US News & World Report, November 4th, 2009
Almost half of laid-off workers succumbed to the temptation of spending their retirement
stash last year. Some 46 percent of retirement savers who left their
job in 2008 cashed out their 401(k), according to a new Hewitt
Associates study of 170,000 401(k) participants who terminated
employment last year. The rest kept their savings in their prior
employer’s 401(k) plan (29 percent) or rolled the money over into an
IRA or a new employer’s 401(k) plan (25 percent).
[See 7 Things to Consider Before You Move Your Nest Egg into an IRA.]
Workers with small 401(k) balances were the most likely to raid
their retirement account. Some 85 percent of retirement savers with
balances under $1,000 cashed out or were forced out of the plan due to
low balance provisions and 45 percent of employees with between $1,000
and $5,000 saved for retirement withdrew the cash. More diligent savers
generally left their retirement stash to further accumulate, tax
deferred. Just 17 percent of workers with between $20,000 and $99,999
in their retirement account requested a cash distribution and only 8
percent of those with 6 figures accumulated cashed out.
[See 5 Ways to Protect Your 401(k) if You're Laid Off.]
Younger employees also tended to withdraw the cash and pay the
resulting penalties when they left a job. Some 60 percent of
20-something employees took a cash distribution from their 401(k)
compared to 34 percent of those in their 50s. But 20-somethings give up
a huge amount of compounding interest when they cash out even small
balances. For example, an employee who cashes out $5,000 from a 401(k)
at age 25 will receive just $3,500 after paying a 10 percent early
withdrawal penalty and income tax, assuming the worker is in the 20
percent tax bracket. If the same worker simply left that $5,000 in a tax-deferred account and earned a 7 percent return annually, he would have $75,000 at age 65, according to Hewitt calculations.
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CNN Money, November 3rd, 2009
Question: My husband and I are in our late '50s and haven't
put anything away for retirement, although we do own our home. We
figure we'll work another 10 years or so before retiring. Do you have
any helpful suggestions for us so we won't have to live solely on
Social Security?
--Peggy, Rockvale, ColoradoAnswer:
Sure, I've got a few recommendations. But since there are no secret
formulas or magical fixes for making up for a lifetime of saving little
or nothing (aside from what you have in home equity), I doubt that most
of them will come as blinding revelations to you.
What you may
find surprising, though, is how much you can still improve your
retirement prospects if you really commit, even though you're getting a
relatively late start.
1. Save, save, save
The first
thing you've got to do is start socking away as much as you possibly
can. Ideally, you'll do this saving in 401(k)s, IRAs or other
tax-advantaged retirement accounts, although barring that, plain-old
taxable accounts will do.
Granted, starting from scratch in your
late 50s isn't an ideal position to be in. But it's not hopeless
either; you still have time to accumulate enough of a retirement stake
to make a difference in your eventual standard of living.
You say
that you expect to work about 10 more years. Even if you can manage to
save just $250 a month over that period, you would have a nest egg
worth roughly $43,000, assuming a 7% annual return. If you can boost
the amount you put away to $500 a month, you'll end up with twice that
amount, or $86,000, and if you manage $1,000 a month, you'll have
$172,000.
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The New York Times, October 16th, 2009
MANY retirees are in a cash crunch — with a lower income stream from their investment portfolios, personal expenses that are higher than expected, or both.
While
most assets can be used to generate liquidity, deciding what to do
requires careful deliberation; there are many pitfalls. Here are the
most commonly used approaches for people who find themselves coming up
short during retirement, and an analysis of their pros and cons.
CASH FROM YOUR HOME Mortgage rates are so low that many financial planners
say the best way to raise money is to take out a conventional mortgage
or a home equity line. But reverse mortgages, which allow homeowners
who are at least 62 to borrow against the equity in their homes and
receive regular monthly payments, are often seen as a last resort. Some
financial planners even advise retirees to sell their investment
portfolios or cash in their life insurance policies before taking out a reverse mortgage.
Unlike
traditional mortgages or home equity lines, a reverse mortgage requires
no payments until the borrowers die or no longer use the home as their
primary residence. Then the mortgage must be paid in full. Closing
costs, fees and interest rates are also generally high, reducing the
amount of money that borrowers can leave to their heirs. Yet if
retirees have exhausted other options, a reverse mortgage may be worth
considering, especially for those with high medical expenses, said
Alicia H. Munnell, the director of the Center for Retirement Research
at Boston College. “If you’re not planning on leaving your house to a
child, then this is an option, rather than depriving yourself during
your lifetime,” she said.
TAPPING LIFE INSURANCE Retirees
often decide that they no longer need life insurance once their
children are grown. If they own whole-life policies, which have an
investment component, and want to drop them, they can either cash them
in with their insurers or sell them to investors, who will pay the
premiums until the policyholders die. An advantage of dealing with
investors is that you can sometimes get a better deal than from the
insurance company.
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The New York Times, October 16th, 2009
If you think you’ve had a hard time reckoning with your own finances in
the last 18 months, try putting yourself in the shoes of the
financial planners who’ve been answering to scores of unhappy clients.
The planners, after all, were the ones who were supposed to help
their clients avoid trouble in the first place. “I feel like I’m
finally able to leave the witness protection program,” said Ross Levin,
president of Accredited Investors in Edina, Minn. “There has been a
loss of confidence in us and in the world, and a sense of betrayal.
They did everything we told them to do, and it seemed like it didn’t
work out.”
Though markets have improved, they are still far from
where they once were, and that has made for some difficult discussions
between financial professionals and their clients.
I wanted to
find out more about those conversations. How much were clients pushing
back, for example, and what were they saying? That was the main reason
I moderated a discussion last Sunday at the Financial Planning
Association annual meeting in Anaheim, Calif. (I received no
compensation for my role there.)
While the planners were
resolved and well rehearsed in front of hundreds of their peers, it was
also clear that they had been severely tested in the last year. During
the hourlong session, I quizzed five of them about the toughest
questions their clients had asked. Here are those questions, along with
the planners’ responses.
PREDICTING THE FUTURE So why didn’t most financial planners see all of this coming? Weren’t the signs obvious?
“This question actually presumes that there is something wrong with not
having seen this coming,” said Elissa Buie of Yeske Buie, with offices
in Vienna, Va., and San Francisco. “We live in a chaotic system, and
chaotic systems are not predictable. But we know the range of
possibilities, and this was always a possibility.”
Though most
clients tend not to remember it years later, good financial planners
will generally sit down at the beginning of a relationship, after
clients have declared the sort of risk tolerance they think they have,
and remind them how bad things can get in a truly outlying year. Well,
2008 into 2009 was one of those years.
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The New York Times, October 14th, 2009
NOW that you’re about to retire, there’s good news and bad news about your
health insurance. The good news: When you turn 65, you’re eligible for
Medicare
— all in all, a pretty affordable way to get coverage for doctor bills,
hospitalizations and, more recently, prescription drugs. The bad news:
You’ve got a big job ahead of you, sorting through the Medicare
bureaucracy.
For someone new to the system, the hundreds of options Medicare
provides can be daunting. “We’ve seen C.P.A.’s get stymied,” said Paul
Gada, personal financial planning director at Allsup, a provider of Social Security
and Medicare consultation services that is based in Belleville, Ill.
“The process can be difficult for even the most savvy individuals.”
More important, the choices you make now as a new retiree may have
consequences down the line when your health care and financial needs
change. Confusing as Medicare may be, it is better to learn the ins and
outs of the system early than to try to figure it out 20 years from
now. The newly eligible have a seven-month period to enroll, starting
three months before their 65th birthday. And numerous resources are
available to help both newcomers and veteran Medicare users.
Not
long ago, retirees simply went to their local Social Security office
and signed up for Medicare A, which covers hospitalization, skilled
nursing facilities, hospice
and some home health care. Then they signed up for Medicare B, which
provides coverage for doctor’s fees for a premium ($96.40 a month in
2009). That was the end of it.
Big changes in the way Medicare
is distributed have made signing up a lot more complicated. In addition
to A and B, enrollees can now buy prescription drug coverage under
Medicare D. Dozens of private insurance plans offer Medicare D coverage, and the plans can differ widely in both premium costs and the drugs they cover.
The government also allowed private insurers to offer Medicare
Advantage plans, which combine A, B and D benefits, often under a
network like an H.M.O. or P.P.O. Many offer extras like dental, vision
and wellness coverage. Hundreds of different Medicare Advantage plans
are sold today, and depending on where you live, you could have dozens
of choices.
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The New York Times, October 24th, 2009
It is well known that during the nation’s gale-force recession, many older Americans who dreamed of
retirement continued to work, often because their
401(k)’s had plunged in value.
In fact, there are more Americans 65 and older in the job market
today than at any time in history, 6.6 million, compared with 4.1
million in 2001.
Less well known, though, is that nearly half a
million workers 65 and older want to work but cannot find a job — more
than five times the level early this decade and this group’s highest
unemployment level since the Great Depression.
The
situation is made more dire because of numerous recent trends: many
people over 65 have lost their jobs as seniority protections have
weakened, and like most other Americans, a higher percentage of them
took on debt than in previous generations.
The expectation once was to pay off your 30-year mortgage
before you retired, or come close. Instead, the level of indebtedness
among older Americans has risen faster than in any other age group,
partly because so many obtained second mortgages to take money out of
their homes.
This financial squeeze is one reason President Obama has proposed giving a special $250 one-time payment to all Social Security recipients.
Many out-of-work older Americans complain that they face foreclosure or have had to give up their car.
“It’s a big deal for a lot of these people not to find a job,” said David Certner, legislative policy director for
AARP.
“That so many of them are still trying to find work shows how bad the
economic situation is. A lot of people normally give up at that age.”
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The New York Times, October 14th, 2009
PEOPLE over 65 should buy a Medigap policy, consumer advocates say, but picking
a Medigap plan can be difficult, and at least one important health care
bill heading for a vote in the Senate could make it even harder.
The plans, which are sold by private insurers, are supposed to help
fill the considerable gaps that deductibles and co-payments leave, the
difference between what Medicare enrollees receive from the government and what they owe doctors and hospitals. Medigap offerings come in a dozen different varieties, labeled Plans A to L.
Choosing
a plan is particularly tricky for consumers because monthly premiums
for identical coverage can vary by hundreds of dollars from one company
to another. Rates also vary by area of the country and age of the
enrollee, and in many cases by gender. Still, the advantages of the
coverage, for everyone who can afford it, make the hard work of
shopping around a good investment.
Why
buy a Medigap policy when you turn 65 and become Medicare-eligible,
even if you don’t expect to need it for years? A reason, of course, is
that people cannot anticipate what might befall them. Consumer
advocates also point out that under some state laws, those who delay
end up paying higher monthly rates or being rejected for health reasons.
Adding
complexity to the calculation is the possibility that Congress may cut
back on the current 100 percent coverage of medical bills for people
who wait to buy their first Medigap policy. The Senate Finance
Committee, looking ahead to 2015, is calling for new co-pays for
doctors’ visits under Medigap. If the provision is adopted, new
purchasers might be charged $5 for a visit to a primary care doctor and
$15 or $20 for a specialist, committee aides say. The change is
intended to discourage medically unjustified visits.
Darlene
Mastro, who had retired early, said she “couldn’t wait” to be 65 and
eligible for Medicare. But when she telephoned the local offices of
several companies to ask about Medigap
insurance, she was disappointed by the response.
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The New York Times, October 31st, 2009
MEDICARE recipients, it’s your turn.
For the last few weeks, my Patient Money colleague Lesley Alderman
and I have been giving advice on how to navigate the open enrollment
season for employee health benefits. But Medicare enrollees must also
do this annual drill, and in some ways their task can be more
complicated.
While employees now typically face a dwindling
number of options, Medicare recipients may have the opposite problem —
a potentially overwhelming welter of choices. They may need to sort
through dozens, even hundreds, of choices during the annual enrollment
period, which runs Nov. 15 through Dec. 31.
Those already
enrolled in Medicare, of course, might not need to do anything.
Assuming the coverage they have now is not changing, and it’s working
for them, they can probably stand pat. That might be particularly true
for the 35 million people whose main coverage comes directly through
the government. In that case all they may need to worry about is their
Medicare D prescription drug plans provided by private insurers, if
they have such coverage; about 17.5 million of these people in
traditional Medicare have the separate drug coverage.
But as I
explain below, there are various reasons that staying put might not be
a good idea. And making a change means coming to grips with an array of
Medicare options that has been expanding at a bewildering rate in the
past decade.
There is the traditional Medicare A, which covers
hospitalizations and is provided at no charge to enrollees, and
Medicare B, which covers fees from doctors and other health care
providers and requires a monthly premium. (Because there will be no Social Security
cost-of-living increase in 2010, premiums for most current B enrollees
will stay the same as for 2009, at $96.40 a month. However, most new
enrollees will pay 15 percent more than that, $110.50 a month.
Seniors
can also choose from a vast number of specialized plans from private
insurers. There’s the Medicare D drug coverage, for example. But there
are also fuller private-carrier packages called Medicare Advantage,
which often bundle Medicare A and B with a drug plan, along with extra
benefits like dental, vision and wellness coverage.
Read more of this article.
Science Daily, November 1st, 2009
A new study in the journal
Sleep shows that retirement is
followed by a sharp decrease in the prevalence of sleep disturbances.
Findings suggest that this general improvement in sleep is likely to
result from the removal of work-related demands and stress rather than
from actual health benefits of retirement.
Results show that the odds of having disturbed sleep in the seven
years after retirement were 26 percent lower (adjusted odds ratio of
0.74) than in the seven years before retiring. Sleep disturbance
prevalence rates among 14,714 participants fell from 24.2 percent in
the last year before retirement to 17.8 percent in the first year after
retiring. The greatest reduction in sleep disturbances was reported by
participants with depression or mental fatigue prior to retirement. The
postretirement improvement in sleep also was more pronounced in men,
management-level workers, employees who reported high psychological job
demands, and people who occasionally or consistently worked night
shifts.
Lead author Jussi Vahtera, professor in the department of public
health at the University of Turku in Finland, noted that the
participants enjoyed employment benefits rarely seen today, including
guaranteed job stability, a statutory retirement age between 55 and 60
years, and a company-paid pension that was 80 percent of their salary.
"We believe these findings are largely applicable in situations
where financial incentives not to retire are relatively weak," said
Vahtera. "In countries and positions where there is no proper pension
level to guarantee financial security beyond working age, however,
retirement may be followed by severe stress disturbing sleep even more
than before retirement."
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Detroit Free Press, November 1st, 2009
QUESTION: What kinds of changes are we seeing in Medicare this fall in Michigan?ANSWER:
There are two primary changes. The first is there are fewer plans being
offered and secondly the prices of the plans being offered are
increasing.
Q: Without exception?
A: Almost across the board except for a handful of plans with little change.
Q: Why are prices going up?
A: The insurance companies say the prices are going up to reflect increased prices in the marketplace.
Q:
What do we know about the Medicare choices seniors in Michigan have
made in the past? What percentage is in Medicare Advantage plans and so
on?
A:
In the past, Michigan was pretty lucky because relatively three
quarters of the population were in some type of retiree plan sponsored
through their former employer. However, that trend is changing as many
of the employers are dropping, reducing or changing the structure of
their employee health benefits.
Q: So more people have to purchase their own Medicare plan?
A: Yes.
Q: Is there still a lot of confusion?
A:
Yes. There are some people new to this whole process because their
retiree benefits are changing. But each year there are changes in the
plans, too. Sometimes the plans changing have huge changes or they are
exiting the marketplace. I think there was a misconception in the
public that 'Once I get into a plan, I'm set, if not for life but at
least a few years.' There can be drastic changes.
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Marketwatch, October 30th, 2009
The rule of thumb is that you'll need to replace 70%
of your pre-retirement income on average once you retire, but evidence
continues to mount that this assumption by many professionals and
retirement savers is way off base.
Now, a new study by two professors casts further doubt on the idea that
the widely used replacement-rate figure is a sound basis for building a
retirement plan.
"The rule of thumb that replacement rates should be above 70% to
maintain living standards in retirement is conceptually flawed," wrote
John Karl Scholz and Ananth Seshadri, two University of
Wisconsin-Madison professors, in their paper "What Replace Rates Should
Households Use?"
In fact, no more than 15% of the population Scholz and Seshadri studied
need to replace 65% to 90% of their pre-retirement income. And almost
50% of the population needed to replace less than 65% of their
pre-retirement income.
In short, the authors said: More refined guidance is needed to serve households well.
Costs usually decrease in retirement
Target replacement rates are less than 100% for three main reasons,
according to the study published by the Michigan Retirement Research
Center.
"First, upon retirement, households typically face lower taxes than
they face during their working years, if for no other reason than
Social Security is more lightly taxed than wages and salaries. Second,
households typically save less in retirement than they do during their
working years, so saving is a smaller claim on available income. Third,
work-related expenses generally fall in retirement."
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Retirement Income Journal, October 29th, 2009
The
“mystery shopper” is one of the oldest and most effective research
tools. You can learn a lot simply by having someone pose as a naïve
consumer and catch a seller off-guard.
Journalists use this trick. Industrial spies use it. The Drug
Enforcement Agency, obviously, uses it. So do market researchers.
A
couple of years ago, the Washington researcher and consultant Mathew
Greenwald deployed mystery shoppers to help annuity manufacturers and
marketers learn why more Americans don't buy life annuities to finance
their old age.
In
a two-part experiment, Greenwald first asked a bunch of academic
economists whether the typical Boomer retiree should buy an annuity.
“We know that annuitization is rarely used, and all kinds of reasons
have been given for that, but I wanted get some insights into the
desirability of an annuity,” Greenwald told RIJ recently.
In
other words, if no one at all vouches for annuities, further research
would be pointless. “Game over,” as it were. But all of the academics
recommended annuities.
“I
interviewed 11 economists and others who are not involved in selling
annuities,” Greenwald continued. “They all had different opinions about
the circumstances that call for annuities. Some thought you should buy
one at retirement. Some thought you should wait until age 70 when the
payouts are higher, or that you should buy longevity insurance that
starts when you're 85.”
But, small differences aside, the academics unanimously supported annuities.
In
the second part of the experiment, Greenwald recruited eight mystery
shoppers and assigned each of them to approach an investment advisor
and ask for help in creating a financial plan for retirement. “They
went to advisers and said, I'm close to retirement, and I'd like your
advice on how I should manage money in retirement.”
The
mystery shoppers were all real near-retirees with assets of roughly
$600,000 to $3 million. The advisors were registered reps at large
broker-dealers such as Wachovia, Morgan Stanley or Raymond James. The
meetings between clients and advisors were not a sham. The shoppers
presented real account statements and, in some cases, financial plans
were drawn up and fees were paid.
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The Wall Street Journal, October 28th, 2009
The federal government needs to further step up efforts to fight
Medicare and Medicaid fraud to generate more savings to help pay for a
health-care overhaul, lawmakers said Wednesday.
"The scale of health care fraud in America today is staggering,"
Senate Judiciary Committee Chairman Patrick Leahy (D., Vt.) said at a
hearing. "Now, as health care reform moves through the Senate, I want
to make sure we do all we can to tackle the fraud that could undermine
efforts to reduce the skyrocketing cost of health care."
Health-overhaul legislation moving through Congress contains
provisions to beef up the government's antifraud effort. The U.S. loses
at least $60 billion to health-care fraud every year, and some
estimates put the cost as high as 10% of the nation's total health-care
spending, which exceeds $2 trillion. Medicare, the federal insurance
program for the elderly and disabled, and Medicaid, the federal-state
program for the poor, are especially susceptible. The government has
announced a series of indictments on Medicare and Medicaid fraud in the
past two years, including indictments earlier this week involving a
Mississippi medical clinic.
Sen. John Cornyn (R., Texas) said government officials still need to
figure out why Medicare and Medicaid have a higher rate of fraud than
private insurers, especially since Congress is considering creating a
public-insurance program. "I'm sure we'll never have enough good guys
to outnumber the bad guys in this area." Mr. Cornyn said, asking Health
and Human Services and Justice Department officials: "What can you do
to reduce it?"
Bill Corr, deputy HHS secretary, said HHS and the Justice Department
are making progress, especially by using specialized teams to ferret
out fraud. But he agreed that the task is huge. Medicare alone, he
testified, receives 4.4 million claims each day, which have to be paid
between 14 and 30 days.
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Sacremento Bee, October 28th, 2009
Our three new "Ask the Experts" writers have been busily answering financial questions this month from online readers.
Here's a sample of their advice on personal finance, wills/estates and investing.
To see more questions or to get advice from our other financial experts on taxes, banking and investment clubs, go to: www.sacbee.com/ask.
Pamela Christensen, Certified financial planner
I
expect to retire in about four years and will have a small Sacramento
County retirement. We also have about $150,000 in CDs to live on. My
parents got a reverse mortgage a couple years ago for the extra cash to
live on and to have no mortgage payment. It seems to be working for them and we are considering it as well. Is this type of mortgage safe?
As
with most financial planning, these issues are very individual. I like
reverse mortgages in some situations, although it's always wise to get
lots of counsel on your particular circumstances and the ramifications.
For instance, do you have heirs in line to inherit your house? Do they
want or need it? How much equity do you have in the home?
Do your
homework and learn as much as you can. Start by going to the federal
Department of Housing and Urban Development Web site (www.hud.gov)
and search for "Reverse Mortgages." There's also information on the
state Department of Real Estate Web site (www.dre. ca.gov). Click on
"Consumers", then "Home Buyers/Borrowers,"
then "DRE Publications and Resources." Talk to your estate planning
attorney and other financial professionals to get their opinions. Talk
with family and friends only if you know they are well educated in
reverse mortgages.
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Los Angeles Times, October 27th, 2009
Senior citizens should be on their guard against possible fraud when
open enrollment for two popular healthcare programs begins Nov. 15.
California Insurance Commissioner Steve Poizner warns that some
sales agents for the Medicare Advantage and Medicare Prescription Drug
programs may engage in "aggressive or deceptive" sales practices
starting from now until open enrollment ends Dec. 31.
To better protect themselves, consumers should consider these tips:
- Make sure the salesperson is a licensed insurance agent.
- Do not respond to "cold calls," which are prohibited by law.
- Don't give out personal information such as Social Security or Medicare numbers.
- Do not accept "free lunches," which are not allowed.
- Don't buy any additional insurance-related products.
- Read and understand the health insurance plan.
- Call the California Department of Insurance with questions or
complaints at (800) 927-HELP (4357) or Medicare at (800) MEDICARE
(633-4227) with questions or complaints.
For more information, consumers should visit www.insurance.ca.gov or www.medicare.gov.
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