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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

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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.


TOPICS: Miscellaneous
KEYWORDS: ira; retirement

1 posted on 01/13/2004 8:55:11 AM PST by chance33_98
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To: chance33_98
Does a lifetime of work entitle on to financial security in old age?

No, not really.
2 posted on 01/13/2004 8:56:10 AM PST by cajungirl (.)
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To: cajungirl
the key word here is "ENTITLE" - I hate entitlements but I can also read my paycheck stub and I see how much Social Security gets taken out every 2 weeks and that's NOT an entitlement, it's my money that's going into the FEDERAL BANK and they don't even let me decide if it can be put into a saving account and earn interest!
3 posted on 01/13/2004 8:57:56 AM PST by princess leah
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To: chance33_98
Nope.
4 posted on 01/13/2004 9:00:54 AM PST by Huck (Was that offensive? I hope that wasn't offensive.)
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To: princess leah
Unfortunately for you and me and everyone else, that money being taken out for FICA is supporting all the current retirees. The population of retirees will soon get so large that it will be an extreme burden on those still working to support the retirees (at least those that did not plan properly).
5 posted on 01/13/2004 9:03:00 AM PST by marvlus
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To: chance33_98
You work hard so that when you're old you don't have to depend on the govt to steal from others. But try telling that to the "We're old and damnit we've got plenty of goodies coming to us" crowd on FR. Those younger than 40 are going to get creamed with taxes.
6 posted on 01/13/2004 9:05:04 AM PST by KantianBurke (Don't Tread on Me)
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To: chance33_98
"Does a Lifetime of Hardwork Entitle You to Financial Security in Your Retirement and Old Age?"

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."

7 posted on 01/13/2004 9:08:09 AM PST by Savage Beast (This is the choice: confrontation or capitulation. Appeasement is capitulation.)
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To: KantianBurke
Those younger than 40 are going to get creamed with taxes

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.

8 posted on 01/13/2004 9:36:47 AM PST by pogo101
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To: princess leah
"I hate entitlements but I can also read my paycheck stub and I see how much Social Security gets taken out every 2 weeks and that's NOT an entitlement, it's my money that's going into the FEDERAL BANK and they don't even let me decide if it can be put into a saving account and earn interest!"

You have it all wrong pal, that is not your money, that is the governments money! You are a slave to them for at least 50% of your time, they need you to earn their money so they can buy votes!
9 posted on 01/13/2004 9:37:53 AM PST by CSM (Councilmember Carol Schwartz (R.-at large), my new hero! The Anti anti Smoke Gnatzie!)
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To: pogo101
Vamperism? How about slavery?
10 posted on 01/13/2004 9:49:14 AM PST by Durus
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To: marvlus
Yeah, the biggest Ponzi scheme in history.
11 posted on 01/13/2004 9:50:21 AM PST by RonHolzwarth
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To: Durus
Vamperism? How about slavery?

That metaphor works too, unfortunately.

12 posted on 01/13/2004 9:51:33 AM PST by pogo101
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To: qam1
Good Housekeeping...

the epitome of oldness!

13 posted on 01/13/2004 9:54:16 AM PST by m18436572
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To: chance33_98; newgeezer
Only the bible has valid answers to questions like that.
14 posted on 01/13/2004 9:55:52 AM PST by biblewonk (I must try to answer all bible questions.)
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To: chance33_98
Does a Lifetime of Hardwork Entitle You to Financial Security in Your Retirement?

Not in my opinion...

Look at it this way if you are ENTITLED to financial security, why save for any reason? Spend every cent you earn as soon as you earn it since the mere fact that you work hard entitles you to financial security.
In fact if this argument is true shouldn't you be entitled to the same standard of living as a person who saves and pinches pennies, after all you worked just as hard as he did (he just chose to save and you chose to spend). So why should you be entitled to any less than he has?
15 posted on 01/13/2004 9:59:14 AM PST by apillar
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To: chance33_98
For discussion:

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?

16 posted on 01/13/2004 10:23:17 AM PST by Lou L
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To: qam1; ItsOurTimeNow; PresbyRev; tortoise; Fraulein; StoneColdGOP; Clemenza; malakhi; m18436572; ...
Xer Ping

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.  

17 posted on 01/13/2004 10:50:02 AM PST by qam1
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To: KantianBurke
LOL.....anyone under 40 who votes Democrat is a fool...for this VERY reason.

My idea for a BUMPER STICKER (I'm over 50).....

VOTE DEMOCRAT....Pay for MY RETIREMENT!

18 posted on 01/13/2004 11:05:31 AM PST by goodnesswins (The year 2004......It's gonna be a great one!)
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To: Lou L
If you reward people for success.....you get more successful people...if you reward people for need, you get more needy people. It's whatever people are rewarded for....we reward WAY too many people for being needy in this country anymore.
19 posted on 01/13/2004 11:08:03 AM PST by goodnesswins (The year 2004......It's gonna be a great one!)
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To: chance33_98
From a different angle... I object to the notion of 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.

20 posted on 01/13/2004 11:14:25 AM PST by Aquinasfan (Isaiah 22:22, Rev 3:7, Mat 16:19)
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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
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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)
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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)
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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
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