If you are looking for a city to retire happily in, Chicago may not be the best choice, the Illinois city is ranked as the worst for underfunded pension funds, the Associated Press reports. The results come from a Standard & Poor’s survey that ranked 15 major U.S. cities.
Category: Pension
GM to Take on $3 Billion in Debt to Fund Pensions Moved to Peugeot
General Motors Co. expects to raise about $3 billion in debt to fund pension obligations it plans to transfer to Peugeot SA as part of the sale of its European business, said finance chief Chuck Stevens.
World’s Biggest Pension Fund Posts Record $92 Billion Gain
The world’s biggest pension fund posted the biggest quarterly gain in its history as Japanese stocks surged and a plunge in the yen boosted overseas investments after Donald Trump’s election victory. The Government Pension Investment Fund returned 8 percent, or 10.5 trillion yen , in the three months ended Dec. 31, increasing assets to 144.8 trillion yen, it said in Tokyo on Friday.
Are you saving enough for retirement?
Interpretation of the news based on evidence, including data, as well as anticipating how events might unfold based on past events But equally troubling is the fact that many people don’t have a target amount in mind. They are blindly throwing money into a retirement account.
Two in 3 Americans will never retire at this rate
Less than one-third of Americans are saving money in their 401 s and other workplace retirement accounts, according to an analysis of tax records by Census Bureau researchers. Although nearly 80 percent of Americans work for an employer that offers retirement programs – whether a 401 , 403 or something else – only 32 percent of workers sign up for such accounts, according to a working draft of the study by Michael Gideon and Joshua Mitchell.
The 15 most expensive states to live in when you retire
While low crime rates, proximity to healthcare, and amenities such as movie theaters and golf courses are important, affordability is crucial. As part of its recent ranking of the best and worst states to retire in , personal-finance site WalletHub also rated each state’s affordability.
Will your pension be there when you need it?
Members of the International Brotherhood of Teamsters and supporters rally outside the Capitol in Washington. Millions, including these protesters, are at risk of losing their retirement savings if the Pension Benefit Guaranty Corporation becomes insolvent.
The Ultimate Retirement Account for the Self-Employed
Self-employment definitely has an upside. You have a lot more control over your life when you work for yourself.
Sears Says to Cut $1B in Costs, Shares Surge
Beleaguered retailer Sears Holdings Corp said on Friday it would cut costs by $1 billion and reduce debt and pension obligations by at least $1.5 billion this year, sending its shares soaring as much as 40 percent. The company also said it had sold five Sears full-line stores and two Auto Centers for $72.5 million in January, and had engaged Eastdil Secured to raise at least $1 billion from the sale of its real estate.
Prudential Gains on Pension-Risk Transfers; Profit Jumps 22%
For many large companies, the pension promises that were made years ago to employees became a large and distracting headache. For Prudential Financial Inc., these retirement plans are a pathway to growth.
Buying an Annuity for Retirement Makes Sense — Sometimes
The use of annuities inside a qualified retirement plan or IRA has been a controversial practice among financial planners for the past few decades. But new innovations have been added to annuities in recent years, and this has changed the rules of the game in the minds of many planners who once saw annuities as unfit investments for their clients’ retirement assets.
Here’s What the Distribution of Wages Looks Like in America
On the basis of gross domestic product, the United States is still the greatest country in the world. The 2015 Global Wealth Report from Allianz found that the U.S. retained 41.6% of the world’s wealth, followed in a distant second by China at 10.5%.
Workers contributing more to, borrowing less from 401(k)s
A rare doubleshot of encouraging news on retirement savings: Workers are contributing more to their 401 accounts, and they’re taking out fewer loans from them. So says Fidelity, which looked at how 14.5 million savers are behaving in retirement plans that it administers.
When Should You Retire?
The short answer is when you’re financially and mentally prepared to do so, but there is much more to it than that. To retire comfortably, you’ll need to know how much retirement income your savings, pensions, and Social Security can sustainably create, as well as how your basic needs will be met, such as healthcare.
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If you’re like most Americans, you’re going to rely on a mix of income sources in retirement, such as savings, pensions, work, and Social Security. In spite of this multi-income strategy, retirement costs, such as healthcare expenses, and inadequate savings, suggests there’s a real risk out living the money you set aside during your career.
IRS Form 1099-R: What Every Retirement Saver Should Know
Saving for retirement can take your entire career, but when it comes time to retire, you want to make sure your savings work as hard as they can for you. With tax-favored accounts like IRAs, 401 s, and other employer-sponsored retirement plans, the tax-deferred growth they offer can dramatically boost your savings.
What You Don’t Know About Social Security Could Cost You
Social Security is America’s most popular “retirement plan” by far, but it’s poorly understood by millions of Americans — especially those who are yet to claim their benefit. To help you make smart Social Security decisions for you and your family, here’s a quick guide to how your Social Security retirement benefit will be calculated, how your retirement age affects your benefit, and whether or not your spouse may be entitled to a higher benefit than they think.
Canadian Pacific accelerates CEO’s retirement
Canadian Pacific Railway Ltd. is accelerating the retirement of CEO Hunter Harrison by about six months after he inquired about the possibility of working with other major freight railroads. The Calgary, Alberta, railroad said Wednesday that Harrison will forfeit roughly 118 million Canadian dollars in stock options and pension benefits as part of a separation agreement.
Judges win claim over pension scheme changes
The government has lost a legal case over the way it changed the pension scheme for the UK’s judges in 2015. The central London Employment Tribunal has upheld a claim by 210 judges that they suffered age, race or sex discrimination during the change.
Which Is Better: Lump Sum Payment vs. Defined Benefit Pension?
Here, they ponder two alternatives: take a lump sum payment now or the long-term annuity that pays out at a later date. To get to the bottom of this question, they also have to break down the health of the pension plan.
Fairfax Said in Talks With OMERS to Back $4.9 Billion Takeover
Prem Watsa’s Fairfax Financial Holdings Ltd. is in talks with the Ontario Municipal Employees Retirement System to see if the pension fund will help finance his $4.9 billion takeover of Allied World Assurance Co., according to a person familiar with the discussions. OMERS could take a minority stake in Zug, Switzerland-based Allied, and there have also been talks with other potential backers, said the person, who asked not to be identified discussing a confidential matter.
Tillerson Discloses Global Assets of as Much as $400 Million
Rex Tillerson, President-elect Donald Trump’s pick for U.S. secretary of state, disclosed assets worth as much as $400 million in a federal ethics filing that reflected investments spanning more than a dozen nations. If confirmed by the U.S. Senate, Tillerson will recuse himself for a year from government decisions involving Exxon Mobil Corp., where he served as chairman and chief executive officer until Jan. 1, according to a separate filing posted by the Office of Government Ethics on Wednesday.
Hedge Fund Agonistes: Not Even Donald Trump Can Ease the Pain
Drinks flowed as hedge fund titan Robert Mercer, dressed as Mandrake the Magician, partied with Donald Trump, dressed as, well, Donald Trump. The occasion that early December evening was Mercer’s 2016 holiday costume party, an intimate gathering of 250 at his Long Island estate.
TSP Contribution Limits in 2017
The Thrift Savings Plan, or TSP, is the defined contribution retirement plan offered to U.S. civil service employees and retirees, as well as members of the uniformed services. With nearly five million participants, the TSP is one of the most popular retirement programs in America.
Boost Your Retirement Income With These 10 Tips
With fewer and fewer of us able to enjoy traditional pension income, it’s more important than ever that we plan for our future financial security and set ourselves up to receive sufficient income when we’re no longer working. Here are 10 ways you can boost your retirement income.
5 Things You Didn’t Know Were Taxable
We all know taxes are unavoidable, but you may not realize how much of your money the IRS gets its hands on. Here are five things you may be surprised to learn are taxable.
Hedge Funds? Returns Don?t Impress Centrica Pension Fund
Centrica Plc’s pension pot is shunning hedge funds and boosting investment in real assets as it seeks to plug a 1.2 billion-pound funding hole. “My definition of hedge funds is where people seek to magic up returns out of nothing,” said Chetan Ghosh, chief investment officer of the company’s 7.3 billion-pound retirement funds.
Lufthansa Customers Spared Holiday Strike as Pilots Extend Truce
Deutsche Lufthansa AG’s namesake brand took a step toward ending a pay dispute with pilots, sparing the German airline’s customers strikes over the Christmas holidays. The Vereinigung Cockpit pilots union said Friday that it agreed to arbitration, with a target of reaching a wage agreement by the end of January.