Archive for the Retirement Category

It’s An Era Of ‘Work Til You Drop’ For Boomers

Posted in Retirement on February 21, 2012 by JT

By JOHN ROGERS, Associated Press

LOS ANGELES — When Paula Symons joined the U.S. workforce in 1972, typewriters in her office clacked nonstop, people answered the telephones and the hot new technology revolutionizing communication was the fax machine.Symons, fresh out of college, entered this brave new world thinking she’d do pretty much what her parents’ generation did: Work for just one or two companies over about 45 years before bidding farewell to co-workers at a retirement party and heading off into her sunset years with a pension.Forty years into that run, the 60-year-old communications specialist for a Wisconsin-based insurance company has worked more than a half-dozen jobs. She’s been laid off, downsized and seen the pension disappear with only a few thousand dollars accrued when it was frozen.So, five years from the age when people once retired, she laughs when she describes her future plans.”I’ll probably just work until I drop,” she says, a sentiment expressed, with varying degrees of humor, by numerous members of her age group.Like 78 million other U.S. Baby Boomers, Symons and her husband had the misfortune of approaching retirement age at a time when stock market crashes diminished their 401 k nest eggs, companies began eliminating defined benefit pensions in record numbers and previously unimagined technical advances all but eliminated entire job descriptions from travel agent to telephone operator.At the same time, companies began moving other jobs overseas, to be filled by people willing to work for far less and still able to connect to the U.S. market in real time.

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via Insurance News – It’s An Era Of ‘Work Til You Drop’ For Boomers.

Recovery at risk as Americans raid savings

Posted in Consumer Debt, Debt Collapse, Economy, Retirement, Unemployment on January 18, 2012 by JT

By Jilian Mincer

and Jonathan SpicerPosted 2012/01/17 at 12:13 am EST

NEW YORK, Jan. 17, 2012 (Reuters) — More than four years after the United States fell into recession, many Americans have resorted to raiding their savings to get them through the stop-start economic recovery.

Vernon Tites, an out-of-work contractor from San Francisco, looks for jobs online at the Employment Development Department of California service office in San Francisco January 6, 2012. In an ominous sign for America’s economic growth prospects, workers are paring back contributions to college funds and growing numbers are borrowing from their retirement accounts.

Some policymakers worry that a recent spike in credit card usage could mean that people, many of whom are struggling on incomes that have lagged inflation, are taking out new debt just to meet the costs of day-to-day living.

American households “have been spending recently in a way that did not seem in line with income growth. So somehow they’ve been doing that through perhaps additional credit card usage,” Chicago Federal Reserve President Charles Evans said on Friday.

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via NewsDaily: Insight: Recovery at risk as Americans raid savings.

via NewsDaily: Insight: Recovery at risk as Americans raid savings.

How the ‘Permanent Portfolio’ Can Protect You from Central Bankers

Posted in Federal Reserve, Retirement, Stock Market on September 23, 2011 by JT

How the ‘Permanent Portfolio’ Can Protect You from Central Bankers.

Three More Little-Known Facts about Social Security …

Posted in Politics, Retirement on September 20, 2011 by JT

Three More Little-Known Facts about Social Security … — Money and Markets.

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