Obama's budget would change the way Social Security benefits are calculated.

Obama Wants to Cut Social Security By Changing Benefit Calculation

By Bill Fay | April 18, 2013

Last week, President Obama submitted to Congress his version of a federal budget for the 2014 fiscal year. And soon, like the half-dozen other budget proposals that have been introduced by,…

Retirement planning Business team hands at work with financial reports and a laptop

Retirement Plans

By Bill Fay | January 24, 2013

Saving money for retirement is important for ensuring long and comfortable work-free years. It’s all too common for people to assume they are too young to begin saving or underestimate…

Americans drain 401(k) accounts

American Workers Draining Their 401(k)s Should Rethink Retirement Accounts

By Bill Fay | January 17, 2013

More than 30 years ago, Congress created 401(k) plans as a way for employers to encourage their workforce to save for retirement. Since then, 401(k) and other employer-funded, defined contribution…

Baby boomers have enough to retire

Baby Boomers Better Prepared for Retirement than Previous Generations

By Bill Fay | December 11, 2012

A new report says that most baby boomers have successfully stuffed enough pennies into the piggy banks – and dollars into the 401(k) plans – to retain their status as…

What to do With Retirement Accounts After Death

What to do With Retirement Accounts After Death

By Bill Fay | November 7, 2012

Retirement accounts were created to provide investment vehicles for individuals so that after they have stopped working, they could access their funds to cover expenses. Accounts can be employer-sponsored, as…


Retirement Now More Scary than Death

By Bill Fay | September 27, 2012

More and more older Americans are reaching retirement age without enough money to survive in the way they would prefer, according to multiple surveys and studies. Is there anything Congress can do? Or, rather, is there any Congress will do?

Stressed senior Asian couple looking over papers, calculator and laptop to pay bills

Avoid Debt as a Senior

By Bill Fay | September 27, 2012

Before the creation of the nation’s Social Security system in the 1930s, 75 percent of American senior citizens lived in poverty. Today, thanks to Social Security, workers’ pensions and retirement…

teen taking money

Teens Are Counting on Parents to Finance Retirements, Study Shows

By Bill Fay | September 11, 2012

Attention moms and dads: your teens are counting on you for more than a few bucks for a movie or some new clothes. They’re depending on you to pay for…

Retirement photo

Study: Almost Half of Americans Die Poor

By Bill Fay | September 4, 2012

A recent study found that nearly half of all Americans live comfortable lives during retirement but die with little money in the bank. According to the nonprofit National Bureau of…

Senior couple signing papers

Seniors Lose Money to Family, Financial Scammers

By Bill Fay | August 28, 2012

An increasing number of seniors are becoming the target of predatory swindlers who come in two forms: those who convince seniors to make large financial investments based on bogus schemes…