“How much should I be saving?”This is the most common question people have about personal finance. Whether taking out life insurance, critical illness insurance, saving for retirement, or buying lotto tickets, ‘how much?' is the first question that comes up. Well, if you are thinking about saving for your retirement, look no further than this esteemed column. This week, those nice people at Scottish Widows (SW) have stepped in to help, by publishing their ‘Retirement Report 2019'.The Pensions Commission recommends that we aim for a pension income that is between 50 per cent and 80 per cent of our working wage at the end of our career. Of course, we're taking a cut on our full wage, but they say that alongside the drop in income come many cuts in our outgoings. We may, for instance, no longer have a mortgage to pay, we may no longer need to pay as much for transportation costs. How far do you live from your office? Will you still be wanting to visit them every … [Read more...] about How much should I be saving for retirement?
New auto enrolment pension rules
opinion James Hoffa Published 10:51 PM EST Feb 5, 2019 The struggle to ensure the retirements of millions of hardworking Americans continues. But the reintroduction of essential bipartisan legislation by a long-time pension protector could go a long way toward bolstering nest eggs jeopardized under the current system. With the new Congress now seated in Washington, the Teamsters want to let lawmakers know it is time to work together across party lines to secure the hard-earned retirements of retirees and workers. These hardworking Americans deserve to receive the benefits they were promised. Fortunately, the Rehabilitation of Multiemployer Pensions Act would solve the problem. Introduced by Reps. Richard Neal (D-Mass.) and Peter King (R-N.Y.) last month and co-sponsored by Reps. Debbie Dingell (D-Mich.) and Bill Huizenga (R-Mich.), the bill is a continuation of an effort to reform the system that first began in 2015. The seven House Republican co-sponsors understand the value … [Read more...] about Opinion: Bipartisan bill can deliver on pension promise
By Mark Miller Published 1:49 pm PST, Monday, December 31, 2018 California Treasurer John Chiang said the state is trying to encourage people to save for retirement. California Treasurer John Chiang said the state is trying to encourage people to save for retirement. Photo: Monica Almeida / New York Times 2018 Photo: Monica Almeida / New York Times 2018 Image 1 of / 3 Caption Close Image 1 of 3 California Treasurer John Chiang said the state is trying to encourage people to save for retirement. California Treasurer John Chiang said the state is trying to encourage people to save for retirement. Photo: Monica Almeida / New York Times 2018 For American workers, 4 key retirement issues to watch in 2019 1 … [Read more...] about For American workers, 4 key retirement issues to watch in 2019