As baby boomers start hitting age 65, putting off retirement for a few years has become all the rage. But even if you're pessimistic about your financial prospects, you may not need to wait as long as you might think to retire securely.
Even if you're nervous that Social Security's coffers will run dry quicker than forecast, or worried that your retirement will be cut short by an unforeseen illness, don't make this move without thinking it through.
As Gen-Xers hit middle age and start thinking more seriously about retirement planning, the warnings they're hearing about how far behind they are may make their situation sound more dire than it is.
Generations of Americans are facing threadbare finances in retirement: Judging by what people say they expect to spend versus what they expect to take in, the disparity between income and expenses will be severe.
As April 17 approaches, politicians and pundits of all stripes are taking potshots at the usual tax-debate villains. But there's never much talk about exactly how are our tax dollars are really spent.
Social Security has promises to pay out $41.4 trillion in future benefits, but it has just $34.5 trillion in assets and expected income to cover those promises. You do the math.
Mitt Romney recently turned 65, but won't be signing for Social Security anytime soon. It's not because he's rich, and it's not because he hopes to be in the White House, either: It's because he's following the smart money course.
Start early and get less each month? Wait longer and get bigger checks, but fewer of them. We break down the math.
Conservative politicians have spent the past few months venting their ire on America's entitlement programs, and the alleged mass of lazy layabouts who make use of them. But a closer look at who actually lands in the social safety net reveals some surprising facts.
One of the biggest threats to your financial health is inflation, which destroys the value of your money. Now, according to the Consumer Price Index, inflation is fairly tame. But if that doesn't reflect your economic reality, the people who created the Everyday Price Index think they know why.
At the rate things are changing and in the direction they're moving, the early baby boomers will be the last people to receive both full pensions and full Social Security benefits. If that's not you, you have some extra preparing to do. Here's why, and how:
The Consumer Price Index, which measures inflation, is only as effective as the assumptions it makes -- in this case, about what you buy. If you spend more on certain things than most people, then the CPI will do a terrible job of reflecting the prices you actually pay. In particular, retirees often don't fit the CPI profile well at all.
While many Americans are hoping the fellows running for president will give them a tax cut, President Obama has already given all of us one that saves the average family about $1,000 extra a year. So how can you put that bonus to the best use?
Last year, the Social Security Administration warned that the program's trust fund was likely to run out of money in 2036, leading to deep cuts in benefits. Now, the Congressional Budget Office says that projection may have been too optimistic.
While the pundits debated the vices and virtues of Mitt Romney's and Newt Gingrich's tax returns, the folks at Kiplinger were scouring them for ideas that could help you. Even if you'll never have a Swiss bank account or own complex foreign assets, these dozen moves could help you lower your IRS bill.