Social Security
Changing retirement horizon for baby boomersPosted by RJ and Makay on Feb 22, 2012 |
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As baby boomers approach retirement, the tradition of retiring at age 65 is changing, according to a Merrill Lynch Affluent Insights Survey released today. New retirees will also be dealing with more complex investment and health care considerations. The survey, conducted by Braun Research, polled 1,000 U.S. residents age 18 and older with more than $250,000 in investable assets.
Fifty-five million retirees will receive a 3.6% cost-of-living (COLA) increase this January, the U.S. government announced yesterday. The COLA adjustment is the first since 2009 and will also apply to eight million Americans participating in the Supplemental Security Income program that aides the blind and disabled.
The nation’s poverty rate increased to 15.1% of the population in 2010, up from 14.3% in 2009 and 12.5% in 2007, according to the latest Census Bureau report released Tuesday. 46.2 million people now live below the poverty line as represented by an annual income of $22,314 for a family of four. On a percentage basis, the current numbers tied the 1993 level and are the highest since 1983.
