Retirement

Military pension cuts? Maybe, maybe not

Military pension cuts? Maybe, maybe not

The Pentagon’s top civilian says it’s time to tame burgeoning military personnel costs, but he’s facing a test of wills with the nation’s powerful veterans groups, which want no cut in their benefits. Veterans groups are fighting curbs in annual pension increases for military retirees under age 62 that are part of the new budget […]

What you paid for Medicare won’t cover costs

What you paid for Medicare won’t cover costs

You paid your Medicare taxes all those years and want your money’s worth: full benefits after you retire. Nearly three out of five people say in a recent Associated Press-GfK poll that they paid into the system so they deserve their full benefits — no cuts. But a newly updated financial analysis shows that what […]

The future ain’t so bright for boomer retirees

The future ain’t so bright for boomer retirees

Through a combination of procrastination and bad timing, many baby boomers are facing a personal finance disaster just as they’re hoping to retire. Starting in January, more than 10,000 baby boomers a day will turn 65, a pattern that will continue for the next 19 years. The boomers, who in their youth revolutionized everything from […]

Raising retirement age hurts the poor

Raising retirement age hurts the poor

Raising the retirement age for Social Security would disproportionately hurt low-income workers and minorities, and increase disability claims by older people unable to work, government auditors told Congress. The projected spike in disability claims could harm Social Security’s finances because disability benefits typically are higher than early retirement payments, the Government Accountability Office concluded. The […]