403(b)s, Keogh, and Other Plans

A 403(b) plan, also known as a tax-sheltered annuity (TSA) plan, is a retirement plan for certain employees of public schools, employees of certain tax-exempt organizations, and certain ministers. Learn more about 403(b) plans here.

Gap between 'mature' buyers and builders

Amy Pyle Jan 27th 2010 @ 5:00PM EST Filed Under: Home, Real Estate, Retire, Technology, Transportation, Retirement Advice

Older home owners and the builders of senior housing have a bit of a communication gap, according to a recent survey.

These potential buyers say they want non-slip floors but don't much care about lever doorknobs. Builders say they have those easy-to-open knobs covered but aren't so sure about the floors.

The builders are going green; the buyers say great -- but won't pay extra for it. A third of the consumers want lower kitchen cabinets, emergency call buttons and wood-burning fireplaces. Only about one in 10 providers routinely offer those amenities. Three-quarters of the suppliers build wider doorways; only half the consumers want them.

That supply-and-demand chasm for senior housing was unearthed by the survey, titled "55+ Housing: Builders, Buyers and Beyond".

WalletPop wondered how the results might change builders' plans. But the response of one of the survey's sponsors, MetLife, is, basically, that consumers don't know what's good for them.

Continue reading Gap between 'mature' buyers and builders

Baby Boomers and high-income seniors bear burden of Medicare increase

Lita Epstein Jan 21st 2010 @ 8:00AM EST Filed Under: Retire, Health, Insurance - Health Insurance

Most seniors will not see their premiums for Medicare Part B increase in 2010. That's because there is a "hold harmless" provision of Social Security that prevents Social Security payments from decreasing from one year to the next as a result of Medicare Part B increases. The intention of that provision was to protect seniors on a fixed-income from losing income if the premium for Part B increases.

Well, for the first time in 35 years, Social Security payments are not going up, because there will be no cost of living increase. That means Medicare Part B premiums can't go up either, but only if you've already been collecting Social Security and have Medicare Part B taken out of your Social Security check.

Baby Boomers who won't reach full retirement until age 66 and who waited to start Social Security at that age to get a higher payout may be sorry they waited. Also, high-income seniors -- with incomes greater than $85,000 for individuals and $170,000 for couples -- will pay more as well. Both groups will bear the brunt of the Medicare Part B increase.

Continue reading Baby Boomers and high-income seniors bear burden of Medicare increase

Senior citizens need special help selling their homes

Charles Feldman Jan 20th 2010 @ 3:15PM EST Filed Under: Home, Real Estate, Retire, Health, Retirement Advice

By the year 2050, the U.S. Census figures there will be some 82 million Americans 65 and older living in this country -- an impressive 137% increase from now.

Not surprisingly, more and more real estate agents are opting to become specialists in dealing with the unique situations senior citizens have when it comes time for them to buy or sell property -- mostly to sell!

There is even a Seniors Real Estate Specialist (SRES) designation that Realtors can get after taking a course offered by the National Association of Realtors.

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5 critical money mistakes to avoid this year

Martha C. White Jan 19th 2010 @ 10:00AM EST Filed Under: Budgets, Retire, Saving Money, Insurance - Life Insurance

So you bought a $4 latte for the fourth time this week. Or maybe you forgot to bring the coupon for your kid's favorite cereal to the grocery store. Most of us make money mistakes all the time (even personal finance bloggers are no exception!), but some of them matter more than others. We here at WalletPop interviewed experts in saving, spending, borrowing and investing to find out the biggest mistakes people make when it comes to their hard-earned money. Thousands of people will make these very mistakes in 2010. Just don't be one of them.

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Chubby Checker promotes program helping seniors pay for prescriptions

Lita Epstein Jan 11th 2010 @ 1:00PM EST Filed Under: Insurance, Retire, Health, Insurance - Health Insurance

Social Security is using Chubby Checker to help promote an expanded "Extra Help" program for one million more seniors who need assistance to be able to afford their prescription drugs. Seniors who were rejected for Extra Help in the past should reapply to see if they meet the new requirements.

With Extra Help, seniors can pay as little as $1.10 for generics and $3 for brand name drugs. The Extra Help program also eliminates premiums and annual deductibles. Currently the Extra Help program provides assistance to more than nine million senior and disabled Americans -- saving them an average of almost $4,000 a year on their Medicare prescription drug plan costs. You can apply for Extra Help online at the Social Security Web site.

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New Year's resolution -- Making retirement sound like fun

Jennie L. Phipps Jan 3rd 2010 @ 8:00AM EST Filed Under: Retire, Retirement Advice

My friend Ardis MacGregor turned 100 this Tuesday. This will be the first winter in several years that she hasn't spent a few days with us in Florida during the cold weather. But this year, she's having more trouble getting around in the aftermath of an auto accident that broke several of her ribs.

Although the pain has slowed her down, it hasn't taken any of the edge off her wit and awareness of the world around her. And she even did a little dancing at her grandson's wedding a few months ago.

Ardis' energy and longevity have made me rethink the idea of retirement. Does it make sense to retire at 60 just to spend the next 40 years rocking on the porch? And even if I wanted to do that, could I afford to rely on savings and government largess for four decades or more? I don't think all the retirement planning in the world is really going to bail me out if I live that long. And if Ardis is any indication, I might.

Continue reading New Year's resolution -- Making retirement sound like fun

How much money do you really need to save for retirement?

Ken and Daria Dolan Dec 30th 2009 @ 6:00AM EST Filed Under: Retire, The Dolans, Retirement Advice

Ask three different financial advisers the question "How much do I need to save for retirement?" and you will likely get three different answers. But knowing the right answer has a huge impact on how much you need to save now and what type of retirement you will enjoy down the road.

Personal finance experts Ken and Daria Dolan of Dolans.com are here with some straight talk to help you decide how much you really need to save for retirement in order to experience that secure, golden lifestyle that of which we all dream.

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Al and Jill Smith: 30-some years, one company, one career. Until now.

Sarah Gilbert Dec 29th 2009 @ 11:00AM EST Filed Under: Retire, Career

For 17-year-olds getting into the work world today, the chances of starting with a bottom-rung job and ending up on the top of that same company's heap by retirement age are so slim as to be laughable. Will the companies for which our young adults are entry-level jobbing even exist in 38 years? It's unlikely, and makes Al Smith's story even the more amazing. He has worked at Kroger since his very first job at 17; and at the Chillicothe, Ohio Kroger store since age 21, when he started out as produce clerk.

At 55, Al Smith went on the second job interview of his life.

He hopes it will be his last; it scared him "to death." He's retiring from his job as Chillicothe Kroger produce manager, where he had to work weekends, and taking that new job for Empire Foods -- yes, the interview worked out -- setting food in produce departments during the week. He'll be spending his free time in his new career with his two grandkids (Dalton and Langston) and playing golf.

Continue reading Al and Jill Smith: 30-some years, one company, one career. Until now.

The rush to convert: Why 2010 will be the year of the Roth IRA

Kelly Phillips Erb Dec 25th 2009 @ 9:00AM EST Filed Under: Retire, Retirement Advice, Tax - Basics

Think of 2010 as the year of the Roth IRA. Beginning January 1, the rules governing who can invest in a Roth will be modified, allowing anyone with an existing traditional IRA to take advantage of a Roth -- and the special post-retirement tax breaks that this investment vehicle offers.

The more lenient rules are a result of the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA), which was signed into law by President Bush in May, 2006. Under the new rules, the income limits for converting a traditional IRA to a Roth IRA will no longer apply. So anyone with an existing IRA can take advantage of the Roth. Establishing and making contributions to new Roth IRAs will not change, however. For those who think that they will be paying a much heftier tax rate come retirement than they do now, this is good news. But they will have to act fast: The new rules are only in effect for one year.

Continue reading The rush to convert: Why 2010 will be the year of the Roth IRA

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