Do you know much money you need for retirement? If you’re like most people, you probably don’t. According to the Transamerica Center for Retirement Studies, most of us just guess how much money we’ll need once we stop working. Only 1 in 10 people does any sort of calculation at all.

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The Public Accounts Committee report says pensioners are ‘poorly served’ by HM Revenue and Customs. Infact, millions of pensioners are getting a ‘raw deal’ from the taxman, its highly critical report warns today.

It says pensioners have been over-charged up to £450million in tax – a cruel blow for those struggling to survive on a tiny pension and savings which are paying virtually no interest.
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U.S. state pension funds face a total shortfall of at least $1 trillion for employees’ pensions and retirement benefits, and their financial problems are quickly mounting, according to a report released by the Pew Center on the States on Thursday.

Illinois is in the worst shape, with only 54 percent of its pension obligations funded, according to the report, which looked at fiscal year 2008.
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