retirementplanning

What Boomers, Millennials, Elderly All Have in Common: Money Fears

For the past few years, it has seemed like depressing economic news has been America's only actual growth industry, and all that negativity is still echoing in our heads. Across the age spectrum, we're downbeat about the future, even as the signs are finally looking up.

5 Ways to Give Your Finances a Spring Cleaning

CNBC personal finance expert Sharon Epperson says the spring is a good time to clean up your finances by adjusting your payroll withholding, boosting your retirement contributions and scheduling automatic savings.

Forget the 4% Rule: Retirement's Common Wisdom Is Obsolete

Get ready to play the retirement game even more cautiously: The common wisdom that a 4% annual withdrawal rate is the safe way to avoid outliving your money is increasingly coming under fire. In fact, it may well become a thing of the past.

Point: The Complete Overhaul Social Security Needs to Survive

Ahead of AARP's planned "secret" salon on the future of Social Security, we offer two retirement experts' dramatically different proposals for solving the Social Security crisis. Chuck Saletta's view: You can't fix this with "tweaks" and small measures.

Jean Chatzky's 6 Simple Rules for Financial Fitness

Today show financial editor Jean Chatzky -- author of DailyFinance's "Family Money" column -- has a new book titled Money Rules: The Simple Path to Lifelong Security. On Wednesday, she spoke with Matt Lauer, explaining the easy principles she recommends.

Small Business Owners Are Clueless About Retirement

It's more than just near-term economic challenges small business owners are struggling with: Many also aren't planning properly for their future. According to a recent survey, one-third of them have neither a pension nor retirement savings, and have no idea how they will retire.

Retirement Shocker: 60% of Us Don't Have $25K Saved

Concerns about job security and piles of debt have left American workers more pessimistic about retirement than ever. And many should be concerned: About 60% report total savings and investments of under $25,000 (excluding the value of their home and defined benefit plans.)

How to Get Your Ex to Help Fund Your Retirement

If you're divorced, your ex-husband or ex-wife might still be able to help you feather your nest in retirement. And there's at least one former-spouse benefit you won't need to go to court to get access to: payments based on their Social Security earnings record.

How to (Legally) Dodge the Tax Man in Retirement

Saving for retirement isn't just a smart move for the long run. It can also cut your current taxes. But what if reducing your taxes now is the wrong strategy? For many workers, a smarter option is a retirement plan that eliminates your tax bill down the road: a Roth 401(k).

Poor and Elderly: The 5 Worst States to Grow Old In

It's a tough time to be old in America, and it's worse than you may realize: According to a recent report, on average, if government benefits were taken out of the equation, the elderly would have far less income than they'd need to survive. Here's where the problem is worst.

Busted Boomers and Beyond: Living with Less Social Security

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:

If She Could Save $280,000, What's Your Excuse?

It may seem hard to save money for retirement: Fully 76% of Americans have saved less than $100,000, and 56% have saved less than $25,000. But once you learn how Oseola McCarty managed to set aside so much with so little, you'll see how few excuses you have.

4 'Must Do' Money Moves to Achieve Fiscal Fitness

There are many roads to financial security, but whatever path you follow, there are some mandatory steps everyone ought to take along the way. Alexa von Tobel, founder of LearnVest.com, cuts through the thicket of advice to give us her essential keys to sound money management.

What'll You Do When Social Security's Trust Runs Dry?

In 2036, Social Security's Trust Fund is set to run out of money, after which it's anticipated that the program's benefits will be cut by about a quarter. And if you're likely to be around when that happens, you need a plan to make up the difference.

Today's Retirement Myth: $1 Million Is Enough

$1 million is a lot of money, but assuming that should be your retirement funding goal can be dangerously simplistic. So before you spend the next few decades over- or under-saving, assess whether $1 million is enough -- or too much -- to fund your plans.

Ponzi Scheme or Not, Social Security Is Going to Shrink

Social Security's trust fund is in the long, slow process of collapsing because it won't have enough funds to pay its promised benefits. Sound like a Ponzi scheme? Perhaps, but at least this "scheme" is one in which you can come out ahead -- especially if you start preparing now.

Beware of This Retirement Myth: 'You'll Spend Less'

There's a persistent assumption going around about what happens after one retires -- your spending shrinks. Sure, your house may be paid off by then, and you may be able to ditch some work-related expenses. But that's not the full picture.

The Secret Your Boss Is Keeping About Your 401(k)

Many companies have done away with pensions, replacing them with 401(k) plans and related options that put responsibility for retirement saving squarely on you. But those same corporations have also been pushing to keep you in the dark about the plans' costs.

Retirement Rulebook: How to Keep It in the Family

Every adult needs a will: It may be depressing to contemplate, but die without one, and the state decides what happens to your property, and there's no guarantee the state's wishes and your own will coincide.

You Know What's Overrated? Retirement

There are several major flaws in the classic "retirement as a goal" scenario, but you're not locked into it. If you've avoided major debt and have an education that allows you the freedom to re-imagine the concept, you could completely change your life.

Retirement at Never: Are You Doomed to Work Til You Die?

Do you really want to work your whole life? An alarming number of workers think they'll have to -- and that number is rising. More than a quarter of workers age 50 and older expect to retire at 70 or later. Even worse, one in six Americans think they'll never be able to retire.

Social Security Benefit Is Barely Minimum Wage

Good news: Retirees will get a 3.6% Social Security cost-of-living adjustment in 2012 -- their first boost since 2009. Bad news: The average benefit is $1,229 a month, about the equivalent of working for minimum wage.

4 Ways to Get the Most From Social Security

Most people's big worry about Social Security these days is that it won't be there at all when they retire. But what they should be worrying about is how to boost their benefits down the road. Here are four ways to do that:

The Triple Threat to Baby Boomers' Retirement Plans

After long careers, members of the leading edge of the baby boom generation have gotten to the age where many would like to retire. But more boomers have chosen to put off their retirement plans -- and the latest impediment may surprise you.