Friday Top Five: Retirement Related News for 4/17/15

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From Bloomberg View: Three Ways to Boost Retirement Savings

It's tax day. Perhaps like millions of your fellow Americans, you waited to the last minute to file and will be trudging off to the post office or filing electronically later today. I'm not going to lecture about your procrastination. However, I am going to ask you two somewhat tax-related questions: 
  1. How much have you saved for your retirement?
  2. On how much of those savings were taxes deferred?
Your answers will determine how you will spend your golden years when you no longer earn an income but need money for life’s necessities. This is more than a personal question; it is an issue with tremendous national ramifications.

From NBC News: Baby Boomers' Confidence in Comfortable Retirement Tumbles

Baby boomers' confidence in a good retirement is plummeting, according to a survey released Monday.

The Insured Retirement Institute survey found that 27 percent of baby boomers are confident they will have enough money to last through their retirement, down from 33 percent a year ago and 37 percent in 2011. Only 6 in 10 boomers report having any retirement savings, down from roughly 8 in 10 in previous surveys.

From CalPERS: Defined Benefit Plans are the Cornerstone of Retirement Security

In a recent Q and A with Jared Meyer, former San Diego City Council member Carl DeMaio referred to public sector pension systems like CalPERS as  "Ponzi schemes."  We have a problem with that.

As a brief primer, CalPERS provides retirement and health benefits to 1.7 million members and their beneficiaries, with 575,000 retirees receiving monthly retirement benefits totaling $13 billion annually which help fuel the California economy. The average CalPERS pension is a modest $2,784 per month.

CalPERS is a defined benefit pension plan, with the benefits negotiated by employees and their employers or set by legislation, not by CalPERS. CalPERS job is to pay what's been negotiated, and we do that with a diversified investment portfolio of nearly three hundred billion dollars.

From Next Avenue: How Women Can Get Retirement Back on Track

When it comes to having enough money to retire, the statistics are staggering for boomer women who are single, divorced or widowed.

The lives of many women in this demographic have been laced with endless responsibilities that have deterred them from having enough resources to plan for their own retirement. For decades, they have been busy raising children,caring for aging parents and attending to family issues; all of which have interrupted career tracks and caused them to forfeit opportunities for their own financial gain. Thus, they now have a substantial shortfall of retirement savings.

From Investment News: Nearly half of retirees wish they had retired earlier

This is National Retirement Planning Week. From April 13 through 17, you can expect to hear from a coalition of financial services firms and consumer advocates as they sound the alarm about the coming retirement crises.

Numerous experts will stress that the only way for most Americans to bridge the yawning gap between their retirement income needs and their meager nest eggs is to start saving earlier and to plan to work longer. They'll add a pitch about the importance of working with a financial adviser to make an achievable retirement plan and to stick with it.

But first, let's take time for a reality check from real people who have already retired.

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