Those who have paid into the Social Security system during their working years have several decisions to make about their retirement. An individual can begin collecting benefits as early as age 62 or as late as age 70, but when you start collecting benefits will affect the amount of money you get. And there are other things to take into consideration, including spousal benefits, that could dramatically change the total amount you receive in benefits.

According to the 2012 census report, a record 36% of all millennial-aged adults lived with their parents. Due to the economic downturn, slow job market, and high college loan debt, adult children are staying at home longer or returning to live with their parents. 

According to new data from Fidelity Investments, the average 401(k) balance hit a record high of $91,300 at the end of last year. Yet roughly one-third of all U.S. families have no money set aside for retirement, Federal Reserve data shows. This includes 19 percent of people aged 55 to 64. Joining us to provide information on 401(k)s and other retirement accounts are financial advisor Chris DeSimio, and from Madison Wealth Management, Managing Principal and Portfolio Manager Ed Kuresman and Principal and Senior Wealth Advisor Joseph Hack.

  Last week, U.S. stocks had their worst one-day drop since February as traders worried about weak corporate earnings and the looming end of economic stimulus from the Federal Reserve. In mid-July, the Dow Jones was over 17,000; by last Friday it had dropped to just under 16,500. We look at the recent volatility in the stock markets, how it affects the average investor, and what those who see their retirement accounts losing value should do.

A Cincinnati Council member said he had a plan to put the city's retirement system on a path of solvency.  Christopher Smitherman introduced his motion Tuesday during a council committee meeting.

One of his proposals is to end the three percent compound cost-of-living adjustments given to most retirees each year.  Smitherman would change that to a simple COLA tied to the consumer price index and not exceeding two percent per year.  Those adjustments would also be suspended for three years if his plan is approved.

Retirement Investing

Nov 6, 2013

  Financial experts recommend you start saving for retirement as soon as you can afford it, ideally with your first paycheck. But few do, and many of us are into our fifties before we realize we need to get serious about saving and investing for what we hope will be our golden years. Foster and Motley Financial Planner David Foster and local Financial Advisor Christ DeSimio shed some light on investing for your retirement.

Jay Hanselman

Cincinnati voters will decide in November if they want to amend the charter to make changes to the city's troubled pension system.  Those could include finding a way to fully fund the current plan in ten years and requiring new employees to be in 401K style plans similar to those offered by many private employers.  

A Cincinnati Council Committee will likely vote Tuesday to place a charter amendment on the November ballot that would change the city's retirement.  

The committee doesn't have a choice since the group behind the effort collected enough valid signatures to get the issue before voters.  

Jay Hanselman

Cincinnati officials are again looking for solutions after another bad report on the city's retirement system.  It added another $133 million to its unfunded liability last year.  

Council's Budget and Finance Committee heard the presentation Monday.

One Council Member asked if the city can invest its way out of trouble.

Eric Gary, an actuary with Cavanaugh MacDonald, said maybe.


The CEO of Cedar Village Retirement Community in Mason, Carol Silver Elliott, is the only U.S. representative at the China Aging Industry Summit Forum this week in Shanghai.

The Deerfield Township woman was invited to give an overview of aging services in the U.S, in part because she serves on two national boards.

She'll talk about: