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How the Dream of Retirement Is Becoming a Nightmare

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How bad is it? According to a May 2015 study by the Government Accountability Office on retirement preparedness, half of American households have no retirement savings at all. That’s zero: no 401(k)s, no IRAs, not a dime.

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Motor City Madness

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You’ve probably already heard that a judge has decided to allow the city of Detroit to file for Chapter 9 bankruptcy, which would make the Motor City the largest municipality in the country to do so. The judge also ruled that pensions for the city’s workers and retirees can be cut as part of the bankruptcy process. Not surprisingly, the Pension Rights Center is appalled by this decision.

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Another look at living independently in retirement

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Living independently is a goal for many who are approaching or thinking about retirement. While most people don't expect to move to a gated retirement community with a golf-course, they do hope to have adequate financial resources to live modestly and with dignity. How much will they need?

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Fiscal trouble ahead for most future retirees

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For the first time since the New Deal, a majority of Americans are headed toward a retirement in which they will be financially worse off than their parents, jeopardizing a long era of improved living standards for the nation’s elderly, according to a growing consensus of new research.

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Americans borrow heavily from 401(k)s but loan defaults are up

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The default rate on 401(k) loans hit 17.4% in the 12 months through May, compared with 9.7% in mid-2008, before the financial crisis.

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America’s Looming Pension Shock

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At a recent Governing Leadership Forum in Lansing, Michigan Budget Director John Nixon told a packed room about Gov. Rick Snyder's plans to overhaul his state's public-pension system. Michigan's governor is, of course, far from alone in trying to deal with the public sector's pension crisis.

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Many baby boomers face retirement of tight budgets, fading dreams

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The baby-boomer generation is poised to blaze new frontiers in retirement as it has in other endeavors. Yet, in this case, many boomers are experiencing regret, frustration and resignation that the path their parents took is closed to them.

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A race to the bottom?

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New Census Bureau data released earlier this week shows that more Americans are living in poverty now than at any time since 1993. While an increase might be understandable, given the uncertain economy, the numbers are still staggering.

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