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Boomers Want to Make Retirement Work

The articles that our readers gravitated to over the course of this year provide a window into baby boomers’ biggest concerns about retirement.

Judging by the most popular blogs of 2019, they were very interested in the critical decision of when to claim Social Security and whether the money they have saved will be enough to last into old age.

Nearly half of U.S. workers in their 50s could potentially fall short of the income they’ll need to live comfortably in retirement. So people are also reading articles about whether to extend their careers and about other ways they might fill the financial gap.

Here is a list of 10 of our most popular blogs in 2019. Please take a look!

Half of Retirees Afraid to Use Savings

How Long Will Retirement Savings Last?

The Art of Persuasion and Social Security

Social Security: the ‘Break-even’ Debate

Books: Where the Elderly Find Happiness

Second Careers Late in Life Extend WorkLearn More

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Happy Holidays!

Next Tuesday – New Year’s Eve – we’ll return with a list of some of our readers’ favorite blogs of 2019. Our regular featured articles will resume Thursday, Jan. 2.

Thank you for reading and posting comments on our retirement and personal finance blog. We hope you’ll continue to be involved in the new year. …
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Happy Thanksgiving to All!

Whether you’re having Thanksgiving with family or your celebration will take the form of a Friendsgiving, the staff at Squared Away and the blog’s sponsor, the Center for Retirement Research at Boston College, wish you a wonderful holiday. …Learn More

A Brighter Future for a Graying Workforce

Perceptions of older workers haven’t caught up with the reality of their increasingly prominent role in the labor force.

The federal Administration for Community Living reports that the U.S. population over age 60 has surged nearly 40 percent in just the past decade. By 2030, retirees will outnumber children for the first time in history, the U.S. Census Bureau predicts. The world population is on a similar path.

But in the face of this significant demographic shift, discriminatory views of older people persist in obvious and subtle ways. This discrimination colors coworkers’ beliefs about, among other things, older workers’ mental ability, efficiency, and competence on the job, according to one international review of studies on aging.

When people think about the future, “they fail to appreciate the potential that older workers present as workers and consumers,” Paul Irving, an expert on aging, writes in a special November edition of the Harvard Business Review exploring issues relevant to our aging workforce.

Research backs him up. Older people are living longer than past generations, which gives them more capacity to extend their work lives. They’re also generally healthier and enjoy more disability-free years, thanks to innovations like cataract surgery to restore their vision.

But ageism’s consequences are still apparent in the workplace. An Urban Institute report said that older workers, for a variety of reasons, are frequently pushed or nudged out of a long-term job at some point late in their careers. Some are forced into early retirement. And for those who do find another job, the new opportunities, while less stressful, are often a step down in terms of prestige and pay.

Irving, who is chairman of the Milken Institute’s Center for the Future of Aging, wants to chart a more hopeful path for our graying U.S. workforce, one that views it as an opportunity – rather than a looming crisis. …Learn More

Social Casinos: Stay Far, Far Away

This report about online casinos is incredible.

The PBS Newshour reports that these gambling websites – for poker, roulette and slots – are able to target people who are the most vulnerable to gambling addiction. The video features a site that assigns VIP status to encourage vulnerable customers to keep playing.

That’s not the only problem. Customers pay real money to buy chips to gamble or cover their losses on the gambling site. But when the customer wins, the website “do[es]n’t pay real money. They only…give you virtual chips to continue to play on their apps,” said a Dallas woman who said she lost $400,000 while gambling online.

Only 1 percent of Americans are gambling addicts, so the problem, while very serious for them, is not widespread. However, in the video, Keith S. Whyte of the National Council on Problem Gambling said that online social casinos are far more addictive than brick-and-mortar casinos.

Whyte said these social casinos are not regulated. The social casino profiled in the video said that it strives “to comply with all applicable standards, rules and requirements.” …Learn More

Video: Retirement Prep 101

Half of the workers who have an employer retirement plan haven’t saved enough to ensure they can retire comfortably.

This 17-minute video might be just the ticket for them.

Kevin Bracker, a finance professor at Pittsburg State University in Kansas, presents a solid retirement strategy to workers with limited resources who need to get smart about saving and investing.

While not exactly a lively speaker, Bracker explains the most important concepts clearly – why starting to save early is important, why index funds are often better than actively managed investments, the difference between Roth and traditional IRAs, etc.

Bar graph showing percentage of workers without a 401kSome of his figures are somewhat different than the data generated by the Center for Retirement Research, which sponsors this blog. But both agree on this: the retirement outlook is worrisome.

The Center estimates that the typical baby boomer household who has an employer 401(k) and is approaching retirement age has only $135,000 in its 401(k)s and IRAs combined. That translates to about $600 a month in retirement.

Future generations who follow Bracker’s basic rules should be better off when they get old. …Learn More

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Happy Independence Day!

Here’s the back story to your barbecued chicken and grilled hamburgers.

On July 4, 1777, Philadelphians marked the first anniversary of independence from the British with a spontaneous celebration. Future president John Adams described the ships parading on the Delaware River that day as “beautifully dressed in the colours of all nations.” In the aftermath of the Civil War, freed slaves turned the Fourth into a celebration of their emancipation.

If you have the day off from work, thank Congress for declaring the Fourth a federal holiday in 1870. Enjoy! …Learn More