Steve Chen

Steve founded NewRetirement after helping his mom plan her retirement and seeing the need for great free resources. He's worked at leading financial services firms like Charles Schwab and Wells Fargo, built financial services systems used by Fortune 100 companies and started another successful Internet company that focuses on life transitions.

Recent posts by Steve

The 3 Reasons a Lifetime Annuity is the BEST Retirement Investment

When you’re planning for retirement, you’re often trying to determine the best mix of investments for your retirement portfolio. There’s no one-size-fits-all solution, and your planning process has to take into account your own particular situation and needs. One potential investment you may want to consider is a lifetime annuity, and there are a few…

It’s Not Too Late to Start Planning for Retirement

Have you recently retired without a comprehensive financial plan to take you through the coming years? It’s not too late to make one. A December 2013 survey from Fidelity found that more than half of Americans are at risk of not covering their essential expenses in retirement. PwC reported similar findings on its 2013 survey…

Boomers Bear the Brunt of the Bust

It’s no secret that the economic downturn of the last five years has been hard on everyone.  But according to a recent New York Times article, the evidence is that the worst-hit have been older workers just about to enter retirement.  The first to go when layoffs come, the last to be hired for what…

What to do about Social Security?

If you follow the news related to retirement for any length of time these days, you will encounter some article on the woes of Social Security, either presently or imminently.  Recently, Gary King and Samir Soneji, professors at Harvard and Dartmouth respectively, wrote an article for the New York Times in which they claimed that…

The New (Old) face of American Homes?

Since the end of World War Two, the single family, suburban home has been the centerpiece of the American Dream, but as we all so easily forget, the time since the end of World War Two has been anomalous in more ways than one.  The suburbanization of America and the development of the single family…

What to Expect from Obama 2.0

After two years, a billion dollars, and altogether too much media coverage, the election is finally over.  President Barack Obama has been re-elected, and will preside over the next four years, during which time he and congress will have to grapple with such issues as continuing the economic recovery, implementing Obamacare, and dealing with the…

Health Care and Retirement

Many things can break a retirement plan, but the cost of Health Care can shatter it.  Most retirement professionals will tell you that much, but very few people internalize this truism to the extent they need to.  A report from Fidelity Investments released earlier this year estimates that the average 65-year-old couple retiring in 2012…

Giving way to the Young?

It’s an old argument, one that’s been making its way around European countries for decades, and been intermittently heard over here.  Because of longer lifespans, higher retirement costs, and the general downturn of the economy, seniors are delaying their retirement for longer, and continuing on in the workforce.  The problem?  Prevailing wisdom is that with…

The (Potential) Pitfalls of Social Security

In his list of the TenWorst ‘Gotchas’ oftheSocialSecuritysystem, Paul Solman informs us that there are 2,728 rules in the Social Security Handbook, buttressed in turn by tens of thousands of additional explanations in something called the Program Operating Manual System.  As one might expect from any system that complicated, there are a number of rules…

Ask Bud – Is Long Term Care insurance a good purchase?

This is a contribution from Bud Hebeler who runs Analyzenow.com Q:  I’ve been trying to decide whether to get long-term-care insurance.  I’m wondering if this is something that the insurer is likely to do much better than I will.  What do you think? A:  You should be right or otherwise insurance companies couldn’t make money.  However,…

How Much Stock to Put in Stocks?

Back in March 2012, the Wall Street Journal ran a cover story by NewRetirement Advisor Dr. Zvi Bodie, and Dr. Rachelle Taqqu, concerning the dangers of investing in stocks to build wealth for retirement.  The crux of the argument was that while the prevailing Wall Street wisdom is that stocks always outperform bonds over the…

A Series of Ask Bud Questions

This is a contribution from Bud Hebeler who runs Analyzenow.com Q:  I am the high wage earner in our family, and I’ve already started my Social Security at age 62.  Is there any way I can get more. A:  At your full-retirement-age (about 66), you can “Suspend” your Social Security and start again at as late…

The Risks of Private Stock Offerings

A couple of weeks ago, the New York Times posted an opinion piece concerning the risks that investors face, now that advertisements for private stock offerings are once again legal.  In brief, federal securities law has been changed to enable venture capitalists, hedge funds, and start-ups of any sort to raise money more easily by…

How prepared are people approaching retirement?

Not very – consider some of these stats from a recent NYT article on the impact of the 2008 financial crisis: 36% of American workers age 55 to 64 say they have less than $25,000 in retirement savings 52% of American workers age 45 to 54 say they have less than $25,000 in retirement savings…

Life expectancy has gone up 30 years in the past century – the cost of living longer

Americans are gaining 1.1 years of life expectancy every five years – This article does a good job of summarizing the costs faced by people and our society as we continue to extend life expectancies. Today there are approximately 53,000 Americans who are age 100 or older, compared with just 2,300 in 1950.

The American Heart Association recommends 10,000 steps a day or about five miles of walking

The NYT ran this article on the importance of keeping moving – it’s worth reading. They forced a control group to remain sedentary and then watched the impact to glucose levels and a number of other metrics related to a person’s health.