Pension News

Senators Kent Conrad and Judd Gregg, the leaders of the Senate Budget Committee, are proposing to set up a commission that they argue is necessary to address tough budgetary issues. In reality though, the proposed commission is likely to force Congress to make destructive cuts in Social Security.  (more…)

New data released by the U.S. Census Bureau contains information that may come as a surprise: Of the age groups surveyed (ages 18 and under, ages 18-64 and individuals age 65 and older), it was the group of Americans age 65 and older who have the lowest rate of poverty at 9.7 percent. (more…)

A timely and provocative op-ed by BusinessWeek’s contributing economics editor Chris Farrell flatly states, “Keep Wall Street Out of the Retirement Business.”  Farrell goes on to ask:

Question is, in light of the current turmoil in the financial markets, should Wall Street manage any of our long-term retirement savings funds? Is the 401(k) plan, which has become the main retirement savings vehicle for the American worker over the past three decades, a mistake? The case for rethinking the 401(k) as a pillar of retirement savings is compelling. (more…)

Last week the federal minimum wage rose to $6.55 an hour, increasing the annual earnings for a full-time minimum wage worker to $13,624.  While it’s certainly the right move for Congress to raise the minimum wage for current workers, it raises an important question about retired workers.  Take a look at our statistics page and you’ll see why: The average retired worker’s Social Security check is now less than that of a minimum wage worker. (more…)