Continuing to work after age 65 can certainly help your retirement finances. You can continue to save for retirement, your existing savings will have more time to grow before you begin withdrawals and the number of retirement years you need to pay for will be shorter. But there are a few ways employment after age 65 can hurt your retirement finances. Take care to avoid these problems when working after age 65.
Signing up for Medicare. It's important to sign up for Medicare at the correct time, even if you are still working and don't need the coverage yet. You can first claim Medicare benefits during a seven-month period that begins three months before the month you turn 65. If you don't sign up during this initial enrollment period, your monthly Part B premiums may increase by 10 percent for each 12-month period you were eligible for Part B but didn't claim it.
Unemployment falls to 5.8% but "things actually aren't going well": Dan Alpert
Payrolls are up, unemployment is down but some uneasiness in the economy took the shine off theOctober jobs report.
The economy added 214,000 jobs in October, bringing the total for the year to almost 2.3 million. The unemployment rate is down to 5.8%, the lowest level since July 2008 and down sharply from 7.2 percent a year ago. October also marks the 56th straight month of private sector job gains. The U.S. labor market is currently on track to have its best year since 1999.
Still, the report fell short of expectations. Economists had estimated there would be 235,000 added jobs this month, and concerns surround wage growth and the quality of jobs being created.
Hourly wages barely budged in October and are up only 2 percent for the year. That’s just slightly ahead of the rate of inflation. The restaurant, leisure and hospitality sector added 52,000 jobs and retailers added 27,100; both are sectors that traditionally pay low wages.
Bloomberg slams Dodd-Frank, Obamacare
Former New York City Mayor Michael Bloomberg thinks President Obama's financial and health care reforms need a lot of improvement.
Greece Has Solved Its Unemployment Problem: Slavery
On the heels of today's dreadful, and very un-hockey-stick-like recovery, data on the Greek economy, it appears the government has found a solution to the various problems of joblessness and poor education. As KeepTalkingGreece reports, the Greek Education Ministry seek fill 1,100 job vacancies with teachers who will gladly and proudly work on "voluntary basis." As far as we remember, working for nothing is, err, slavery; but that's not it at all... as Education Minister Andreas Loverdos, the slave teachers will be rewarded with "bonus points" that will help them improve their hiring options in the future. Ironic that this should be happening as fast-food workers in America demand a higher minimum wage (maybe unemployed Greek teachers would be willing to flip burgers for money rather than teach young greeks for nothing).