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PBGC Blog: Retirement Matters

Backyard with patio overlooking a lake.

As many retirees rely on a fixed income, the decision of where to retire can sometimes be tough. The golden ticket is finding a place that is not just affordable but enjoyable. Many retirees want a place that is alive with arts, culture, and community.

Luckily, AARP has done the research so you can get the most bang for your buck! Their listing of the “10 Best Places to Live on $100 a Day”:

 

  • Spokane, Washington
  • Las Cruces, New Mexico
  • Eau Claire, Wisconsin
  • Roanoke, Virginia
  • Morgantown, West Virginia
  • Pittsburgh, Pennsylvania
  • San Antonio, Texas
  • Omaha, Nebraska
  • Grand Junction, Colorado
  • Gainesville, Florida

 

Read AARP’s full article: http://www.aarp.org/home-family/livable-communities/info-07-2012/best-places-for-low-cost-retirement.html?intcmp=HPBB2C

According to a recent Prudential study, women are less confident about their retirement finances than their male counterparts. The study also highlighted the difference in level of confidence between women younger than 35 and those of the baby-boomer generation. It is believed that this confidence gap may reflect a gap of knowledge and experience.

An article from CBS Money Watch details the following tips women can take to boost their confidence about being prepared for the future.

1.       Go for retirement benefits

2.       Contribute to spousal IRA

3.       Inventory your retirement benefits

4.       Monitor and manage investments

Read the full article on CBSNews.com.

Two smiling women with beverages sitting at a patio table.

As seniors near retirement, many are choosing the increasingly popular living arrangement of home sharing to meet a variety of needs that come with old age.

What is home sharing? Home sharing is when a homeowner offers living accommodations to a home sharer in exchange for rent and/or household assistance.

Why are so many choosing home sharing? The homeowner gets money to help pay for rent, utilities, or other expenses while the home sharer is provided with affordable housing. Other benefits to home sharing for both parties include companionship, a sense of security, and mutual support.

There are many regional agencies that can help match homeowners with home sharers based on location, physical needs, and similar interests.

You can find more information about home sharing at:http://nationalsharedhousing.org/

PBGC Director Josh Gotbaum penned a letter to the editor of the Washington Examiner where he addressed retirement security and the desire of many Americans to keep both their jobs and their pensions.

Read the full letter to the editor.

Hawker Beechcraft, a manufacturer of commercial business jets based in Wichita, filed today for Chapter 11 bankruptcy protection.

Bankruptcy is a time of uncertainty, especially for a company's workforce.

Let's be clear. Bankruptcy does not necessarily mean a company's pensions will end. Many companies have emerged from Chapter 11 as successful businesses, while keeping their pension promises. Some recent examples are Northwest Airlines, auto-parts maker Visteon, and chemical manufacturer Tronox.

PBGC will be working with Hawker Beechcraft management and its lenders so that the company can reorganize successfully without undermining the retirement security of its workforce.

If you have a benefit from Hawker Beechcraft, your pension plan is ongoing under the company's sponsorship. If you have a question about your individual pension, contact the Hawker Beechcraft plan administrator. If you have questions about PBGC and your insurance coverage, see our frequently asked questions or Your Guaranteed Pension.

Americans are living longer, healthier lives, and enjoying more years of retirement. That's a very good thing. But it means people will need enough money to pay for those extra years.

How much is enough for you? With so many factors to think about–health, housing, hobbies, to name a few–figuring it out can be a real challenge.

There are many tools on the internet that can help.  A good place to start is the Ballpark Estimate calculator, created by the respected nonpartisan Employee Benefit Research Institute. It's easy to use, and gives you a quick estimate of how much you'll need to save for those retirement years.

EBRI' s calculator is part of its Choose to Save program, which offers many useful tips for future retirees.  Check it out at www.choosetosave.org.