Showing posts with label Spending. Show all posts
Showing posts with label Spending. Show all posts

Retirement Related News for 11/20/2015

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From KOMU: Missouri insulated from nationwide teacher shortage by pension program

In an age where a nationwide teacher shortage is well-documented, many believe Missouri’s public school teacher retirement benefits have become quite the draw.

But, others are drawing a target on the system.

Kathy Steinhoff, a Hickman High School math teacher, who has been in the district for 28 years said, “It is the best kept secret even within the profession because, for most teachers, it doesn’t come on their radar until they’re teaching for about 25 years.”

Steve Yoakum, Executive Director for The Public School Retirement System of Missouri or PSRS, said other states are certainly paying attention.

From The Missouri Times: Pension Committee Proceeds Despite Lack of Quorum, Increased Security

The Joint Committee on Public Employment Retirement met Wednesday under two unusual circumstances. The committee did not reach a quorum, and an extra officer patrolled outside House Hearing Room 4, representing heightened security from Capitol Police.

Yesterday, Rep. Mike Leara, the committee chair, asked for increased security after Sen. Kurt Schaefer, R-Columbia, received a death threat on his office voicemail.

Leara said the move was more about making sure the enhanced media presence at a usually quiet committee did not bring out anyone seeking… well, enhanced media presence.

From Forbes: Three Secure Holiday Shopping Moves

You’re going to get annoyed this holiday season dealing with new chip-card readers, now making their way into stores. I know I have. It will take time before they perfect this technology.

In the meantime, there are some solid ways to avoid going into debt or being defrauded this time of year. You have to focus on savings instead of spending. You may not get the best deals on Black Friday or even Cyber Monday.

While the new chip readers are designed to reduce or eliminate point-of-purchase fraud — paying inside a store — there will still be ways thieves can get at your credit card information. You can protect yourself by using online encrypted sites that are certified by third parties for their security.

From PLANSPONSOR: Millennials Face Obstacles to Retirement Saving

An unwillingness to sacrifice things they believe add to their present quality of life is one of them.

Millennials face a unique set of obstacles when saving for retirement, says a new study by Schwab Retirement Plan Services.

Every generation has its reasons not to save for retirement. For Millennials, more than any other, an unwillingness to sacrifice things they believe add to their present quality of life—and crushing student debt—top the list. Schwab’s research echoes other studies of Millennial savings behavior, which find that they’re confused about the process, or squeezed by student loans, and generally need more financial education and support.

Millennials face several obstacles to meeting their retirement savings goals, which disproportionately affect this group more than any other. Moreover, although this younger generation believes they would benefit from help, they are using professional investment advice far less than their older counterparts. Forty-four percent are not saving more because they want to treat themselves to things like occasional dinners out and vacations, more than Gen Xers (34%) and Boomers (29%).

From BenefitsPRO: Spending Patterns Change in Retirement--But Not Always How You'd Think

While on average households spend less money in retirement, not all households do so—and they don’t all change their spending in the same ways.

That’s according to new research from the Employee Benefit Research Institute, which found that while households’ average spending in retirement falls during the first two years, almost half (45.9 percent) of retired households actually spent more than they did just before retirement.

Making retirement savings last may be easier in these 10 most tax-friendly states for retirees.

That spending does decline over time, the research found, and by the sixth year of retirement, only a third (33.4 percent) spend more than they did preretirement.
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