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Can't wait till retirement at...80!
by stevenew,posted Jul 6 2011 2:42PM
So we all dream about it like our parents. One day you stop working, get a watch for a present and then... just live life with no job. You travel, you go out more, you do whatever you want all day and still get paid. But for our generation…NOT. According to a new study, a lot more of us are going to be working until we're 80, maybe even longer. According to the Employee Benefit Research Institute and their recent study titled "The Impact of Deferring Retirement Age on Retirement Income Adequacy," we'll be working a lot longer than our parents. Tulane Business Professor Mark Rosa says too many people are counting on Social Security benefits, which was never meant for retirees' sole form of income. "From its inception, it was meant to supplement another retirement plan from an employer." Of course, there aren't many of those kinds of plans anymore, as most corporations have chosen to roll employees over to a 401k plan that involves them saving and investing for their own retirement. I guess you could say 80 is the new 65. Rosa says, blame in part, the recession. "We've had people through this great recession that had retirement level assets maybe 6 or 7 figures of assets, dissolve right before their eyes. That's 20 or 30 or 40 years worth of savings that went away in about two years." This study shows the less a person earns, the longer they'll need to work. According to MarketWatch, Jack VanDerhei, one of the co-authors of the study says, "Those who earned (on average over the course of their careers) less than $11,700 per year, the lowest income quartile, would need to defer retirement till age 84 before 90% of those households would have just a 50% chance of affording retirement. "Those who earned between $11,700 and $31,200 will need to work till age 76 to have a 50% chance of covering basic expenses in retirement. Those who earned between $31,200 and $72,500 will need to work to age 72 to have a 50% chance and those who earned more than $72,500, those in the highest income quartile, catch a break; they get stop working at age 65 to have a 50/50 chance of funding their retirement. Now the reality about EBRI's findings is that many Americans, who are able to continue working and whose skills are still in demand, are already working past age 65. In 2009, 17.2% of Americans age 65 and older were in the labor force, according to recent AARP Public Policy Institute report."
...By Bankrate.com...Thursday May 19 2011...Posted 3 pm ET....How much will the Great Recession affect your ?.The answer is more than you might suspect..A joint study by the Urban Institute and the Center for Retirement Research at Boston College concluded that workers who were unemployed for many months accumulated fewer Social Security and employer-sponsored pension credits and were unlikely to have been able to contribute to retirement accounts or save in other ways..But even if you didnt lose your job the recession will take its toll because it caused wages to stagnate. Even if wages resume growing at their pre-recession rates workers will never make up the ground lost during the recession. Researchers calculated that average age-70 incomes for those ages 25 to 64 when the recession began will fall 4.3 percent from the levels that would have prevailed had the recession not occurred almost entirely because of the long-term reductions in wages..For those people on the verge of retirement the impact is more immediate..