Keyword: retirement

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  • Are Collapsing Pensions "About To Bring Hell To America"?

    03/16/2017 9:54:04 AM PDT · by Perseverando · 20 replies
    Zero Hedge ^ | March 16, 2017 | Authored by Mac Slavo via SHTFplan.com,
    The toxic dollar is bringing hell in a handbasket. Along with the student loan debt bubble and other major financial factors, the looming pensions crisis is bound to be the death of us all. Because it’s based on a future promise to pay, it has long been a benefit dangled to solve strikes and union disputes – because, in the end, it is just more debt, whether private or public. With tens of trillions in unfunded liabilities, the weight of an avalanche remains dangling over our heads. An aging population is cashing in on needed retirement benefits while the younger...
  • Nearly 600 Penn State faculty, staff voluntarily retire

    02/28/2017 6:13:11 AM PST · by BlackAdderess · 30 replies
    Philly.com ^ | February 27, 2016 | GENE J. PUSKAR
    UNIVERSITY PARK, Pa. (AP) - Nearly 600 faculty and staff have taken a voluntary retirement package from Penn State University, including more than 400 employees on the main campus. The Centre Daily Times (http://bit.ly/2mvKKvq ) reports 419 main campus employees took the offer, while 168 others did on satellite campuses. Forty-six percent of employees eligible for the early retirement took it, more than the university anticipated. Faculty 62 and older and staff 60 and older were eligible for a year's lump sum pay if they had at least 15 years' service.
  • Queen of Soul, Aretha Franklin Announces She’s Retiring This Year At Age 74, After Album Release

    02/09/2017 12:47:07 PM PST · by SeekAndFind · 24 replies
    US Magazine ^ | 02/09/2017 | Evan Real
    The Queen of Soul is hanging up her crown. Aretha Franklin revealed in a new interview that she plans to retire this year after she releases her upcoming, as-yet-untitled album. See what she had to say in the video above! Speaking to Detroit TV station WDIV Local 4 on Tuesday, February 7, the 74-year-old “Respect” singer opened up about her decision to wrap up her inimitable career, which began in January 1961 when she released her debut record, Aretha: With The Ray Bryant Combo. “I must tell you, I am retiring this year,” Franklin – who was the first woman...
  • Jeb Bush likely done with public life

    01/15/2017 3:03:40 AM PST · by Zakeet · 55 replies
    Washington Examiner ^ | January 13, 2017 | Al Weaver
    Former Florida Gov. Jeb Bush said it's unlikely that he will ever seek public office again, including the presidency, and said he wants to return to private life and his business career. Bush made the remarks while teaching a two-week course on governors at Texas A&M University. He said he is focused on his work to reform education and on his businesses, which he rejoined after his failed presidential bid concluded in February after the South Carolina Primary. "I unraveled everything I was doing to prepare for this - you don't do that lightly," Bush said. "I just think this...
  • Trump fires legendary inauguration announcer

    01/14/2017 1:27:21 PM PST · by Eleutheria5 · 27 replies
    Arutz Sheva ^ | 14/1/17 | Chana Roberts
    In an unprecedented move, President-elect Donald Trump has fired traditional inauguration announcer Charlie Brotman, replacing him with Steve Ray. Ray is a Washington, DC.-based freelance announcer, and formerly volunteered with Trump's campaign. Brotman, 88, has announced every inauguration parade since former President Dwight D. Eisenhower was sworn into office in 1957. In an interview with CTV News Channel on Thursday, Brotman said, "Devastated is a word that covers it all. Yes, I was really disappointed, to say the least... I’m asking, ‘Did I do something? Am I too old? What’s going on?" Brotman told CNN he "thought he was going...
  • Moment of Silence to memorialize Harry Reid's Departure from the Senate

    01/04/2017 8:18:17 AM PST · by Cold War Veteran - Submarines · 38 replies
    1/4/2017 | vanity
    As 2017 opens with the potential we have craved for many years, the initial milestones are being realized.
  • You have a few days left to dodge this 50 percent tax bill

    12/28/2016 3:01:42 PM PST · by Libloather · 75 replies
    MSN ^ | 12/28/16 | Kelli B. Grant
    Nearly a third of retirees are playing chicken with one of the steepest tax penalties out there — and they are running out of time. IRS rules on so-called required minimum distributions generally kick in once you reach age 70½. For 401(k)s and other defined contribution plans, it's either when you turn 70½. or you retire, whichever is later. If you've inherited an IRA, you might also be subject to RMDs, even if your own retirement is years away. How much you need to take is usually based on the account balance at the end of the previous year, and...
  • Farewell

    12/27/2016 4:33:57 AM PST · by Kaslin · 36 replies
    Townhall.com ^ | December 27, 2016 | Thomas Sowell
    Even the best things come to an end. After enjoying a quarter of a century of writing this column for Creators Syndicate, I have decided to stop. Age 86 is well past the usual retirement age, so the question is not why I am quitting, but why I kept at it so long. It was very fulfilling to be able to share my thoughts on the events unfolding around us, and to receive feedback from readers across the country -- even if it was impossible to answer them all. Being old-fashioned, I liked to know what the facts were...
  • The Legend Dr. Sowell Writes Final Column

    12/26/2016 7:15:49 PM PST · by nodwam · 49 replies
    Hidden Americans ^ | 12/26/2016 | Richard Saunders
    Dr. Thomas Sowell the world famous economist has decided to finally hang up the pen. He wrote in his farewell column, “Even the best things come to an end. After enjoying a quarter of a century of writing this column for Creators Syndicate, I have decided to stop. Age 86 is well past the usual retirement age, so the question is not why I am quitting, but why I kept at it so long.” Few people have had as big of an impact on economics and political theory as Dr. Sowell over the last 40 years. He received his Ph.D....
  • Farewell (Dr. Thomas Sowell retires)

    12/26/2016 11:12:14 AM PST · by jazusamo · 66 replies
    Creators Syndicate ^ | December 27, 2016 | Thomas Sowell
    Even the best things come to an end. After enjoying a quarter of a century of writing this column for Creators Syndicate, I have decided to stop. Age 86 is well past the usual retirement age, so the question is not why I am quitting, but why I kept at it so long. It was very fulfilling to be able to share my thoughts on the events unfolding around us, and to receive feedback from readers across the country — even if it was impossible to answer them all. Being old-fashioned, I liked to know what the facts were before...
  • NPR artifact Diane Rehm starved husband to death, bored millions into comas, mercifully retires

    12/26/2016 9:32:36 AM PST · by Sean_Anthony · 29 replies
    Canada Free Press ^ | 12/26/16 | Matthew Vadum
    Rehm's retirement is a Christmas gift to America National Public Radio mainstay Diane Rehm, who did Hollywood a disservice by missing her calling as a horror movie voice actor, has at long last retired after nearly four decades of boring and infantilizing helpless Washington, D.C. area taxi fares. Her retirement Dec. 23 is an early Christmas present for Americans. The fossilized crypt-keeper of taxpayer-funded NPR, a pillar of the left-wing media establishment, is beloved by wrong-thinking people across the fruited plain. She also helped starve her husband so he would die prematurely which makes her a heroic figure — a...
  • Bribes + NY State Pension Fund = Millions In Profits For Financial Companies

    12/22/2016 9:43:45 PM PST · by Brad from Tennessee · 13 replies
    Village Voice ^ | December 21, 2016 | By Nick Pinto
    Two financial firms raked in billions of dollars of business from the New York State Common Retirement Fund, the $184-billion retirement fund serving many state employees, after their agents bribed one of the pension fund's employees with cash, watches, travel, bottle-service, cocaine, strippers, prostitutes, and Paul McCartney tickets, according to indictments announced today by Preet Bharara, United States Attorney for the Southern District of New York. The two indictments announced today only cover three people: Navnoor Kang, 38, the director of fixed income and security for the $185 billion New York State Common Retirement Fund; Gregg Schonhorn, 45, the vice...
  • Pension Collapse in Big D: The retirement fund for Dallas' public-safety workers is ruined

    12/14/2016 8:01:52 AM PST · by SeekAndFind · 39 replies
    City Journal ^ | 12/14/2016 | Steve Malanga
    When Detroit filed for bankruptcy in 2013, the city’s emergency-financial team said that high levels of retirement debt could prevent them from rescuing the Motor City’s finances. Detroit had been in economic decline for decades, and the pension problem—including billions of dollars in bonuses handed out while the city was hurtling toward insolvency—was just one part of the depressing financial picture. Dallas, by contrast, has been one of the fastest-growing American cities in recent years. Becoming a magnet for investment and opportunity, however, hasn’t protected the Texas city from experiencing its own Detroit-style financial crisis. Dallas’s retirement system for cops...
  • Chuck Schumer Cries Over ‘Dirty Harry’ Reid's Departure

    12/09/2016 7:40:15 AM PST · by SeekAndFind · 23 replies
    Independent Sentinel ^ | 12/09/2016 | S. Noble
    Hack Senator Chuck Schumer called ‘Dirty Harry’ Reid, “truly one of a kind”, “one of the most unique men any of us…any of us..would ever meet.” “Harry,” he said, “I would not be the senator nor the man I am today without you.” He called him his mentor. He couldn’t help but cry as he spoke. CLICK ABOVE LINK FOR THE VIDEO.... Harry Reid ran the Senate like a little despot and Chuck apparently plans to follow his lead. He is his mentor after all. Senator Bob Corker, not one given to hyperbole, described his leadership as akin to Putin’s....
  • California’s Sen. Barbara Boxer bids farewell to Congress after 33 years

    12/08/2016 2:25:06 AM PST · by Zakeet · 67 replies
    Sacramento Bee ^ | December 7, 2016 | Sean Cockerham
    Sen. Barbara Boxer of California bid farewell to Congress on Wednesday after 33 years as a liberal champion, choking up as she read a letter from jazz great Sonny Rollins thanking her for "making life beautiful" for the people she's represented. "What he said is all I wanted to do, make life beautiful for people," Boxer said in her farewell speech on the Senate floor. "I didn't always succeed ... I can honestly say that I never stopped trying." Former House colleagues of Boxer including Democratic Minority Leader Nancy Pelosi of San Francisco came to the Senate to pay their...
  • Thankful: Late-term Abortionist Carhart Calls it Quits in Maryland!

    11/24/2016 3:18:59 PM PST · by Morgana · 19 replies
    OPERATION RESCUE ^ | November 24, 2016 | Cheryl Sullenger
    Germantown, MD – Abortionist LeRoy Carhart will no longer be conducting abortions at Germantown Reproductive Health Services (GRHS), an abortion facility in Germantown, Maryland, that has until now provided abortions throughout all nine months of pregnancy. According to local sources, Carhart’s last abortions in Maryland took place during the week of October 30, 2016. He returned to GRHS on November 8, but stayed only a few hours, sending several very late-term patients home without abortions. He left later in the afternoon and never returned. “The fact that Carhart will no longer be aborting babies in Maryland is something to be...
  • DuPont to end pension contributions, freeze benefit plans

    11/18/2016 7:26:21 PM PST · by george76 · 57 replies
    UPI ^ | Nov. 18, 2016 | Ed Adamczyk
    The company said the move is an alignment with industry trends in which fewer companies offer pensions. WILMINGTON, Del. -- The DuPont Company said it will eliminate its pension contribution for active employees. ... active employees will no longer accrue additional benefits, and employees under age 50 also will no longer receive dental, medical and life insurance benefits in retirement. ... Since 1998, nearly one-quarter of all Fortune 500 companies have stopped contributing to employees' primary pension plans, and 40 percent offer only a 401(k).
  • If the government would everyone over 50 years old 1 million dollars ...

    11/07/2016 7:47:12 AM PST · by Scythian_Reborn · 104 replies
    Patriotic Retirement Plan: There are about 40 million people over 50 in the workplace. Pay them $1 million apiece severance for early retirement with the following stipulations: 1) They MUST retire. That means forty million (some attrition of course) job openings. Unemployment fixed. 2) They MUST buy a new American car. Car industry and manufacturing restored. 3) They MUST either buy a house or payoff their Mortgage. Housing crisis fixed. That's it, we're only talking 40 million dollars in taxpayer money, not even worth a line item in the US budget. This would be ample retirement money for anyone with...
  • The Easy, Uncomplicated Way To Get Rich

    10/17/2016 11:11:46 AM PDT · by 2ndDivisionVet · 17 replies
    Zero Hedge ^ | October 16, 2016
    I talk a lot about the global investment markets. I’m focused on making profits, and often I’m looking to make multiples, knowing full well that some opportunities won't work out. I’ll get timing wrong or I’ll miss something entirely and need to hedge, reposition, or exit entirely. That’s life. But I haven’t spent much time on stating the obvious (because I figured it’s obvious) so today's post is going to do just that. We are going to forget all about economics, financial markets, central banks, derivatives, GDP, and all that stuff, and we're going to go all the way back...
  • Financial Industry May Control Retirement Savings In A Clinton Administration

    10/20/2016 5:15:24 AM PDT · by randita · 19 replies
    International Business Times ^ | 10/19/16 | BY DAVID SIROTA AND AVI ASHER-SCHAPIRO
    illary Clinton And Wall Street: Financial Industry May Control Retirement Savings In A Clinton Administration BY DAVID SIROTA @DAVIDSIROTA AND AVI ASHER-SCHAPIRO ON 10/19/16 AT 12:50 AM Blackstone's Tony James: America's Not Great at Saving While Hillary Clinton has spent the presidential campaign saying as little as possible about her ties to Wall Street, the executive who some observers say could be her Treasury Secretary has been openly promoting a plan to give financial firms control of hundreds of billions of dollars in retirement savings. The executive is Tony James, president of the Blackstone Group. The investment colossus is most...
  • Clinton And Wall St: Financial Industry May Control Retirement Savings

    10/19/2016 11:32:02 AM PDT · by AC Beach Patrol · 45 replies
    International Business Times ^ | 10/19/2016 | BY DAVID SIROTA AND AVI ASHER-SCHAPIRO
    While Hillary Clinton has spent the presidential campaign saying as little as possible about her ties to Wall Street, the executive who some observers say could be her Treasury Secretary has been openly promoting a plan to give financial firms control of hundreds of billions of dollars in retirement savings. The executive is Tony James, president of the Blackstone Group.
  • Yellen Puts 50 Percent Tax on Retirement

    If a politician said he thought he should tax the income from your retirement plan, right now, at 50% (no matter where you are in the retirement process, that would certainly hurt the ability of your portfolio to compound), what would you think (other than that he was completely Looney Tunes)? But that's exactly what the Federal Reserve has done by keeping interest rates low. It has reduced the fixed-income returns in retirement plans and the broad pension plans upon which so many people are dependent to practically nothing. And the Fed has done this to prop up asset prices....
  • Don't Blame "Baby Boomers" For Not Retiring - They Can't Afford To!

    09/27/2016 6:25:46 PM PDT · by Be Careful · 48 replies
    ZeroHedge ^ | 9/27/16 | Tyler Durden
    In business, the 80/20 rule states that 80% of your business will come from 20% of your customers. In an economy where more than 2/3rds of the growth rate is driven by consumption, an even bigger imbalance of the “have” and “have not’s” presents a major headwind.
  • Can Pennsylvania confiscate your IRA? Under a new law, maybe

    09/12/2016 7:44:05 AM PDT · by george76 · 17 replies
    Inquirer ^ | SEPTEMBER 12, 2016 | Erin E. Arvedlund
    The law, which took effect Saturday, allows Pennsylvania to seize some retirement accounts three years after they're presumed abandoned - regardless of the account owner's age. Previously, the state waited until individuals reached age 701/2 before seizing retirement accounts and liquidating the portfolios. Now, older folks and famously contact-averse millennials could be affected. Valley Forge-based Vanguard, with more than $3 trillion in assets, isn't happy about the state's budget-inspired change and plans to join forces with others in the financial industry to repeal the law next year. ... For those who opt to communicate electronically, the "lost contact" trigger is...
  • In Pennsylvania, baby boomers see the American Dream slipping away

    09/01/2016 4:21:23 PM PDT · by pabianice · 60 replies
    Boston Globe ^ | 9/1/16 | Viser
    "...Now many in that class are turning 58 years old, and Butler is a shell of what it was four decades ago, with the mills long-since shuttered or shrunk — casualties of the globalized steel industry — taking most of the jobs and that old sense of security with them. People here are approaching their golden years with a sense of bitterness about the new, unforgiving economy and foreboding about what they will have to show for this life. Something their parents could count on — a comfortable retirement, debt-free and maybe in a warmer place — seems out of...
  • Underfunded Pensions: A Tale of Two Counties

    08/29/2016 11:41:22 AM PDT · by MichCapCon · 13 replies
    Michigan Capitol Confidential ^ | 8/26/2016 | Derek Draplin
    The state’s largest 100 municipalities owe more than $4.2 billion in unfunded pension benefits to their employees, and Michigan’s 83 counties add another $2.5 billion to the total. Wayne County’s experience shows how this underfunding arose, while Oakland County shows the way out. Most Wayne County communities run a defined benefit pension plan for their employees, and most of them are significantly underfunded. Detroit was allowed to keep enrolling new employees in a smaller defined benefit plan after it left bankruptcy court and received a state bailout. Foreseeing such problems, in 1994 Oakland County closed its defined benefit pensions to...
  • FReeper input: Thinking of retiring to western North Carolina

    08/19/2016 8:30:58 AM PDT · by nuconvert · 128 replies
    me
    Thinking of retiring to western N.C. I'd love a log cabin in the mountains with modern amenities, but don't want to be too far from Dr's, grocery shopping, hospitals, etc., so a good mtn view would suffice. I've been looking north, west & east of Asheville and also in the Lenoir area and further south of Lenoir. I'm watching the weather, and reading N.C newspapers and it seems like flooding can be a real problem. Any suggestions/warnings from North Carolinians, especially regarding areas to avoid, would be helpful. Thanks
  • Arianna Huffington signs off at The Huffington Post

    08/11/2016 8:43:34 AM PDT · by PROCON · 33 replies
    AP ^ | Aug. 11, 2016
    NEW YORK (AP) — The Huffington Post is going to be without a Huffington. Arianna Huffington, The Huffington Post's editor-in-chief, announced Thursday that she's leaving to head a new health, wellbeing and productivity startup.
  • A-ROD retiring from Yankees

    08/07/2016 8:04:16 AM PDT · by campaignPete R-CT · 52 replies
    Aug 7 2016 | self
    Yankees say A-Rod's last game will be on August 12th; will then assume role as special advisor and instructor.
  • America's Aging Baby Boomers, Forced To Work Until Death, Blamed For Collapsing US Productivity

    08/01/2016 5:29:28 PM PDT · by vannrox · 77 replies
    zero hedge ^ | 31 July 2016 | Tyler Durden
    America's Aging Baby Boomers, Forced To Work Until Death, Blamed For Collapsing US Productivity by Tyler Durden Jul 29, 2016 1:33 PM 0 SHARES The graying of America's workforce will come as no surprise to regular readers. Just earlier this month, we wrote that in a little noticed aspect of the "stellar" June jobs report, the vast majority - or 90% of all new jobs - went to workers 55 and older. Hardly an outlier, this was the latest confirmation of a very troubling trend: all jobs created since the recession started in December 2007 have gone to workers 55 and...
  • World’s Biggest Pension Fund Loses $51 Billion in Stock Rout

    07/30/2016 6:26:17 AM PDT · by CorporateStepsister · 13 replies
    Bloomberg ^ | July 30 2016 | Yuko Takeo and Shigeki Nozawa
    Japan’s $1.3 trillion Government Pension Investment Fund lost 3.8 percent in the year ended March 31, or 5.3 trillion yen ($51 billion), the retirement manager said Friday in Tokyo. That’s the biggest drop since the fiscal year ended March 31, 2009. GPIF lost 10.8 percent on domestic equities and 9.6 percent on shares in other markets, while Japanese bonds handed the fund a 4.1 percent gain.
  • Time to Say Thank You and Goodbye to Sen. McCain

    07/28/2016 8:46:48 AM PDT · by Cheerio · 55 replies
    Brietbart ^ | 27 Jul 2016 | Rep. Louie Gohmert (R-TX)
    John McCain was a pilot in Viet Nam and there is no question that he and his fellow POWs suffered immeasurably in the Hanoi Hilton. For that we owe them all a debt of gratitude. Yet that does not give any one person the right to do harm to our country from a legislative position nor to put others in peril around the world by ill-conceived policy. Since I have been in Congress, Senator John McCain has pushed an agenda ranging from blanket amnesty for illegal aliens to support for President Barrack Obama’s and then Secretary of State Hillary Clinton’s...
  • CalPERS posts worst year since 2009, with slim returns

    07/18/2016 8:56:52 PM PDT · by bkopto · 29 replies
    LA Times ^ | July 18, 2016 | James Koren
    California’s largest public pension fund made a return of less than 1% in its most recent fiscal year, the fund’s worst performance since 2009. The California Public Employees’ Retirement System said Monday that its rate of return for the year ended June 30 was just 0.61%. What’s more, Ted Eliopoulos, the pension fund’s chief investment officer, said the poor year has pushed CalPERS’ long-term returns below expected levels. “We have some challenges to confront,” Eliopoulos said during a conference call. “We’re moving into a much more challenging, low-return environment.” CalPERS assumes that, in the long-term, it will earn investment returns...
  • Report: Japan's Emperor Akihito, 82, considering retiring

    07/13/2016 5:18:49 AM PDT · by Olog-hai · 15 replies
    Associated Press ^ | Jul 13, 2016 7:01 AM EDT
    Japan’s Emperor Akihito has expressed his intention to retire and relinquish his title in the next few years, the country’s public television said Wednesday. NHK said the 82-year-old Akihito did not wish to remain emperor if he had to reduce his official duties. […] It was not known if he had a timeline to relinquish his title to Crown Prince Naruhito. …
  • TEAMSTERS (IBT) Nash Finally Sentenced, Gets Off Easy

    04/16/2002 2:52:21 PM PDT · by knak · 10 replies · 564+ views
    nlpc ^ | 4/15/02
    Almost 55 months after confessing felonious conduct, Teamster money-laundering scandal figure, Jere Nash, has finally been sentenced. U.S. Dist. Judge Thomas P. Griesa (S.D.N.Y., Nixon) sentenced Nash Apr. 9 to a mere two years probation for his role in a series of schemes which lead to the embezzlement of some $885,000 from the Int'l Bhd. of Teamsters' treasury and to $538,100 in illegal campaign contributions to the failed reelection campaign of expelled IBT president Ron Carey. The sentencing appears to have been hush hush: the four N.Y.C. major dailies and the two Washington, D.C., dailies apparently did not cover the...
  • Benedict Endorses Pope Francis in Unprecedented Vatican Ceremony

    06/28/2016 10:24:02 AM PDT · by marshmallow · 28 replies
    The Guardian (UK) ^ | 8/28/16 | AP
    Backing from retired pope at event to mark his 65th year as a priest may help Francis gain favour among church conservativesBenedict XVI has endorsed Pope Francis’s ministry in an unprecedented Vatican ceremony featuring a reigning pontiff honouring a retired one on the 65th anniversary of his ordination as a priest. The ceremony in the Clementine Hall of the Apostolic Palace served in part to show continuity from Benedict to Francis amid continued nostalgia from some conservatives for the former’s tradition-minded papacy. Francis had invited the entire Vatican Curia, or bureaucracy, to celebrate Benedict’s anniversary, and prelates turned out in...
  • Oberlin College offers buyouts to faculty and staff

    06/26/2016 1:40:55 PM PDT · by george76 · 23 replies
    cleveland ^ | June 24, 2016 | Karen Farkas
    OBERLIN, Ohio - Oberlin College, in an effort to save several million dollars a year, has offered buyouts to 323 faculty and staff. Buyout offers at colleges are rare but have become a way to encourage professors, whose positions are protected by tenure, to retire. Oberlin offered the Voluntary Separation Incentive Plan to employees, including 100 faculty, in April. The college expects about 85 individuals to accept the offer ... The board of trustees agreed to slow the rate of tuition increase from 3.9 percent to 2.8 percent in the 2016 fiscal year, which will result in $2.1 million in...
  • Veteran Forcibly Dragged from Air Force Ceremony for Mentioning God

    06/20/2016 3:56:19 AM PDT · by Cato in PA · 58 replies
    Breitbart News ^ | 6/20/2016 | Breitbart News
    When a veteran started offering traditional remarks at a military flag-folding ceremony, several uniformed airmen assaulted him, dragging him out of the room because his remarks mentioned God. Now First Liberty Institute lawyers representing retired Senior Master Sergeant Oscar Rodriguez are demanding that the U.S. Air Force apologize and punish those responsible or face a federal civil-rights lawsuit.
  • Wife just got laid off, retirement, age 59 1/2 relevant?

    06/18/2016 7:08:00 AM PDT · by George from New England · 71 replies
    Wife worked full-time at an organized church office for 9 1/2 years now. Worked 35 hours a week and received insurance and health care benefits, etc. Fiscal year cycles at June 30. She was the elimination of her position this past week and given the option to continue at 19 hours a week, part time. She has said no, she needs a job with benefits. They surprised her yesterday, Friday, with her last day worked. Their letter says she is paid until end of June and 4 weeks into July for sick days and left over vacation time. Now her...
  • Pope rules out retiring like his predecessor

    05/29/2016 11:00:51 AM PDT · by Olog-hai · 19 replies
    Associated Press ^ | May 29, 2016 1:39 PM EDT
    Pope Francis says he has no intention of quitting the papacy — a possibility opened up by his predecessor Emeritus Pope Benedict XVI. The pope, responding to a question from a young person at a Vatican event, said on Sunday “I never thought of quitting being pope, or of leaving because of the many responsibilities.” …
  • Treasury rejects plan to slash Teamsters pension benefits

    05/06/2016 7:34:51 PM PDT · by Olog-hai · 16 replies
    Associated Press ^ | May 6, 2016 6:01 PM EDT | Martin Crutsinger
    The Treasury Department on Friday rejected an effort by the Teamsters Central States Pension Plan to cut benefits for 270,000 retired workers starting in July. Treasury Secretary Jacob Lew said in a letter to members of Congress that while the decision blocks the pending pension cuts, it does not resolve the issue because the pension plan remains severely underfunded and is projected to become insolvent within the next 10 years. …
  • The market is going to suck for the next 10 years, you're going to have to double your life savings

    04/27/2016 5:26:17 PM PDT · by SeekAndFind · 37 replies
    Business Insider ^ | 04/27/2016 | Rachel Butt
    The "golden age" of stock market returns is over.That's the summary of a big piece of research from the McKinsey Global Institute (MGI), which estimated returns over the next 20 years in US and Western European markets under two scenarios. The first assumes that today's slow-growth environment remains, while the second models faster growth as technology improves.It concluded that in neither case would returns match those of the past 30 years. For US and European stocks, the difference between past and future annual returns could range from 1.5 percentage points to 4 percentage points. The gap for fixed-income could be...
  • One of the nation’s largest pension funds could soon cut benefits for retirees

    04/21/2016 8:26:05 AM PDT · by pabianice · 26 replies
    MSN ^ | 4/21/16 | Marte
    More than a quarter of a million truckers, retirees and their families could soon see their pension benefits severely cut — even though their pension fund is still years away from running out of money. Within the next few weeks, the Treasury Department is expected to announce a crucial decision on whether it will approve reductions to one of the country’s largest multi-employer pension plans. The potential cuts are possible under legislation passed by Congress in 2014 that for the first time allowed financially distressed multi-employer plans to reduce benefits for retirees if it would improve the solvency of the...
  • US Faces ‘Disastrous’ $3.4 Trillion Pension Funding Hole

    04/11/2016 7:28:43 PM PDT · by Lorianne · 27 replies
    Financial Times ^ | 10 April 2016 | Attica Mooney
    The US public pension system has developed a $3.4tn funding hole that will pile pressure on cities and states to cut spending or raise taxes to avoid Detroit-style bankruptcies. According to academic research shared exclusively with FTfm, the collective funding shortfall of US public pension funds is three times larger than official figures showed, and is getting bigger. Devin Nunes, a US Republican congressman, said: “It has been clear for years that many cities and states are critically underfunding their pension programmes and hiding the fiscal holes with accounting tricks.” Mr Nunes, who put forward a bill to the House...
  • They Want Your IRA (White House pushes investors toward government accounts)

    04/10/2016 12:10:30 PM PDT · by Red in Blue PA · 40 replies
    President Obama’s regulators aren’t slowing down, alas. And on Wednesday they unveiled another part of their plan to push Americans out of private investment accounts and into government-run plans.
  • Sound the Alarm: New Obama Regulations Will Push Private Retirement Savings Into Government Accounts

    04/09/2016 5:29:50 PM PDT · by Libloather · 104 replies
    Townhall ^ | 4/08/16 | Katie Pavlich
    If you thought Obamacare was terrifying, just wait until you read about what President Obama's regulatory agencies are planning to do with your retirement savings. According to an alarming report in the Wall Street Journal, government regulators at the Labor Department will be implementing new rules at the end of the year that will eventually force private retirement investments into government accounts. How? By making private investment options, specifically IRAs, too burdensome, a liability and expensive. Bolding is mine.
  • Alex Rodriguez will retire after next season

    03/23/2016 11:55:14 AM PDT · by oh8eleven · 33 replies
    NY Post ^ | 23 March 2016 | Sports Desk
    The Yankees star told ESPN.com that he will hang up his cleats after the 2017 season when his contract with the team runs out.
  • How Men and Women Want Different Things in Retirement

    03/21/2016 5:02:05 AM PDT · by tlozo · 59 replies
    The Wall Street Journal ^ | March 20, 2016 | Lisa Ward
    A study finds that men are far more motivated than women to retire so they can spend time with their spouses. Spending more quality time with your partner is one reason to retire, right? Well, that may depend on whether you ask a man or a woman—and the difference may be a warning sign for men... While nearly 60% of men said having time to spend with their spouse or partner was a strong factor influencing their decision to retire, only 43% of women said the same. Far more women, 71%, cited the prospect of spending time with their grandchildren....
  • Graying of America could hit Sarasota hard

    03/14/2016 7:14:30 PM PDT · by Tolerance Sucks Rocks · 23 replies
    Tampa Bay Business Journal ^ | March 14, 2016 | Margie Manning
    The economic boom that Florida is experiencing now from population gains could lead to labor shortages and a drain on state resources in the future, according to a new report from the Federal Reserve Bank of Atlanta. Sarasota could be among the communities hardest hit by the graying of America, the report said. That’s because the city is an affluent community, and it may be hard for the caregivers who serve the elderly and tend to be lower paid to afford to live there, the report said.
  • Not ready to retire, but not finding work: The Over 50's in America

    03/12/2016 11:50:43 AM PST · by SeekAndFind · 107 replies
    Washington Post ^ | 03/12/2016 | Rodney Brooks
    A friend recently called to tell me he had been laid off from a company where he worked for more than a decade. He’s 60 years old and not ready to retire, either financially or emotionally. He is, however, prepared for the reality of the situation. He recognizes that he has a tough road ahead. He knows he probably won’t ever earn the salary he had. And even for a much lower-paying job, he’ll be competing with people half his age. Need proof of that? A GAO report in 2012, the most recent available, said unemployed workers 55 and older...