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IRA's were meant for Americans to save for retirement. Accounts over $25 million- there are 1000 accounts. Accounts over $10 million there are 11,600 accounts. When enacted rules for IRA never planned for accounts over $25 million. With investors in companies like Nvidia at 3 cents a share, huge holdings of over $200 million have been accumulated in IRA's. Joint Committee for Taxation shows about $250 billion in IRA and 401 K tax revenue not collected in 2025. Of this 63% goes to households that are in the top 20% of the income distribution- $157 billion from taxes for households that were so well off the IRA's were never meant for them.  Universal health care, NHS system like the UK's, would cost $4 trillion and offset is the current $5.3 trillion in a patchwork system saving $1.3 trillion. Universal health care would increase demand for health care yet by filling American healthcare needs improve health and reduce the cost of healthcare as fewer healthcare services would be needed for a healthier population. A better tax system would add to the US government's resources to provide healthcare and better infrastructure. The $157 billion above, other tax not collected which could be close to $1 trillion, would provide additional revenues for investment in healthcare and infrastructure, greatly improving quality of life for the American people.  ...

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Steep rate increases hit retirees holding long term care policies. About 7.3 million retirees hold such policies.This means that either retirees pay these steep price increases or simply are forced to turn away from the policies. A safety net has now turned into something else. Sales of such policies have dropped from 750,000 in 2002 to 100,000 in 2016, and even fewer in 2017, according to the American Association for Long term Care Insurance.

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A finding that could create a health revolution in America- unhealthy snacks shift our appetite away from healthy foods. Families who shift away from processed or ultra processed foods and experiment with it for a month find that their cravings for these unhealthy snacks diminish, and they can eat healthy home cooked foods with gusto. Children who simply poked at the home cooked food are shown to relish eating home cooked meals after an experiment turning off ultraprocessed foods and snacks, foods that have unthinkingly crept into our nutrition and our food habits. We are simply setting up ourselves and our children for trouble ahead as these ultra processed foods deteriorate our nutritional fulfillment and cause diseases that would in the absence of ultraprocessed foods not happen. These diseases have become so commonplace today that we owe it to ourselves and our children to take corrective action. People save up for retirement over many years yet create no savings and bank deposits in the area of better nutrition and health, so that when they get older that bank account of nutrition and health is empty and running out. ...

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This WSJ report shows how retirement looks in America from the financial and lifestyle aspects. The median net worth for people 65-74 years is about $266,000 compared to an average net worth of 5 times that of $1.2 million for this group. This means wealth is highly skewed in America today with a small percentage of high wealth group pushing the average up this much- a result of neglect of American manufacturing that sharply reduced income and savings security of working families, and the impact of laissez faire policies of the administrations since the 1970's with financial crises hurting workers and families. The impact of wars was also borne heavily by workers and families with the neglect of infrastructure and public services in a misallocation of the nation's wealth.  Other points of note are the way time is spent today in retirement with less educational activity or volunteer work than one would imagine, and not enough time for exercize. Only a miniscule amount of time goes to volunteer work (.17 hours) or reading (.57 hours) compared to watching television (4.50 hours) for retirees. Exercize that keeps people healthy one would expect it to go up in retirement only shows .29 hours. Arts and entertainment or cultural activities only 0.05 hours, people are lonelier spending less time with each other with 0.57 hours for socializing and communicating. All showing how Americans in retirement can do better and live better lives by increasing the amount of time they spend in these healthy activities and less on television. Television which is also a sedentary activity takes up 3 times all the other activities essential for healthy living just mentioned combined. Little or no time is spent in meditation, mindfulness or mental wellness, as this grouped under prayer shows only .07 hours or just a few minutes a day.  Small changes that are made in the right direction would do much good for the quality of living for all Americans. Combined with an effort for the renewal of infrastructure and public services this would be an effort in the right direction, contributing to the well being of America.   ...

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Mistakes to avoid in retirement, says Statman, are that after a lifetime of frugal habits to save for retirement, when one gets there he or she will spend so much less that they cannot enjoy life fully. He suggests taking a payout of 3%-4% from retirement accounts and dividends combined. Another mistake is to think one has more time to manage retirement accounts, and he warns that this is a bad idea as one cannot beat the market, and it is important not to take risks in retirement. Other mistakes are to ignore how important healthy living is at this point.

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Ruffenach gives an excellent account of how many people describe their expectations and how it actually turned out in retirement, the good and the bad. He cites numerous examples to give as broad based a picture as possible. Health and active life, passions and interests, loss of self esteem in work for some and finding substitute interests, taking risks to try something new and the rewards. More people describe positive experiences in those surveyed. Health is the main concern for 41% in actual retirement, children and other things are all less than 10%. Travel should be planned early as it becomes harder as the years go by and one gets older. It is not as difficult as people think to make new friends in retirement, and this active social life with new friends can play a positive part in spending time. In addition there is the opportunity in retirement to take things slowly and leisurely, and spend time more on oneself and one's own interests.

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Retirement in America 2026- what to watch out for- $6500 per month full time home health aide. There is  $45.8 trillion in US IRA's 401 (K)  in 2026. It was half that in 2015. People are saving more 8-12% of income. A lot of it invested in arget dated mutual funds. Yet older Americans, seniors are facing poverty- 15% in 2025 compared to 10.7% of older Americans living in poverty in 2021. cost of living has hit this group the hardest. Removing the tax on Social Security could be prescient, popular and fair for these Americans, as suggested by DJT. If invested well this $45 trillion could give the US leadership in investment for decades to come as it grows with good management of investments raising living standards and financing the Nation's rebuilding of infrastructure in all areas.

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Problems older workers face as they try to remain active, stay healthy with active participation, contributing to the economy. In societies like the U.S. where age has different meanings compared to Asian societies, older workers have to conceal their age. This goes against the need for greater workforce participation of older workers to make up for the effect of aging societies and fewer younger workers.

It is a good thing that labour force participation rates of workers in their 50's, 60's and 70's are growing, good for the health of the workers, good for their financial health nearing retirement and good for the productive contributions to the economy. Imagine all that experience going to waste.

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What is the right retirement age for health is an important question. Dana Smith points out that the number 65 that started with the system of social security started in US  by Bismarck in Germany in 1889 and Social Security in the US in 1935 by president Franklin Roosevelt has no basis on the grounds of health of the population and longevity. Since that time people live much longer to about 74 years and for 45% of the people in the US who are in the knowledge based work the ability to work continues past 65 or 67 years.  For the remaining people who are in professions involving physical work such as construction or in the restaurant industry the situation is quite different, requiring a category based retirement age that takes this into account. For these people health outcomes would deteriorate if they continued to work in stressful work for longer. Another factor to be considered is to ask what this means as a national goal. Would a nation aspire to give its citizens an opportunity to travel, broaden their minds and engage in other activities they would like to do which they could not do while working full time. In this situation these years after retirement could give people a chance to live happier lives. It is not to be taken lightly as the current protests in France show. Age discrimination in France also plays a part as there may be fewer years of work opportunity if employers stay away from people over 50 years or discriminate against women. With childcare and care for elderly, part time jobs, women work longer for smaller pensions than men, leading to a sense of unfairness. French protests show that the outcomes need to be weighed carefully from a health and national goal standpoint and the retirement age set accordingly with flexibility for harder work.  Following the pandemic years and the cost of living crisis the protests in France show the need to develop a national consensus on the issue of retirement age, and rules plus culture change in industry that ban age discrimination for workers. Special provisions for women and people in construction so that the system is seen as fair to all parts of the workforce. ...

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Venezuela's Maduro faces trial in the US and Judge Alvin Hellerstein 92 years old in the Southern District of New York is presiding over that case. There is no mandatory retirement age for judges which means they can be practicing well into their 90's. The concern expressed by experts is that the case could go on for years and the judge's health had to be good for that period.

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Americans Save Early and set aside for savings 10% of your pre-tax income, is the advice to ensure a safe and healthy savings retirement. This is absolutely critical. What the government can do is to ensure that incomes keep uo with inflation with fair wages in industry. It also can and should protect Americans from unexpected medical costs by ensuring that all Americans are covered by health care and for catastrophic situations. Then it is the task of Americans to build a culture of careful saving that their ancestors had and considered a essential part of virtue. For this to help build savings for retirement the government and the Federal Reserve together- as Biden and Powell have shown one with capital investments to build a strong economy and the other by protecting savings and cost of living action- must ensure that no financial crises take interest rates to zero or 1-2%. At interest rates of 5-6% for returns this helps build savings for retirement. For this to happen banks have to go back to their traditional work in the economy and no speculation risk, and Silicon Valley go back to inventing and not a culture of capturing capital allocation in capital markets and paying little in taxes. A new culture would put government in its right place to ensure that it plays a significant role in building manufacturing and science and technology in the US as president Biden has done through government investing in infrastructure and renewable energy, chips and science, and in education, healthcare.  ...

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The American saving rate is up to 7.8% after dropping to 3.2% by 2009 and the financial crisis. This is a good thing as Americans save for retirement and avoid extravagant expenses to build a safety net. The collapse of traditional pensions means much of the burden for retirement falls on individual families. The student debt burden means families share in high education costs, and the lack of a cost efficient health system means more money is needed for health expenses than in other advanced European countries. The savings rate is still nowhere near what it used to be in the 1970's. 

Higher savings also builds up the funds that are in banks as savings that can be a pool of funds for use in building national infrastructure and other value adding investments for the country. China has used a high savings rate and savings pool of funds for its extensive infrastructure investments that modernized the country.

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Working part-time during retirement years is important for health- staying active, using ones mind and brain, social engagement, and getting satisfaction in the workplace. A Study in 2017 by the Rand Corporation finds about 40% of workers over 65 who had previously retired back to the workplace. People are lengthening careers, and returning to work not just for financial reasons. Many of these people are looking for ways to remain active after realizing that staying active was important and if this could be combined with having extra time off in part time jobs for other hobbies and interests- this would better fit today's lifestyle and choices with people living longer and having more productive lives than ever before. A recent Pew Research analysis of data from the U.S. Bureau of Labor Statistics shows the proportion of people over age 65 who are employed part time or full time has gone up in 2016 from about 13% to 19% with about half these people working full time. This trend to work following retirement has a word for it- people call it "unretirement." Where work is less taxing as for graduates and people with higher education this is happening more.  From a health perspective this can be important, as people can become more reclusive and more internal looking, less socially engaged as they retire without even realizing it. Some level of social engagement is planned by people retiring, and many retirees do volunteer work, yet this may not be enough. For those people who retired early because of burnout in the workplace, strains with other workers, poor culture in the workplace, the retirement for a few years after 60 can serve as a way to replenish one's resources, recover and resume working again in a place that is better suited for them. The restorative break can then serve as a way to get back to the workplace in a positive way. Work that is meaningful, offering opportunities for contributing one's skills, adds a new dimension to people's lives, and is also a contributor to living healthy lives, at a time when people live longer. Retirement at 65 may not make sense in this new environment, opportunities for part-time work bring the knowledge and skills of experienced people to the workplace and offer a win-win solution for both. More needs to be done to create these opportunities in a planned and organized way in business and government, in all workplaces. ...

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Larry Fink thinks there has been for retirement "an historical shift from certainty to uncertainty," from security in the earlypost war years of Truman, Eisenhower, Kennedy and LBJ to precarious living in the post Reagan era of "free to choose." It is mind boggling to grasp the idea that 4 in 10 Americans lack $400 in emergency funds for a health emergency. It has been hard to wrap my mind around such a fact. Are you in the same boat? Larry Fink CEO of Black Rock financial firm with half of its $10 trillion of funds in investment assigned to retirement has joined us. Fink says- "America needs an organized high level effort to ensure that future generations can live out their lives in dignity." He wants some hard conversations. And here are his initial thoughts- Create predictable income streams like pensions for all workers including lower paid or part-time workers.  Follow 20 states in setting up retirement systems to cover all workers, including gig and part time workers in lower paid income jobs. This covers a huge number of workers counted by the millions who perform the work that makes the country and the economy run. From workers in restaurants to hospitality workers, and in lower paid health care jobs, in help for the elderly, help for children in child care. Encourage employers to offer matching funds. ...

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Retirement covers a full one third of life after a career in today's better health and life expectancy. Yet people thinking of life in retirement have either trite or vague ideas of life in retirement a study at MIT Agelab shows. Men use responses such a "hobbies,"travel," and "relax." Women in contrast after child rearing efforts as primary caregivers for children and elderly parents use terms as "peace" calm" and "time." The advantages of staying active, working part time that are shown to aid cognitive function during today's longer lives are not fully grasped.

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Suggested books for retirement to help understand better how to lead the life you want to live in your 60's and beyond are shown here.  The Big Shift: Navigating the New Stage Beyond Midlife, by Marc Freedman 65 Things to Do When You Retire, edited by Mark Evan Chimsky (a collection of 65 essays by achievers in their 60's with unusual and fulfilling activities during retirement) Second-Act Careers, by Nancy Collamer The Encore Career Handbook, by Marci Alboher Don't Retire, Rewire, by Jeri Sedlar and Rick Miners (these do just what they say with examples) Transition to retirement can be arduous- and here is where these books come into draw on the experience of hundreds of people between 50 and eighty years to shape a healthy and rewarding life in retirement. The Couple's Retirement Puzzle, by Roberta K. Taylor Retirement for Two, by Maryanne Vandervelde       ...

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Lifespan, Healthspan, Wealthspan, how about Mattering Span or Not Losing Purpose in Retirement? It is always on the mind of retirees how to do things to not lose the activity and sense of purpose in life. Much needs to be done to get retirees back into life, into participation in the economic life of the Nation. With so much knowledge and expertise, and the capital in trillions of dollars, this is apart of the population that has so much to offer and so much that can further advance the Nation in fields of education, health, the arts, culture, sports. With a slightly slower pace than youngsters, this group brings so much of value- knowledge and wisdom that can be tapped into at all levels of business activity with new ways and approaches to involvement.

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Grady Cash is an active runner at age 71. A sports hernia sidelined him at age 50 but he has found his way back into running. After a 2 year hiatus he returned to the track. He entered his first national track and field competition in 2004, and by 2015 eleven years later he was running in the 200 metres at the 2015 USATF Masters Indoor Track and Field Championships. Here he cam in last and had a revelation. Most of the runners were shaped differently than the long distance 1500 metres runners. These people were V shaped with tiny waists, broad shoulders and big leg muscles. From this he learned to do weightlifting at a local gym in Nashville and hired a trainer. After his retirement from financial planning he set up his own routine. He runs with a group at the Vanderbilt University track two afternoons a week ages from mid 20's to 76. A typical workout is eight repetitions of 200 metres that are sequentially faster. He does easy recovery runs on the trails. Mot important he tries to remain injury fee in the kind of routine he selects and listens to his body all the time not to overwork it and run  injury free the next day.  ...

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This essay in the WSJ by Louise Aronson, geriatrician, professor of Medicine at UC San Francisco and author of "Elderhood, Redefining Aging, Transforming Medicine, Reimagining Life," and Teva Brender, UC resident in Internal Medicine, says age should not be a factor  in electing leaders, as over the last century life expectancy has grown by 25 to 35 years. People can be healthy into their eighties and modern medicine provides ways to tackle small physical, auditory or visual impairments. In addition these can be handled with strength training, better nutrition and social support, says Aronson. His point is that there has been an increase in "health span" the years we define as being healthy, a compression of morbidity, the disease at the end of life. As a result people can be productive for many years, early retirement is a bad idea economically and for the people themselves when they feel better working. When there is so much wisdom and experience that they can bring to the job, and when that  wisdom and experience is sorely needed by the nation, that guiding light has immense unreplaceable value. President Franklin Roosevelt was at such a time able to steer the nation in the 1930's through the Great Depression and the 1940's through the Second World War, even though he had disabilities. Aronson says the work of elected leaders is fundamentally cognitive and when the basic physical demands can be met it is possible for leaders to work successfully. ...

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UN projections show median age of Chinese citizens will overtake that of Americans in 2020. Yet China's median income is only a quarter of that in the U.S. Life expectancy in China today is 76, very close to that in America. In 1960 a Chinese person born that year had life expectancy of 44 years.  China is aging at the pace of Japan, and a bit slower than South Korea, but wealth per capita was three times higher in South Korea and Japan than China when the aging accelerated. A Chinese woman fertility rate today is 1.6 compared to 4.6 in 1973. A prominent Chinese economist says in a recent report that median age in China in 2050 will be nearly 50 compared to 42 in America and 38 in India. WSJ cites figures showing China will have gone from 9 working age adults per retired person in 2000 to just two by 2050. So how to pay for retirement of all these workers today? Government spending on retirement is a tenth of GDP, about half the level in older wealthier countries, and increase in spending will impact growth. Today this is about 6.2% potential growth rate. It also pushes wages up with a shortage of workers in cities such as Shenzen and X'ian even with the use of new technology and robots in factories.  Solutions are to raise retirement age currently set at 60 years, increasing labor force participation of women as Japan has done, and increasing productivity. China has transferred 10% equity stakes in four state owned financial firms to the national pension fund to shore up its finances as estimates from the Chinese Academy of Social Sciences show it running out of money in 2035. Traditionally children supported families in old age but the one child policy leads to situations where the child is working or in another city. In Suzhou near Shanghai, a retirement business sends 1800 helpers to private homes and 130,000 retired people, in a new trend. The city administration of Shanghai plans 400 neighborhood care centres for elderly by 2022, with health clinics, drop in facilities, and homes. 12,000 elderly people use one centrre in central Shanghai area of Changning. ...

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After heated debate Governor Christie and leaders of the democratic party in the legislature agree on changes to New Jersey's public employee retirement and health benefits and pension system. New Jersey's pension system has unfunded liabilities of $54 billon and some estimates forecast that it will run out of money to pay pensions by 2018. The retirement age for new workers is now set at 65 not 62, pension contributions go up to 7.5% from 5.5% for state workers and to 10% from 8.5% for public safety officers. A major change is to delay annual cost of living adjustments till the pension fund returns to a stable financial footing. The absence of this change would have meant reducing retirees pension value by 30% in the next ten years. After the plan is 80% funded a new employee-employer pension governing board will modify the contribution rates and pension rules based on advice from actuaries. On health benefits the changes are for workers earning more to pay a larger share of premiums- so that a worker earning $60,000 would pay 27%, and a worker earning $95,000 would pay 35%. This particular change is phased in over 4 years and saves $300 million....

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Medicare Supplemental insurance (also called Medigap) covers out of pocket cost that are not covered by Medicare Advantage. Over long period of retirement thes plans offer the best protection from unanticipated costs. The Plans use alphabetical leters A B C D F G K L M N with F discontinued. And are standardized, meaning regardless of insurer or state you are in they are the same being set by the US federal government. These plans are sold by private insurers the largest being AARP plan by United Healthcare. One can join when enrolling for Medicare Part B when premiums are usually better yet one can also join afterwards. About 36% of Medicare holders have Medicare Supplemental or Medigap policies for health insurance.

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Phased retirement is becoming a popular option for many Americans nearing retirement. An example is a employee taking 25% less income for 13 weeks of additional time off to spend more time with a reitred spouse, for vacation, and for trying out new locations for retirement. It gives working Americans an opportunity to gradually adopt a more relaxed lifestyle, to better understand what it would be like in retirement. This option also has the advantage of using good health to add some working years and improve the retirement portfolio, with less demands of work.

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French youth are an important part of the protests in France in extending the retirement age from 62 to 64 years. A neuropsychologist at a Paris hospital says "are there any social benefits they haven't rolled back," in this report in FR24. Youth feel that the reform asking workers to work longer in the current situation in France is basically unfair at a time when workers are facing a cost of living crisis and are just coming out of a once in a century pandemic. And with the stress on schools, hospitals and older people, the shrinking savings of workers and families as pandemic period benefits are being phased out. In the US and Germany there is support for working families during the cost of living crisis, much less so in France, and even less in Britain. France is facing protests and possible strikes, Britain has strikes across health, transport and education. 

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This report in the WSJ by Peterson and Hackman shows how the American Health Care Act proposed by Speaker Paul Ryan provides less financial support and allows premiums to go higher for seniors approaching retirement in the 50-64 year age group. Premiums are allowed to go up 5 times that of premiums of young people in the Ryan House  plan compared to 3 times in the Affordable Care Act. Subsidies in the form of tax incentives provide $2000 to younger people going up by age not income to $4000 in the Ryan House plan. By contrast someone 60 years old making $20,000 a year can get Affordable Care Act credit of $9874, and making $40,000 a credit of $6752, according to analysis by Kaiser Family Foundation. The Ryan plan makes health care costs lower for young people in an effort to bring more young people who use less services into the system to support its overall financial condition. Another feature of the Ryan Plan is that it allows only for CPI index +1% even if health care costs are rising faster. Deep cuts to Medicaid affect lower income seniors on Medicare. As a result the AARP organization representing seniors has come out in opposition to the Ryan bill. The GOP plan wants to reduce premium costs yet in the process it makes vulnerable seniors with lower incomes pay more, which is likely to hurt Republicans who won by winning a large part of the senior vote. ...