Oregon Rolls Out New Retirement Savings Program For Private Sector Employees

Oregon Rolls Out New Retirement Savings Program For Private Sector Employees; segment by the good folks at Nightly Business Report:

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401(K) Problem: Americans Aren't Saving Enough for Retirement

American's 401(K) Problem; segment by the good folks at Nightly Business Report:

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UPS Shifts From Traditional Pensions To 401K Plans

For non-union employees, UPS will eschew traditional pensions and move to 401K plans, starting in 2023:

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The Boomer Entrepreneurs

From Nightly Business Report: A growing number of baby boomers are choosing entrepreneurship over the traditional relaxation retirement...

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2016 Check On Social Security Estimated Benefits

Recently stopped by the Social Security Administration (SSA) website to check on my benefits.  The address is:

• https://www.ssa.gov/

First, some context with regard to my situation:

• I was born at the start of the greatest decade ever: the 1970's
  
  
• I worked in corporate America until 1999, when I decided it was time for me to do what comes natural to people with my personality: self-employment.
  

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If I die this year, my daughter can count on around $659 per month from the SSA.

Notice that that one-time death benefit is for my spouse (I'm not married) or minor child is only $255.

 

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In order for me to qualify for retirement benefits when I reach 65, I'd need 40 "credits" of work.   Currently, I have 37.

 

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If I am not able to accumulate the retirement-minimum 40 credits by the time I'm 65, I will not qualify for Medicare.

 

 

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The system is setup so that even when deserving folks apply, seldom do they get approved, as a matter of course.

Feeling useless is pretty much a death sentence for someone like me, so this is n/a.

NB: I don't understand why the SSA is offering me a link to apply for disability benefits when they've already let me know that I don't qualify.  ???????????

 

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Bottom line: Based on these numbers, it's quite clear that one should always be realistic about Social-Security benefits.  Amen.

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Treasury Department's Retirement Savings Plan -- myRA -- Opens for Business Today

Treasury Department myRA

Today, the Treasury Department launched the Obama administration's solution to the problem of complicated and onerous retirement savings accounts: myRA.gov.  A very good retirement-savings option, especially for those who don't have access to a retirement saving plan at their place of work.

Benefits include:

• It's safe; it's a Roth IRA which utilizes a new U.S. Treasury retirement savings bond.
• It's affordable; zero fees / costs.
• It's simple; no bewildering array of investment options.

NB: If you are already taking advantage of a 401(k) plan at your job, you'll probably want to stick with it, especially if your employer is augmenting it with matching contributions.

For a little more, click here for a clip from today's Nightly Business Report on +PBS.

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DECEMBER 4, 2017 UPDATE: myRA IS NOW DEAD

It is with much disappointment that we report that the myRA program is no longer accepting deposits, as of December 4, 2017.  For more on this, please click here.

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