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Americans who dream of a retirement filled with sandy beaches, temperate weather and colorful local life may have another thing coming. That's because a new report from the National Institute on Retirement Security finds that 45 percent of working-age households have no retirement savings at all. The average figure for funds set aside by households nearing the end of their working lives was a meager $12,000. That's not enough to cover a single year. If there is no change in their savings rate, many Americans may wind up living on monthly Social Security benefits alone. Monthly benefits now average just...

International Business Machines Corp. plans to move about 110,000 retirees off its company-sponsored health plan and instead give them a payment to buy coverage on a health-insurance exchange, in a sign that even big, well-capitalized employers aren't likely to keep providing the once-common benefits as medical costs continue to rise. The move, which will affect all IBM retirees once they become eligible for Medicare, will relieve the technology company of the responsibility of managing retirement health-care benefits. IBM said the growing cost of care makes its current plan unsustainable without big premium increases. IBM's shift is an indication that health-insurance...

He’ll still sit court side at Los Angeles Lakers’ games, but Hollywood legend Jack Nicholson has quietly retired from the movie business, RadarOnline.com has exclusively learned. The 76-year-old icon has no plans to appear in films again after a career spanning five decades. “Jack has — without fanfare — retired,” a well-placed Hollywood film insider confirmed to Radar.

Christie Brinkley is proving, once again, that age is nothing but a number. The 59-year-old blond beauty was all smiles while attending the 38th Annual Hampton Classic Horse Show in Bridgehampton, N.Y., over the weekend. And why shouldn't she be grinning? Decked out in a white dress paired with suede boots and a straw hat, Brinkley no doubt looked just as good—if not better—than many gals far younger.

17 terrorists who were convicted of murdering Israelis, including three who murdered senior citizens using axes, are among the 26 terrorists that Israel will set free this week. The full list was made public on the Israel Prisons Service website on Sunday night. Among the terrorists to be released is Salah Ibrahim Ahmad Mughdad, the murderer of Israel Tenenbaum who was found dead on June 14, 1993, at the hotel in Netanya where he had been working as a night watchman. Mughdad had murdered him on the job. Also being released is Barbakh Faiz Rajab Madhat, who murdered 61-year-old Moshe...

Employer retiree health care coverage, which has been deteriorating for years amid high health care costs and waning employer interest, is headed for bigger changes thanks to the Affordable Care Act, a new study shows. More than 40 percent of employers have eliminated their traditional group health coverage for retirees over the age of 65 in favor of giving these former employees a defined amount of money for them to buy their coverage on the individual Medicare plan market, according to a new survey of more than 540 companies by employee benefits consulting firm Aon Hewitt (AON). For most of...

A must-post. Not a must-comment. video only at linky!

Submitted by Michael Snyder via The Economic Collapse blog, If you want to frighten Baby Boomers, just show them the list of statistics in this article. The United States is headed for a retirement crisis of unprecedented magnitude, and we are woefully unprepared for it. At this point, more than 10,000 Baby Boomers are reaching the age of 65 every single day, and this will continue to happen for almost the next 20 years. The number of senior citizens in America is projected to more than double during the first half of this century, and some absolutely enormous financial promises...

(Newsday) Fox News host Geraldo Rivera tweeted, then deleted, a nearly-naked self photo on Sunday morning in an online faux pas amazingly similar to the scandal that engulfed former Rep. Anthony Weiner (D-NY). Thankfully, the photo did not feature the 70-year-old anchor’s, erm, parts. “70 is the new 50 (Erica and family are going to be so pissed … but at my age … )” the host of “Geraldo At Large” wrote in his early morning tweet, attaching a shirtless, self-shot photo of him wearing his signature red glasses and a towel that’s a bit too low for comfort. After...

The big benefit to moving workers into the state marketplaces is that it shifts the burden of paying for health care from the city to the federal government. That’s a benefit for the city, at least. For the federal government, more cities moving retirees into the marketplaces means a higher price tag for Obamacare, as it subsidizes more individuals’ coverage.

Some uniquely American humor for a Sunday evening. Enjoy!

Some things you just can't unsee. Fox News contributor Geraldo Rivera took a break from tweeting about the week's biggest news stories early Sunday morning to share a more personal tweet — a nude selfie.

We know the AARP is typically left-leaning and sided with the Obama Administration on Obamacare and other policies that will wind up hurting seniors. But now it seems they’re siding with the far-left environmental movement to put people out of work and raise energy prices — something that has a direct effect on seniors with fixed incomes. The AARP and Sierra Club worked together to stall nuclear energy legislation in Iowa. They claimed the legislation would hurt seniors when, in reality, the legislation would have incentivized low cost nuclear energy production in Iowa. The AARP joined with the Sierra Club...

I'm Sick and Tired, and you should care.. REALLY! Why you should care, is that I am a member of that generation of folks that remembers what our Country was before the 60's radicals began destroying our country, culture, and future.. I am indeed sick, but still strong enough to muster the revolting reaction to the state of our National decline..I can't say I haven't warned everyone that would listen to me, to react to the changes that have taken us down this road, sadly without much reaction from those that had to suffer my diatribes.. There aren't many of...

Last spring, Frank Turkaly tried to kill himself. A retiree in a Pittsburgh suburb living on disability checks, he was estranged from friends and family, mired in credit card debt and taking medication for depression, cholesterol, diabetes and high blood pressure.

It's High Time America Did Away With Senior Discounts Alex Mayyasi, Priceonomics Blog May 29, 2013, 10:44 AM You’ve seen them on the bus, in museums, and at movie theaters: senior discounts. As a reward for being old, senior citizens pay a quarter less for bus fare, a small fortune less for movie tickets, and receive discounts generally all over the place. If you’re a twentysomething, or part of what some journalists have colorfully called “the screwed generation,” you may be wondering: why not me? The idea that seniors are a group in need of help and protection dates back...

With Congress increasingly unable to resolve budget disputes, federal programs on automatic pilot are consuming ever larger amounts of government resources. The trend helps older Americans, who receive the bulk of Social Security and Medicare benefits, at the expense of younger people. This generational shift draws modest public debate. But it alarms some policy advocates, who say the United States is reducing vital investments in the future. Because Democrats and Republicans can't reach a grand bargain on deficit spending — with mutually accepted spending cuts and revenue hikes — Social Security, Medicare and Medicaid keep growing, largely untouched. Steady expansions...

Medicare Already Means-Tested, Retirement Expert Says 01 May 2013 The Obama administration's controversial proposal to "means-test" Medicare recipients is ostensibly aimed at generating more cash for the government from those who can afford it - or squeezing more money out of upper-income seniors, depending upon one's point of view. But according to a University of Illinois expert on retirement benefits, the Medicare program is already means-tested. Law professor Richard L. Kaplan says whenever the issue of cutting Medicare emerges, one of the first ideas to "fix" the program is to make its upper-income beneficiaries pay more. "Indeed, the claim is...

2014 retirements: Dems heading for the hills By: Alexander Burns April 23, 2013 04:49 PM EDT Doesn’t anyone want to run for Senate in 2014? Midway through candidate recruitment season, the bad news for Democrats is this: They are watching a generation of talent leave the Senate and head for retirement. The less-bad news: So far, few marquee-name Republicans are interested in these seats either. When Montana Sen. Max Baucus called it quits on Tuesday, he became the latest in a long series of senior legislators to announce that they’ve had quite enough of life on the Hill. National Democrats...

Martin Smith, an Emmy-winning correspondent for PBS’ Frontline, is worried about his retirement — and yours. In his excellent Frontline documentary airing Tuesday, April 23, on PBS, The Retirement Gamble (check local listings), Smith, 64, says: “I started saving for my retirement in my late 20s. But along the way I dipped into my nest egg … not once, but several times. And now, like millions of other baby boomers, I, too, don’t have enough. Most of my savings went to pay for my kids’ educations. A divorce and the crash of 2008 didn’t help either. I’m now planning to...