Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Does a Lifetime of Hardwork Entitle You to Financial Security in Your Retirement and Old Age?
releases.usnewswire.com ^

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

--------------------------------------------------------------------------------

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.


TOPICS: Miscellaneous
KEYWORDS: ira; retirement
Navigation: use the links below to view more comments.
first previous 1-2021-24 last
To: chance33_98
Does a Lifetime of Hardwork Entitle You to Financial Security in Your Retirement and Old Age?

It entitles you to what was promised you by your government, your company, and your annuity company... no more, no less!

21 posted on 01/13/2004 12:18:01 PM PST by night reader
[ Post Reply | Private Reply | To 1 | View Replies]

To: marvlus
"Unfortunately for you and me and everyone else, that money being taken out for FICA is supporting all the current retirees."

Yeah and the best part is the government locked up Mr. Ponzi for a lot less money invested in the same damn thing.

22 posted on 01/13/2004 12:21:39 PM PST by Mad Dawgg (French: old Europe word meaning surrender)
[ Post Reply | Private Reply | To 5 | View Replies]

To: apillar
You load sixteen tons, what do you get?
Another day older and deeper in debt
Saint Peter don't you call me 'cause I can't go
I owe my soul to the company store
23 posted on 01/13/2004 6:51:00 PM PST by itsahoot (The lesser of two evils, is evil still...Alan Keyes)
[ Post Reply | Private Reply | To 15 | View Replies]

To: chance33_98
Cut off all the social security benefits which retirees have paid for and the SS tax will remain. The tax would not be reduced one iota. It is, beyond retirement payments, a transfer of wealth. At least the retired worker has paid into the system even tho their money would have fetched more if invested in other financial venues. Retirement is only a part of social security payments. After reading the posts so far, I conclude that posters are either misinformed or uninformed. A call to the local SS office will be very enlightening for those who are so frantic about retirees receiving a monthly check for the involuntary loan of their money to the government.
24 posted on 01/13/2004 7:11:01 PM PST by dasein64
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-24 last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson