More parents are providing significant financial support for their adult children even as they cope with the needs of their own aging parents, according to a new survey of the middle-aged “sandwich generation.”
Read the full article at The Washington Post.
Today, of course, employers are in the driver’s seat when it comes to finding a job. Millions of people have been out of work for a long period of time. For older workers in particular, it’s especially tough to find a new job. There will come a day, however, when the equation shifts. As this happens, employers will find older employees grateful for the chance to work. Seniors who find themselves in demand will also be looking for different types of job opportunities, including seasonal, “on-again-off-again” jobs and those that offer telecommuting and flexible hours.
Read the full article at U.S. News & World Report.
A major research effort by AARP provides projections on the size of medical bills that may await you. The big seniors’ group launched a major project this week to support efforts to help reverse the economic damage experienced during the past several decades by the middle class, or what’s left of it. As part of the effort, AARP commissioned nine studies on the major financial challenges facing middle-class consumers of all ages.
Read the full article at U.S. News and World Report.
In a survey of defined contribution plan participants conducted last October by State Street Global Advisors and the Boston Research Group, 82% of those under 25 said they were on track to have enough saved to meet their retirement goals. That compares with the 54% of those aged 35 to 44 and 63% of those 55 and older who described themselves as on track. The youngest workers were not only confident, but in some cases downright cocky: 17% rated themselves as “extremely knowledgeable” about financial matters, compared to the 9% of those aged 35 to 44 and 8% of those 55 and older who made that claim.
Today, reaching age 65 does not automatically mean it’s time to retire. The promise of a relaxing and stress-free retirement has been replaced in many cases by the reality that people are not prepared to retire. Some employees cannot afford to retire or are just plain afraid to retire. Age 65 is now just another year in an ongoing career, and retirement has no set time frame.
Read the full article at U.S. News & World Report.
Medicare reform is back in the spotlight as the White House and Congress gear up for another deficit reduction battle in coming weeks. President Obama has said he’d be willing to make modest changes to Medicare as part of the debt ceiling negotiations, while House Republicans are looking to overhaul the troubled entitlement programs.
Read the full article at CNN Money.
A business group of top executives on Wednesday proposed reforms to Social Security and Medicare that would raise the enrollment age for both programs to 70 but not raise Social Security taxes paid by upper-income Americans.
Read the full article at Reuters.
Growth in the number of Americans ages 65 to 74 is due to peak this year and slow for most of the next quarter-century, according to estimates by the Census Bureau. Within a decade, the 75-and-up age bracket will increase at a faster pace.
Read the full article at Bloomberg.