Posted on 01/13/2004 8:55:10 AM PST by chance33_98
Does a Lifetime of Hardwork Entitle You to Financial Security in Your Retirement and Old Age? New Report in Feb. Good Housekeeping
1/13/04 9:01:00 AM
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To: National Desk
Contact: Sean Sullivan of Good Housekeeping, 212-649-2513 or ssullivan@Hearst.com, Cindy Hounsell of the Women's Institute for Secure Retirement, 202-393-5452 or chounsell@heinzoffice.org
NEW YORK, Jan. 13 /U.S. Newswire/ -- Over the past two decades, the burden of financial planning for retirement has largely shifted from the employer to the employee, yet few Americans are ready to meet this challenge. So says a new report, A Simple Guide to What Everyone Needs to Know about Money and Retirement, prepared by the Women's Institute for Secure Retirement (WISER) and the Heinz Family Philanthropies, and bound into the February issue of Good Housekeeping, on newsstands today.
"Much as we may hate to face it, retirement is looming closer and closer for the boomer generation," said Patricia Haegele, Senior Vice President and Publisher, Good Housekeeping. "But expections for an easy transition from the workforce into the 'golden years' are unrealistic in today's economic climate. Without thoughtful planning, women especially are at risk of financial insecurity. Working with WISER has helped Good Housekeeping give women the most important facts about financial goals which will ensure them a comfortable retirement."
Teresa Heinz, Chairman of the Heinz Family Philanthropies whose Foundation underwrote the report said, "If we are going to change the face of poverty in old age, people need the kind of information contained in this guide. I am proud of our partnership with Good Housekeeping magazine, and of their willingness to bring this kind of critically important information to their readers."
According to the 16-page pull-out booklet, people are living longer today, with the estimated retirement lifespan now averaging 20 to 30 years, and rising. But as people live longer, the safety nets that many assume are in place to support them financially in their retirement are increasingly eroding and even totally evaporating.
Authors Cindy Hounsell, Executive Director of WISER (wiserwomen@aol.com), and Jeffrey R. Lewis, President of the Heinz Family Philanthropies(jlewis@heinzoffice.org), highlight these sobering facts:
-- Social Security is designed to be a safety net, not a primary source of retirement income. The average monthly Social Security benefit for men is $1,015, and for women, $779.
-- The earlier you retire, the lower your Social Security payment will be. The longer you wait, the more your monthly payment.
-- The age for Social Security eligibility is slowly climbing. Those born after 1960 will not reach full retirement age until they are 67, not 65 as many still assume.
-- Pension plans are not required by law, and fewer and fewer companies are offering them. Today, less than one-fifth of working Americans participate in traditional pension plans.
The good news is that there are tools, information and resources to help American men and women prepare for their retirements. But it requires active participation in the decision making processes, to ensure that the investments and savings plans you participate in will meet your needs.
A Simple Guide to What Everyone Needs to Know about Money and Retirement explains in clear, concise question and answer format everything from 401(k)s, to IRAs, as well as traditional stocks, bonds and mutual funds. For example: If a woman gets divorced, does she have a right to part of her husband's company pension or savings plan? What about long term care insurance, disability insurance -- are these options going to be open to me when I need them? These questions and many others are addressed in the guide.
In addition to appearing in Good Housekeeping, the guide to retirement has been translated into Spanish and will appear in the US Latino edition of Good Housekeeping.
Of course. But as someone observed--Oscar Wilde, I think: "We generally don't get what we deserve, and for most of us that's a good thing."
That would be me and my wife. We won't be able to afford more than one or possibly two children, whereas we would have liked to have had three or four. And, we're going to have to start our family later. Why? Taxes -- the biggest single chunk of which goes to non-poor retirees. It's vampirism.
That metaphor works too, unfortunately.
the epitome of oldness!
All the tools, information, and resources are useless unless people use them, and actually implement some kind of financial savings plan.
Question is, how do you encourage people to take advantage of tax-deferred savings, and what do you do with the people who fail to plan, who fail to save anything toward retirement?
Ping list for the discussion of the politics and social aspects that directly effects Generation-X (Those born from 1965-1982) including all the spending previous generations (i.e. The Baby Boomers) are doing that Gen-X and Y will end up paying for.
Freep mail me to be added or dropped. See my home page for details.
My idea for a BUMPER STICKER (I'm over 50).....
VOTE DEMOCRAT....Pay for MY RETIREMENT!
As far as I'm concerned, no Christian is entitled to "retirement" as we know it. The Christian life is a life of service, and Christians are obligated to serve others as long as they are physically able. When they are no longer able to serve physically, then they can serve by praying.
I remember seeing a photo in our local Catholic paper a few years back of a 94 year old nun who sits and crochets baby booties all day. They don't make them like that anymore. An 82-year-old relative of mine has sat on her butt for 20 years watching soaps and going to casinos, pissing and moaning about everthing else. Bleah.
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