Finance

By David A. L’Ecuyer Many people get confused or simply don’t appreciate the difference between banks and credit unions. Both banks and credit unions offer...

“Express Scripts, a pharmacy benefits manager, has a near-majority market share and will benefit from an aging population, more generic drugs and society’s need to lower health-care spending,” said Paul Larson, Morningstar equities strategist.

Hiring financial help is hard. Anyone looking for assistance managing their money will quickly encounter an alphabet soup of professional designations.

But as many boomers have lost their jobs and faced long-term unemployment in the Great Recession, career change has been difficult.

The days of being able to count on averaging 10 percent annual returns from the stock market are over. So, it is important for retirees to know just how much they can take out of their portfolios every year without drawing them down too fast.

The biggest pain is likely to be felt by baby boomers, who are mostly still in the workforce but facing increasing prospects that their employers may freeze their pensions.

It’s a case of broken promises. A growing number of companies are reneging on health insurance and other retirement benefits, leaving retirees scrambling and sometimes uninsured.

Retirees may be past the days of resolving to work out more or buy fewer $4 coffees. Yet when it comes to money in particular, resolutions may be even more important for those living on fixed income.

Odds are growing that you’ll live past 85. But will your money last that long? And what if you make it to 95 or 100?

Shelley Wernholm, who works for a health insurance company said she wanted to retire and move to a new home by 60. But her pension was eliminated five years ago, her personal investments tanked during the recession and her home of 21 years has lost more than half its value.