Employers Express Limited Understanding of When Workers Will Retire

Jan 15, 2019 /

Faced with a significant number of employees at or nearing retirement, and the resulting loss of valuable older workers, U.S. employers are rethinking their approach to managing the retirement patterns of their workforces, according to a new survey by Willis Towers Watson. The 2018 Longer Working Careers Survey found the vast majority of employers (83%) have a significant number of employees at or nearing retirement. However, only half (53%) express having a good understanding of when their employees will retire. Additionally, while 81% of employers say managing the timing of their employees’ retirements is an important business issue, only 25% do this effectively.

Read more ...

Financial Risks for Retirees Late in Life

Jan 11, 2019 /

Rising life expectancy means that many more Americans will reach very old ages. While longer lives are undeniably positive, they also mean that more people will face late-life financial risks for which they may be unprepared. These late-life risks include high out-of-pocket medical expenses, an increased possibility of financial mistakes due to declining cognitive abilities, and the specter of widowhood.

Read more ...

Age Discrimination Is More Common Than You Think

Jan 8, 2019 /

When you dive into popular literature on retirement, you could be forgiven for thinking there are hordes of Americans in their late 50s or early 60s desperate to leave the paid workforce as soon as they can. Blog posts and academic studies beg people to hold off on collecting Social Security until the age of 70, so they can maximize their benefits. Few listen. The most common age to file for Social Security is 62.

Read more ...

How We Trick Ourselves Into Retiring Too Early

Jan 4, 2019 /

When you ask your clients to think about retirement, what words and images come to mind? Usually they will paint a positive experience with words like relax, fun, happy. Why is it then that a large number of retirees are not as happy in retirement as they predicted? According to a research report from SSA, one of the main reasons is “affective forecasting.”

Read more ...

Retirement Legislation to Watch in the New Year

Jan 1, 2019 /

Happy New Year from the staff at Horsesmouth and Savvy Social Security! May the year ahead be filled with personal growth, learning, and camaraderie. We know you’ll keep helping clients prepare for retirement, and it’s going to be a busy year in Washington and state capitals for policymakers working to improve the retirement security of millions of Americans. Here is a look at crucial retirement policy topics to watch in the year ahead.

Read more ...

12 Reasons to Be Thankful for Social Security

Dec 28, 2018 /

In the spirit of the season, here are 12 reasons to give thanks for Social Security:

Read more ...

What the Shutdown Means for Social Security

Dec 26, 2018 /

As Congress and the president battle it out and the government shuts down, millions of Americans worry about what it means for them, especially the Social Security checks, Medicare, and Medicaid that they rely on, particularly during the holiday season. The good news is that Social Security, Medicaid and Medicare payments won’t be interrupted by the partial shutdown. All three programs are considered mandatory spending and are not affected by a federal budget debate. New applicants to the programs, however, may experience delays in processing. The U.S. Postal Service will also remain funded, so checks should arrive in the mail on time.

Read more ...

Why the World Needs to Rethink Retirement

Dec 21, 2018 /

The golden years look very different depending on where in the world you are, and, increasingly, which generation you are in. Aging populations and decreasing birthrates are spurring countries across the globe to reassess how retirement works—and what needs to change in order to extend the benefits available today to future retirees.

Read more ...

Higher Retirement Age Comes With Risks for Many Workers

Dec 18, 2018 /

Raising the retirement age is one Social Security reform measure that continually gets proposed. But according to Richard W. Johnson, an economist at the Urban Institute who specializes in employment and retirement decisions made by older Americans, raising the retirement age would inflict serious harm on roughly one-quarter of Social Security beneficiaries.

Read more ...

Why Are Boomers Working Longer?

Dec 14, 2018 /

Even when their wealth would allow them to retire comfortably, many clients postpone leaving the working world. Recent academic studies observed the increased workforce participation of the retirement-aged population in the United States over the past three decades, trying to figure out why so many people want to keep working beyond the age of 65.

Read more ...

Morgan Stanley Thinks Gen Z Will Save Social Security

Dec 11, 2018 /

Social Security might have a shot at surviving for another generation, and that’s thanks to 78.1 million individuals who will be contributing to it—the generation after millennials, those who were born after 1997 and make up what is known as Generation Z.

Read more ...

Have a Social Security Question? Please Hold.

Dec 7, 2018 /

Social Security has closed 67 field offices since fiscal 2010 in rural and urban areas alike. For the public, the cuts have meant less access to field offices, and ballooning wait times in the remaining 1,229 offices and on the agency’s toll-free line. It also has meant long delays in hearings on disability insurance appeals and in resolving benefit errors.

Read more ...

Are Americans Getting Their Money’s Worth From Social Security?

Dec 4, 2018 /

According to an analysis from the Center on Budget and Policy Priorities, no social program does more for the American public than Social Security. Yet, there’s always debate over just how much Social Security actually does for the average retired worker. After all, in September 2018, the average retired worker was bringing home just $1,417.22 a month, or a little over $17,000 a year, based on data from the Social Security Administration. That doesn’t seem like a lot of money considering that many of these workers potentially paid into the system for three, four, or even five decades. Read on to find out why you're probably getting your money’s worth from Social Security.

Read more ...

We Need to Make Social Security Hip With Millennials

Nov 30, 2018 /

Survey after survey reveals that millennials are resigned to the idea that Social Security, as we know it, might not be there by the time they reach retirement age. However, Social Security is not a hot-button issue for them. Benefits seem foreign and too distant to young workers. Yet the future of Social Security hinges on energizing those millennials to be concerned about this dilemma. And the way to do this is by making the issues around fixing Social Security relatable to them.

Read more ...

The Personal Sacrifices Family Caregivers Make for Their Loved Ones

Nov 27, 2018 /

As part of ongoing research into public attitudes about long-term health care in the U.S., AP-NORC conducted the poll to learn more about the stresses and burdens caregivers experience as they help their disabled loved ones remain living in their homes and communities. In earlier research, AP-NORC learned that about 40 percent of Americans have experience providing long-term care to an older family member or friend.

Read more ...

Happy Thanksgiving

Nov 23, 2018 /

Happy Thanksgiving from all the staff here at Horsesmouth. We hope that you, your families, and your clients have a wonderful holiday season. In honor of the holiday we are stepping away from retirement news to bring you former Senior Editor Nicole Coulter’s 10 tips for feeling more gratitude this holiday season:

Read more ...

Parents Need to Choose Retirement Over Kids’ College

Nov 20, 2018 /

74% of parents in a recent T. Rowe Price survey said that saving for college was a higher priority for them than saving for retirement. It’s an understandable mistake: college is more immediate and top of mind. But many financial advisors are trying to remind parents that retirement is more important.

Read more ...

Couples Not on the Same Page When It Comes to Retirement

Nov 16, 2018 /

Married couples don’t necessarily know what the other spouse is thinking about retirement. This insight came out of a new Fidelity Investments survey that asked some 1,600 people if they knew when their significant other planned to retire. Only 43 percent answered the question correctly. This disconnect reveals just how few couples are talking about retirement, said Fidelity spokesman Ted Mitchell, who worked on the survey.

Read more ...

Why Even High Earners Should Consider Social Security As Part of Their Retirement Plan

Nov 13, 2018 /

Many advisors hear high earning clients and prospects tell them, “Social Security isn’t for me. I can’t count on it.” Okay, says this well-paid doctor, but you’ll be missing out. Here’s his argument for why even those who make a lot of money—and theoretically have a lot of savings—should consider Social Security as part of their retirement plan.

Read more ...

Midterm Elections, Social Security and Medicare

Nov 9, 2018 /

This week saw one of the most significant midterm elections in recent history, with significant implications for the outlook on public policies and legislation affecting aging and older Americans. Health and aging issues drove the midterms more than other issues, including preserving the Affordable Care Act (with special emphasis on threats to pre-existing condition protections), considering Medicare for All proposals, and lowering prescription drug costs. Here’s an analysis by Bob Blancato, executive director of the National Association of Nutrition and Aging Services Programs, courtesy of nextavenue.org. Find the full article here.

Read more ...