Using a new measure of poverty which adjusts for area costs of living, in-kind benefits, health care costs and other factors, the Census Bureau released a new report today (reported here in USA Today) showing that the number of people in poverty is about 49.1 million, 6% higher than the 46.2 million originally estimated in September. [...]
Another sobering article about retirement, or lack thereof: Households that expected to find retirement just around the corner will have to work longer. The main reason? Debt, debt, and more debt: mortgages, home equity loans, kids’ college expenses and credit card debts are saddling 60- to 64-year-old households who expected their retirement-age years to be [...]
It is refreshing to see a light at the end of the stock market tunnel…household wealth rose 3.8 percent during the last three months of 2010, says the Dallas Morning News, (“Stocks Lift Household Wealth as Debt Falls). This was in part due to the rise in stock prices. I recall back in late 2008 and [...]
In my last blog, I mentioned the sad state of affairs for many of those in their 60s who are on the verge of retirement, or at least who would like to retire soon. The Wall Street Journal’s recent article, “Retiring Boomers Find 401(k) Plans Fall Short” (link no longer available) reiterates the case. According to a [...]
Decades ago, it was assumed that households approaching retirement did so with little or no debt. By the time the AARP membership cards began arriving in the mail, the mortgage was paid off (or very close to it), the kids had grown up, attended college and moved out, and there were no more child rearing expenses.