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Gail MarksJarvis
Chicago Tribune|chicagotribune.com

Have you heard that 70 is the new 65?

If not, you will. Momentum is growing to get people to think that way before retiring. The notion is being trumpeted in the nation’s capital as a way to ease pressure on Social Security, and it is circulating among financial planners.

The idea is to get people to work longer so they end up with more money for monthly retirement living expenses.

With the notion strong in public-policy circles, the Center for Retirement Research at Boston College recently analyzed the implications. Its initial conclusion is that people need to start thinking of 70 as the new retirement age. read more »

 

College students this year will get relief on federal student loans.

Interest charges will be lower than planned a few months ago, and lower than many students and their parents have been paying the last few years.

So enjoy, because this is a one-time deal. If you have to borrow again for your education after this school year, the loans you take on will probably cost you more.

For the 2013-14 school year, undergraduates will be entitled to federal Stafford loans with 3.86 percent interest rates.

That’s significantly better than the 6.8 percent that was planned for students from middle-income families before Congress argued for weeks about what to charge. read more »

 
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