conducted by the nonpartisan Employee Benefit Research Institute (EBRI), and full results are online at www.ebri.org/surveys/rcs/2008.
You know the old saying: Kill two birds with one stone?It’s just a saying …Annuities are like that… they’re tax-deferred retirement savings plans, but they’re also insurance policies. When you buy an annuity, you’re investing a certain amount of money with an insurance company. The insurer promises to credit earnings to your account and to annuitize your account value. Annuitization means that insurer will return your principal and earnings to you in regular payments - guaranteed - for the rest of your life. Or, if you prefer, you can withdraw your money as you need it.
Some investors use annuities as a way to accumulate tax-deferred earnings without planning to annuitize. Others buy annuities as a personal pension, to provide a stream of guaranteed lifetime income, and to have a good life insurance policy, to protect the family.
Some things just go together. And so it is with employers and their employee retirement plans… Employees get retirement income, employers get a tax deduction. Traditional pensions and profit sharing-plans are funded 100% by the employer, and everyone gets to participate. With Salary Reduction Plans… only eligible employees get to put away a percentage of their salary, pre-tax. In the best plans, employers contribute or match contributions. You won’t pay taxes on that money until you start withdrawing…years from now…when you’re retired and in a lower tax bracket or too rich to care. But where pensions are automatic
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http://www.todaysfinancialnews.com -- Judging by the Obama family tax returns, financial and retirement planning is not exactly the strong suit of the next U.S. president. That worries me.
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Congresses Proposes the "Automatic IRA Act"
According to the Internal Revenue Service, an estimated 79 million U.S. workers are not participating in a retirement plan in their workplace, despite a recent AARP survey that revealed 76 percent of Americans 50 and older would like one.
Through new legislation, "The Automatic IRA Act," Congress proposes a plan that would allow more than 50 million workers to save automatically through payroll deduction. Employees would be automatically enrolled and build savings with contributions from every pay check. Another benefit of the plan, called portability, allows employees to take the savings from employer to employer.
To qualify businesses must have at least ten employees and have been in operation for at least two years. For more information, visit: www.aarp.org.
Produced for AARP
Dan Lyons of Newsweek and the former Fake Steve Jobs tells us that his departure from Fortune had nothing to do with the retirement of Fake Steve Jobs. But the health of his real life subject did.
Interview by TalkingHeadTV.com Distributed by Tubemogul.
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