Americans seeking softer retirement landing

Submitted on Thu, 01/02/2014 - 12:00 am
“They say you have the retirement party one day and you come back to work the next,” said Mary Jo Finchum, spokeswoman for the Muscatine, Iowa-based company. Stanley is among the U.S. employers that have offered workers a softer landing into retirement, allowing them to scale back hours as they prepare to take the plunge and move into part-time positions once it’s official. “It’s really the best of all worlds,” said John Sayles, a 79-year-old planner at Stanley who cut his hours before formally retiring in 2003, but who has continued to work part time in the decade since.

Are you saving too much? Here's how to look beyond the formulas.

Submitted on Wed, 12/25/2013 - 3:25 pm

The only hard-and-fast rule for how much retirement income you will need is that there is no hard-and-fast rule. The financial industry's typical rule of thumb—which states that retirees need to save enough to be able to replace 75% to 85% of their preretirement income every year after they stop working—isn't really useful for many people. New research shows that many retirees can live well on less than that but others rack up higher expenses through travel, expensive hobbies or medical costs that can't be avoided.

What's the Best Way to 'Test Drive' a Retirement Before You Leave the Office?

Submitted on Mon, 12/23/2013 - 3:31 pm

Apple computer stores and car dealerships let you "try before you buy." What if you could do the same with retirement?

With this issue in mind, we posed the following question to The Experts: What's the best way to "test drive" a retirement before you leave the office?

This question relates to the latest Encore ...


More Than Half of Americans at Risk of Not Covering Essential Expenses in Retirement

Submitted on Wed, 12/04/2013 - 12:00 am

Fidelity’s latest research reveals many Americans are behind on retirement preparedness, with 55 percent in fair or poor condition. The report also provides a list of six ways to accelerate savings to catch up and be better prepared.

With longer life spans, retiring at 70 makes sense

Submitted on Sun, 11/03/2013 - 12:00 am

Even now, financial planners are urging people to work to 70, so they end up with more spending money than if they retire at the full retirement age of 66, or even earlier at 62. At 62, people can get small Social Security benefits, but each year they wait increases their monthly check about 8 percent. According to Munnell's research, retiring at 62, rather than 70, cuts the monthly benefit almost in half. A person who would receive a monthly Social Security check of $1,000 upon retiring at 70 would get $568 at 62. That's been a huge selling point for waiting to retire.

Ease the Way From Work to Retirement

Submitted on Fri, 11/01/2013 - 12:00 am

Phased retirement programs help companies retain experienced workers and let employees scale back working hours to explore other interests. As baby boomers hit retirement age, many are realizing they're not quite ready to quit work cold turkey. Whether you're worried about the size of your nest egg, leaving unfinished projects at the office or simply filling up the hours of the day, an abrupt shift from corner office to golf course can seem a daunting proposition.

Money magazine reveals its best places to retire

Submitted on Tue, 10/22/2013 - 12:00 am
CBS News

Money looked across the country to compile their list and highlighted affordable smaller cities. They paid close attention to things like culture, taxes, activities and healthcare. The list highlights places with populations of 150,000-500,000 people. "When it comes to retirement, you find all those things in major cities, but the cost and congestion makes it really difficult," said Rosato.

At 77 He Prepares Burgers Earning in Week His Former Hourly Wage

Submitted on Mon, 09/23/2013 - 12:00 am

It seems like another life. At the height of his corporate career, Tom Palome was pulling in a salary in the low six-figures and flying first class on business trips to Europe. Today, the 77-year-old former vice president of marketing for Oral-B juggles two part-time jobs: one as a $10-an-hour food demonstrator at Sam’s Club, the other flipping burgers and serving drinks at a golf club grill for slightly more than minimum wage.