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A New National Retirement Risk
Americans weaned on post-war
affluence have come to expect an extended period of leisure at the end of their
work life. And, indeed, the majority of today’s retirees are able to afford
a decent retirement. However, this group is living in a “golden age” that will
fade as Baby Boomers and Generation Xers reach traditional retirement ages in
the coming decades. This gloomy prediction reflects the trend towards longer
retirements and likely declines in retirement incomes relative to pre-retirement
earnings — known as replacement rates.
Because many Americans appear
unaware of these disquieting trends, the Center for Retirement Research at Boston
College has developed the National Retirement Risk Index. The Index measures
the share of working-age households who are at risk of being unable to maintain
their pre-retirement standard of living in retirement.
The Index shows that, even
if people retire at age 65 and households annuitize all their wealth including
the receipts from reverse mortgages on their homes, 43 percent will be at risk.
But the situation is not hopeless — if people choose to work longer — even just
two years — and save 3 percent more, they can substantially improve the outlook
for their retirement security.
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texto escrito por
K.S Data
07-06-2006
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