What do you fear about retirement?

Mar 7, 2010

Here is some of the latest news regarding retirement:

    FOUR out of 10 British people approaching retirement are considering moving abroad, a survey showed this week.

    Around 42 per cent of people aged over 55 said they were thinking of relocating overseas, with 38 per cent considering doing so within the next five years, according to the Foreign and Commonwealth Office.

    10 American States Which Are the Best Places to Retire Happy Because They Don't Tax Retirement Income (Federal Pensions):
    New York
    See U.S. News Online Tool to Find the Best Places to Retire

    Low Balances In Retirement Funds

    No doubt many people today are counting on The Retirement Plan for Stupid People so that they can enjoy retirement happiness after midlife.

    Only about half the U.S. workforce is covered by some type of employer-sponsored retirement plan. And most of those are 401(k) plans, which usually require employees to contribute and make investment decisions. Of course, without a pension, people's retirement income will be compromised.

    Even before the financial crisis, the average balance in 401(k)s for workers nearing retirement was just $78,000. After the market plunged, that average was reduced to about $56,000. That's just not enough for a comfortable retirement, says Roger W. Ferguson Jr., president and chief executive officer of TIAA-CREF, the financial services company that offers retirement plans for employees in the academic, medical and nonprofit fields.

    "Many families, at this stage, are short $250,000 from what they're going to need," Ferguson says.

Check out these latest retirement resources:

No comments: