Avoid Retirement Health-Care Mistakes
The typical health-care tab will run $240,000, but could run much higher. By ANDREA COOMBES Retirement health-care costs are enough to cause a severe anxiety attack. Even with Medicare benefits, a 65-year-old couple retiring in 2012 will spend at least $240,000 in retirement, according to the latest estimate from Fidelity Investments. That doesn't include long-term-care costs, over-the-counter medications and most dental costs. Plus, that $240,000 estimate is based on average life expectancy for a 65-year-old -- the husband living until age 82 and the wife until 85 -- but "average" means half of people live longer than that. In…
Why we don’t want to retire
One of our clients kindly passed this article on to us. The publication reinforces some of our most recent posts, and while confirming our view, the statistics are alarming. By Katy Read A former CEO enrolled in clown school. A corporate communications executive started a photography business. A high school science teacher became an outdoors guide. And a lifelong accountant wanted to work at Disneyworld. "He loved the atmosphere, it was lighthearted, it wasn't counting numbers day after day," said career coach Linda Miller of Mankato, who worked with all four. When she asked…
Why Keep Working
By Jill Schlesinger "I don't know what I would do if I didn't work," said my 72-year-old family member recently. She is not alone. Because we are living longer and healthier than in previous generations, the employment of workers over 65 has increased dramatically. According to the U.S. Bureau of Labor Statistics employment of workers 65 and over increased 101 percent between 1977 and 2007, compared to a much smaller increase of 59 percent for total employment (16 and over). In the past 10 years, the number of employed people age 65 and older rose from 4.3 million…
Berkshire buys 5 pct of IBM, takes other stakes
Buffett's firm buys 5 pct of IBM, reveals smaller stakes of Intel, DirecTV and several others Warren Buffett said Monday that his company has spent $10.7 billion to buy more than 5 percent of IBM's stock this year, a surprising move by the billionaire investor who has long shied away from investing in high technology companies. Berkshire Hathaway also revealed several other new investments made during the turmoil of the third quarter. Besides the new IBM investment, Berkshire added much smaller stakes in Intel Corp., DirecTV, General Dynamics Corp. and CVS Caremark Corp. Most of the details emerged from the…
SEC disciplines 8 employees over Madoff failure
WASHINGTON (AP) -- The Securities and Exchange Commission says it has disciplined eight employees for failing to uncover the Bernard Madoff's pyramid scheme over a 16-year period. None of the employees were fired. SEC spokesman John Nester says the discipline varied. Three employees had their pay reduced. Two received 30-day suspensions without pay, one of whom also received a pay cut. The others received shorter suspension or counseling memos. The actions were based on recommendations by a law firm hired by the agency. Two years ago, the SEC inspector general questioned the conduct of 21 employees in a report on…