Top-Four Financial Tips for Seniors

Here are some experts' top personal-finance tips for seniors:

1. Delay retirement - working longer generates two things: income and bigger Social Security benefits.
2. Calculate your longevity risk - you want to make sure you don't outlive your money. One option is to use part of your nest egg to buy an annuity that will guarantee you regular payments for the rest of your life.
3. Stay in control - don't give anyone control over your finances, except maybe your children. Avoid "deals" that use a time constraint to pressure consumers to sign up.
4. Watch your expenses.

Transamerica Retirement Survey

The 10th Annual Transamerica Retirement Survey has found that while nearly half of the U.S. employers surveyed had undertaken cost-cutting measures such as lay-offs and salary freezes, relatively few had reduced or eliminated retirement benefits. In this survey of a nationally-representative sample of 596 employers, when asked what cost-cutting measures their company had implemented in the past twelve months, only 10% of employers indicated they had reduced or eliminated retirement benefits. This ratio pales in comparison to 39% that had implemented layoffs or downsizing, 23% that reported frozen salaries, and 20% percent that had eliminated bonuses.  

Federal Law Enforcement Employee Retirement Benefits

Attrition of law enforcement employees without enhanced retirement benefits are higher than those that receive those benefits, the Government Accountability Office has found. Between fiscal years 2000 and 2008, the number of such employees that have obtained enhanced retirement benefits, in the form of faster-accruing pension, rose by 55 percent.

Double Incomes in the New York Assembly

New York Assembly members may serve in legislative office while collecting pensions from the Legislature thanks to a loophole in state retirement law as applied to lawmakers. Assemblyman Jack McEneny, for example, is collecting $73,020 per annum in pension on top of his $94,500 salary. Meanwhile, Democrats Rhoda Jacobs of Brooklyn earns $104,500 plus a $71,227 pension; Harvey Weisenberg from Long Beach, Nassau County, earns $101,500 plus a $72,000 pension; and William Parment from Jamestown is paid $101,500 plus a $66,163 pension. Additionally, Republican state Sen. George Winner of Elmira earns $89,000 and gets an $80,000 pension from his earlier service in the Assembly.

Eastland, Texas: A GO TEXAN Retirement Community

Texas Agriculture Commissioner Todd Staples has officially recognized the city of Eastland as a GO TEXAN Certified Retirement Community (CRC). The CRC Program helps communities attract retirees and potential retirees to make their homes in Texas. Eastland is the 28th community in the state to be certified.

Retirees Pumping Money into the Texas Economy

Retirees in Texas spend an average $42,500 each year in their respective communities while also paying $3,000 or more in state and local taxes.

CalPERS Supporting National Health Care Reforms

The California Public Employees' Retirement System (CalPERS) has sent a letter to members of the California Congressional delegation urging that they enact national health care reforms.

In a joint letter, Rob Feckner, CalPERS Board President and Anne Stausboll, the pension fund's Chief Executive Officer discussed the problem with the failure to act. "There are systemic health care issues that require national attention and there will be a huge cost to inaction at this critical point in our nation. The status quo is an untenable policy choice."

Health Expenditures in California

As the nation's second largest health care purchaser, the California Public Employees' Retirement System will spend $5.7 billion this year on health benefits for more than 1.3 million members and their families. Over the last six years, health premiums for its members have increased 60%.

South Dakota’s Recovery

The South Dakota Retirement System recovered about half of its earlier losses when stocks rose in the last few months of the 2009 fiscal year, state Investment Officer Matt Clark has reported to a legislative committee.

CalPERS Pension Costs Called “Unsustainable”

The Chief Actuary of the California Public Employment Retirement System has conceded that California's public employee pension costs are "unsustainable."