Lifetime City Pension of $50,000 a Year for 2 Years on the Job

Impossible, right? Wrong. That’s how it works in Philadelphia. A woman who worked for two years for the city has resigned. She will receive $50,000 a year when she reaches retirement age. The city professes amazement that such a loophole exists. The city vows to close this loophole to future workers. How could this loophole [...]

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Busted Boomers: Why Their 401(k) Plans Are in Ruins

The problem is getting attention, but this Wall Street Journal story caught my attention. The  median household headed by a person aged 60 to 62 with a 401(k) account has less than one-quarter of what is needed in that account to maintain its standard of living in retirement, according to data compiled by the Federal [...]

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