5.5 Million Seniors 60 Years and Older Go Hungry, Study Finds

5.5 million seniors age 60 or older were food insecure in 2017 and even if the rate remains unchanged the number of seniors who go hungry could grow to more than 8 million by 2050, finds a report from Feeding America. The study used data from 2017, since that is the most recent year for which data is available.

According to the report, among food insecure seniors, six in ten are female.

Seniors who live with grandchildren are more likely to be food insecure than seniors who do not. About two-thirds of food-insecure seniors have income above the federal poverty line, which shows that seniors with relatively high income still struggle to eat enough food.

401(k) Usage Hits 9 Year Low, Study Finds

The use of 401(k) loans hit a nine-year low in 2018, finds a T. Rowe Price report.

According to their findings, 401(k) usage was at 22.5 percent in 2018, continuing a steady six-year decline of nearly 10 percent. Meanwhile, both loan balances and the average amount of hardship withdrawals increased.

The participation rate dropped nearly two percent from 2017 to 2018. Participation in auto-enrollment plans was over 40 percentage points higher than those without the option.

On the other hand, 401(k) Roth contributions increased by nearly 10 percent compared with 2017, but usage remained low at 7.6 percent.

Half of Parents Financially Helping Their Adult Children Are Putting Their Retirement At Risk

50 percent of American parents financially helping out their adult children are putting their retirements on the line, finds a Bankrate.com report.

Bankrate’s senior economic analyst says there are a multitude of reasons parents feel like they have to help their adult children financially, including the lack of substantial wage growth, the rising cost of education and the rising popularity of higher degrees. The analyst says there is no longer a sense of immediate need for young people to enter the workforce, even on a part-time basis.

People Do Not Consider Their Spouses' Behavior When Saving for Retirement to Their Detriment, Study Finds

A study finds people do not consider their spouses’ behavior when making saving decisions, which means households with two earners end up not saving enough for retirement.

The Center for Retirement Research at Boston College report says the findings show the importance of educating spouses on the necessity of saving for two. The study analyzed 401(k) contribution rates and found a married person’s total contribution was typically 8-9 percent of their earnings, no matter what the saver’s spouse is doing. According to the findings, those who should have the highest saving rate - those with an earning, non-saving spouse - have lower saving rates than other groups.

The study’s authors suggest married individuals should consider 401(k) plan features that auto-escalate contributions or set default rates with marital status in mind. The authors also suggest individuals consider auto-IRA programs.

More Than 1 in 5 Working Americans Aren't Saving Anything

More than 1 in 5 working Americans aren’t saving a single dime, finds a study from Bankrate.com.

According to the survey, most financial experts recommend putting at least 15 percent of income into savings, but only 16 percent of respondents put at least 15 percent of their income into savings. The report found younger generations are struggling the most.

Millennials and Generation Xers were more likely than other age groups to not be saving at all or not saving more than 10 percent of their income.

The reason for the lack of savings? The number one response was expenses, followed by haven’t gotten around to it, job isn’t good enough, debt and don’t need to save more.

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