retirement

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Lewis Due a Mere $53M From BofA Pension Plan

But President Obama's pay czar could yet step in on that, millions in stock

(Newser) - An executive pension plan Bank of America stopped in 2001—along with “golden parachute” balloon payments to execs leaving the company—will yield about $53 million for departing CEO Ken Lewis. Lewis, 62, participated for years in the plan, which was frozen the year he ascended to the top...

Bank of America's Lewis to Resign at End of Year

(Newser) - Ken Lewis, the embattled CEO of Bank of America, is leaving the company, succumbing to nearly a year of strife that followed his company's acquisition of Merrill Lynch. The bank said in a statement that Lewis, 62, would retire as CEO and also leave the company's board by the end...

Social Security Faces Grim Forecast for 2010, 2011

Payouts will exceed tax receipts for first time since 1980s

(Newser) - Big job losses and a spike in early retirement claims from laid-off seniors will force Social Security to pay out more in benefits than it collects in taxes the next 2 years, the first time that's happened since the 1980s. The deficits—$10 billion in 2010 and $9 billion in...

Don't Let the Recession Rule Out Retirement

Save more, use 'catch-up' tax law provisions to turn things around

(Newser) - Retirement savers have been facing grim truths, like the fact that a 50% portfolio loss requires 100% in earnings to recover. But middle-of-the-road investors could recover in as little as 2 years if they make contributions, receive a company match, and see fair long-term portfolio returns, writes Linda Stern in...

Young Grow Poorer While Old Get Richer

Recession socks Americans born after 1955

(Newser) - Young and middle-aged people, particularly men, saw their incomes plummet from 2000 to 2008, leaving many age groups at 30-year nadirs, new Census data show. The recession has exacerbated the problem, widening the gap between young and old at an unprecedented rate, USA Today reports. Worst hit were those in...

Obama Offers New Options for Retirement Savings

Americans can have tax refunds sent as savings bonds

(Newser) - President Obama used his radio address today to roll out several initiatives aimed at making it easier for Americans to save for retirement. One move will allow people to have their federal tax refunds sent as savings bonds by checking a box on their tax return; another has workers automatically...

Stevens' Exit Would Break Court Tradition
Stevens' Exit Would Break Court Tradition
ANALYSIS
Sep 3, 2009 2:11 PM CDT

Stevens' Exit Would Break Court Tradition

Tradition sees justices sticking with party that appointed them

(Newser) - Supreme Court justices have traditionally waited to retire until a member of the same party that nominated them held the presidency, writes Kate Klonick for True/Slant. The custom has prevailed even when the justice’s ideology drifted away from that party. But if the rumors about John Paul Stevens’ imminent...

Oldsters Refusing to Step Aside to Free Up Jobs

Reliance on volatile 401(k)s breeds reluctance to retire

(Newser) - Their retirement savings devastated by the financial crisis, older workers are increasingly postponing retirement, the New York Times reports, creating even more competition for scarce jobs. A recent survey found that four in 10 workers over 62 have remained at their jobs longer than they planned thanks to the recession....

Justice Stevens May Be Getting Ready to Retire

Liberal judge slows hiring of law clerks

(Newser) - Supreme Court Justice John Paul Stevens has hired only one law clerk for the upcoming legal season, generating speculation that the leader of the court's liberals will retire next year and give President Obama the chance to fill a second seat on the court. Justice David Souter, who was replaced...

IRS May Cut 401(k) Contribution Limit

(Newser) - Low inflation could force the IRS to decrease the amount workers can contribute to their 401(k) plans to $16,000, USA Today reports. It would mark the first time the government has ever lowered contribution limits. Though a spokesperson says it’s too early for speculation, the IRS may not...

Favre Signs With Vikings
 Favre Signs With Vikings 
UPDATED
Aug 18, 2009 1:51 PM CDT

Favre Signs With Vikings

(Newser) - Brett Favre has un-retired again, signing with the Minnesota Vikings today, the team says in a press release. The quarterback, 40 in October, is getting between $10 million and $12 million, according to ESPN, and is expected to start in Friday’s preseason game against the Kansas City Chiefs. Favre...

For Pro Athletes, Retirement Is a Nightmare
For Pro Athletes, Retirement Is a Nightmare
OPINION
Aug 13, 2009 8:25 AM CDT

For Pro Athletes, Retirement Is a Nightmare

(Newser) - Steve McNair’s death was a grisly illustration of the nightmare that retirement can be for pro athletes, writes former outfielder Doug Glanville in the New York Times. Though players are often told they’ll be set for life, “the pleasure of a hammock at age 35 only lasts...

Favre: I'm Staying Retired

(Newser) - No comeback this time for Brett Favre. After a long flirtation with the Minnesota Vikings, Favre has told the team that he won't be signing and will instead stick to retirement, the Pioneer Press reports. "It's the hardest decision I've ever made," Favre told ESPN. "I didn't...

Employer Bails Out Madoff-Hit Employees

Mass. businessman donates $5M for workers' retirement

(Newser) - A Massachusetts businessman has ponied up $5 million of his own money to replace his employees’ retirement savings, which were wiped out by the collapse of Bernard Madoff’s Ponzi scheme, the Boston Globe reports. Robert I. Lappin, who made his money in vacuum cleaners, knows their pain because he,...

Boomers Turn to Annuities, Leaving Nothing for Kids

(Newser) - Now that the financial crisis has destroyed so many nest eggs, many soon-to-be retirees are buying annuities and leaving their kids to fend for themselves, the Wall Street Journal reports. Annuities turn a lump-sum payment into a guaranteed income for life. That’ll provide more peace of mind than living...

Souter Says Goodbye to Supreme Court

On his final day, a testament to friendship in the face of dissent

(Newser) - David Souter bid farewell to the Supreme Court today, but not before taking a moment to reflect on the rewarding bonds forged between him and his fellow justices, the AP reports. Though he will leave the court, Souter told his colleagues in an open letter that he would not “...

Live With It: Retirement Must Shrink
Live With It:
Retirement
Must Shrink
OPINION
Jun 26, 2009 12:13 PM CDT

Live With It: Retirement Must Shrink

Longer lifespans, older population mean quitting age has to rise

(Newser) - With people living longer and having fewer children in developed countries, the population is aging even as the workforce shrinks. And with retirement ages in the 60s, retirees are living longer on pensions. Those demographic shifts make a policy shift inevitable: we’re all going to have to work longer,...

Social Security, Medicare Going Broke? Terrific!

(Newser) - Social Security and Medicare are headed toward disaster, and that’s a good thing, Robert J. Samuelson writes in Newsweek. The programs are expected to run out of money by 2017 and 2037, respectively, and when they do, politicians will have to make painful, necessary reforms. “The counterintuitive lesson:...

Early Retirees Face Shaky Financial Future

Bucking poll, older workers ditch work in tough economy

(Newser) - A growing number of older US  workers are bucking expectations and retiring early, risking financial hardship in their senior years, the Los Angeles Times reports. Instead of staving off retirement to rebuild diminished nest eggs, many older Americans, frustrated by the job market, are simply calling it quits. Add aging...

Worst (Un)Retirements in Sports
 Worst (Un)Retirements 
 in Sports 
OPINION
May 21, 2009 9:09 AM CDT

Worst (Un)Retirements in Sports

(Newser) - With Brett Favre mulling yet another unretirement, Will Leitch of New York magazine looks back on the worst unretirements in sports history. They range from cringe-worthy to incomparably cringe-worthy:
  • Ricky Williams: How many drug tests can one man fail?
  • Lance Armstrong: "It’s difficult to come up with a
...

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