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By Michael What would you do if you woke up one day and discovered that the banksters had “legally” stolen about 80 percent of your life savings? Most people seem to assume that most of the depositors that are getting ripped off in Cyprus are “Russian oligarchs” or “wealthy European tycoons”, but the truth is that they are only just part of the story. As you will see below, there are [...] With sympathy, i understand. It seems impossible for Many, Mayby most. What’s the point of even trying when living week-to-week is already a struggle? My own retirement plans when I get too old to chew the leather anymore and there is nothing left for me involve a weekend at a luxury hotel suite with: shotgun, a bottle of fine vodka, a short visit with an accommodating materialistic young woman, and then [...] by Christine Giordano, Wealth Wire:
We are supposed to look forward to our golden years, right? Do a little traveling, play with the grandkids, host dominoes nights. Yet, increasingly, that isn’t what some Americans are experiencing. What’s going on? In American society, our expectations have risen over the decades, and we expect to command enough money to live as well as during our working years. But as pensions go away and interest rates [...] Very quietly, Obama’s chief financier, Penny Pritzker, has entered the Hawaii housing market to buy a retirement home for the president and his family that will be available not in 2016, but in January 2013, according to a confidential source within Pritzker’s Chicago organization Pritzker, a wealthy Chicago business executive and heiress to the Hyatt Hotels fortune, served as national finance chairman for Obama’s 2008 campaign and is the co-chairman of [...] Are Obama insiders secretly making retirement plans for the Obamas with the expectation the president will lose his bid for re-election in November? Very quietly, Obama’s chief financier, Penny Pritzker, has entered the Hawaii housing market to buy a retirement home for the president and his family that will be available not in 2016, but in January 2013, according to a confidential source within Pritzker’s Chicago organization Pritzker, a wealthy Chicago business [...] by Mandi Woodruff The Great Recession has rattled retirement plans for just about every consumer in the country, regardless of age. Stymied by a lack of knowledge, depleted savings and the increasing likelihood they’ll work through their golden years, Americans have a long road ahead of them. After checking out Transamerica’s 13th annual Retirement Survey, we know exactly where we’re falling short. DOUBT: Since the recession, more than 60 percent of 3,600 workers surveyed say they’ve lost [...] Russell Investments is a subsidiary ofNorthwestern Mutual and is headquartered in Seattle, Washington, U.S.A. Its previous headquarters were located in Tacoma, Washington, south of Seattle. The firm is a Turnkey Asset Management Program and provides investment products and services to individuals and institutions in 47 countries. Founded in 1936, Russell focuses on a multi-manager investor approach and is the creator of Russell Indexes. The company operates principal offices inLondon, Paris, Sydney, Melbourne, Auckland, Singapore, Seoul, Tokyo, Toronto, San Francisco and New York.Russell’s clients include retirement plans, [...] by Jill Krasny Lousy spending habits aren’t the only thing tightening workers’ cash-flow, according to the latest PwC Financial Wellness Survey. The fact that many of us are forced to tie up our money in employer-sponsored IRAs and 401(k)s is also to blame. PwC found more than one-third of American workers (35 percent) said they’re more likely to use retirement funds to pay other expenses and are consistentlycarrying balances on credit cards. Money matters are also causing friction at [...] Apparently when you destroy the assets and savings of older people, they go to work out of desperation. From Hussman: “For most of history prior to the late-1990′s, employment growth in the 55-and-over cohort was a fairly small and stable segment of total employment growth. Undoubtedly, part of the recent increase has simply been a change in the classification of existing workers as they’ve aged (1945 + 55 = 2000, so the [...] From John P. Hussman: “Last week, we observed “Real income declined month-over-month in the latest report, which is very much at odds with the job creation figures unless that job creation reflects extraordinarily low-paying jobs. Real disposable income growth has now dropped to just 0.3% year-over-year, which is lower than the rate that is typically observed even in recessions.” It wasn’t quite clear what was going on until I read a comment [...] As growing numbers of baby boomers face retirement with inadequate savings, some state officials are considering a novel proposal to rebuild America’s ailing retirement system — having state pension funds run retirement plans for companies. Because more companies are ditching their own pension plans or not offering retirement benefits at all, the idea would be to give companies an easy way to offer a firm pension without having to run the [...] By Andrea Coombes, MarketWatch SAN FRANCISCO — You’d think a legislative bill to fund the nation’s highways and mass-transit systems would have no connection to your retirement savings. But that didn’t stop lawmakers from proposing an amendment to the bill that would have trimmed a valuable retirement-plan benefit. The proposal would have raised about $4.7 billion over 10 years by changing the rules governing how people who inherit an [...] ByEamon Murphy The total value of Americans’ retirement assets stood at $17 trillion at the end of September –a drop of 7.5%from the record high of $18.4 trillion recorded on June 30, 2011. That’saccording to a reportby the Investment Company Institute, a national association of asset managers. The $1.4 trillion decline can be attributed in part to the troubles of the stock market: The S&P 500 lost 13.9% during the third quarter. [...] Looking for some grim bedtime reading? We’ve got you covered. John Taylor of the hedge fund FX concepts is bearish on the euro, to say the least… It will be a cold and hungry winter in Athens. The local politicians must be fortified in their euro-ness by threats from Germany, France and Brussels, and as the pressures increase the commands will too. The strategy of the politicians is to kick the can, don’t let [...] Mrs. Obama: Houston has a problem ReutersClose An upcoming Houston fundraiser featuring first lady Michelle Obama at the home of a former Enron executive who is part of a movement to convert public pensions to 401(k)-style plans is angering some local Democrats. John Arnold, a Houston billionaire and former Enron trader, is hosting the Michelle Obama event with his wife, Laura Arnold, at their Houston home on Nov. 1. Arnold is part of an organization pushing [...] by ZH Two months ago we suggested that as part of the transition of austerity’s center from Greece to Rome, we would soon see the launch of “The Piazza Navona Strike Cam.” Close enough: as of this afternoon local time, Rome is literally burning, as expected yesterday when we covered the most recent events in Milan. From the Telegraph: “Demonstrators in Rome set fire to two [...] By Robert Powell, MarketWatch BOSTON (MarketWatch) — If you’re wealthy or you receive Medicare, President Obama’s proposal to cut the federal deficit could very well either raise your taxes or cut your benefits. There’s no winning if you’re both rich and a Medicare beneficiary. The president this week offered up his plan to reduce the nation’s deficit by $3.6 trillion, and the proposal calls for both tax [...] SEATTLE — The financially strapped U.S. Postal Service is proposing to cut its workforce by 20 percent and to withdraw from the federal health and retirement plans because it believes it could provide benefits at a lower cost. The layoffs would be achieved in part by breaking labor agreements, a proposal that drew swift fire from postal unions. The plan would require congressional approval but, if [...] By Steve Goldstein WASHINGTON (MarketWatch) — The U.S. Postal Service is proposing to cut 120,000 jobs by 2015 and withdraw its employees from federal health and retirement plans, The Washington Post reported Thursday, citing a notice to employees. Some of the 120,000 cuts would come from buyouts but a significant number would come from layoffs. Union contracts prohibit those layoffs so the plan would need [...] June 15 2011: A run is starting on your retirement, hardship compounding the problems of retirees, we may be going into hyperinflation or deflationary depression, currencies down significantly over gold, problems similar to the 1930s, Ponzi finance must end. Unemployment at 22.4% is causing a run on assets of retirement funds. That is probably why legislation is being introduced to limit how much money can [...] They are killing the USA on all levels of government and raping private taxpaying business and taxpayers each step of the way. They do not pay taxes as their entire income comes from private business and private individual taxes and therefore once again paid by private people. They produce NOTHING. They must be forced into getting in line with private industry in every aspect of [...] Besides providing the necessary “greater fool”, the disinterested investor who ignores annual reports and proxy votes bears a lot of the burden for the shape capitalism is in now. But wait, it gets worse. Tax-deferred investing is not tax-AVOIDED investing. Over and over again I see people saving in a 401(k) at work because it is so easy. These are people who have no savings outside of retirement whatsoever, which [...] •About 37% of 18- to 29-year-olds have been underemployed or out of work during the recession, the highest share among the age group in more than three decades, according to a Pew Research Center study released in February. •This generation is the least likely of any to be covered by health insurance. Just 61% say they were covered by some form of a health plan, the Pew study said. •Only 58% pay [...] Having ruined the pension funds of Americans nationally through corrupt and utterly unsustainable “projections” of future growth labor unions are now targeting your money to make up the difference: One of the nation’s largest labor unions, the Service Employees International Union (SEIU), is promoting a plan that will centralize all retirement plans for American workers, including private 401(k) plans, under one new “retirement system” for the United States. In effect, government pensions [...] LIKE A CALIFORNIA WILDFIRE, populist rage burns over bloated executive compensation and unrepentant avarice on Wall Street. Deserving as these targets may or may not be, most Americans have ignored at their own peril a far bigger pocket of privilege — the lush pensions that the 23 million active and retired state and local public employees, from cops and garbage collectors to city managers and teachers, have wangled from taxpayers. Some 80% [...] |
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Seventy-five percent of Americans nearing retirement age in 2010 had less than $30,000 in their retirement accounts.
A 90% cogent article in The New York Times discusses the utter absence of any contact with reality in most Americans’ retirement plans. The numbers do not come close to adding up. The article is here.
Here are the basics. This will help you think through your situation.
Let me begin with the obvious: I am 70 years old. You are reading an article written by a man who is eight years beyond early retirement, as determined [...]