retirement

The Society of Actuaries recently estimated that the average 65-year-old woman will live to 88.8, up from 86.4, the estimate from 2000. The average 65-year-old man today will live to 86.6, up from 84.6.

These increases won’t impact many U.S. companies that shifted their retirement plans to funds like 401(k)s, but for companies that still offer pensions, longer lives for retirees could hurt the bottom line, to the tune of billions of dollars.

eyeglasses on paper with heading "Retirement Plan"
American Advisors Group https://www.aag.com / Flickr Creative Commons

Representatives of Oklahoma's public retirees who have not had a cost-of-living adjustment since 2008 say the time has come to increase their pension incomes now that the state's underfunded pension systems are regaining financial strength.

Managers of some of Oklahoma's biggest retirement systems say they are financially stronger than they were just four years ago. Unfunded liability has declined by $6.5 billion and the funded ratio of the systems has improved from 58 percent four years ago to 74.4 percent.

Couple Embraces Nomadic Retirement

Aug 13, 2014

Living out of a suitcase may not be your ideal type of retirement, but for two retirees, it’s paradise on earth.

Four years ago, Lynne and Tim Martin decided to sell everything they own and start a global journey together. They sold their house, gave away their belongings and set out on an adventure that has led them from California to Portugal, Mexico, Morocco and beyond.

Tinker Air Force Base

Tinker Air Force Base is offering buyouts in an effort to trim 750 civilian workers from its payroll.

About 9,000 civilians work at the aircraft maintenance center, which is the largest in the US Air Force.

This is the fourth round of buyouts at the base since 2011 — with the first three leading to about 210 civilian employees leaving.

Union representative James Schmidt told The Oklahoman that he believes the goal of 750 employees accepting the buyout will be met. Schmidt said several workers who are 55 or older have been waiting for such an offer.

Fallin, Calling For "True Reform," Vetoes Pension Bill

May 11, 2013
401(K) 2013 / Flickr Creative Commons

Gov. Mary Fallin has vetoed a bill that would have given state workers the option of enrolling in a defined contribution retirement plan similar to a 401(k).

The bill by Oklahoma City Republican Rep. Randy McDaniel that Fallin vetoed Friday would have allowed state employees hired after July 2014 to choose between a defined contribution option and the current defined benefit system. The bill was approved earlier this week by the House on a 72-20 vote.

Democrats in the House argued the bill would increase the risk involved in state workers' retirement years.