We’ve all heard the admonitions that with life spans growing longer, retiring at age 65 may not be economically possible, either for individuals or for the society as a whole.
But here’s some discouraging news from the Employee Benefit Research Institute: For about one-third of working-age households (those between ages 30 and 59 in 2007), working until age 70 won’t enough to provide adequate income in retirement.
U.S.News & World Report LP
Growing numbers of older Americans are spending their retirement years in poverty, according to a recent Employee Benefit Research Institute study. The proportion of older people living below the poverty line has been growing steadily since 2005, and many of those people are falling into poverty as they age and spend down their savings.
Poverty rates for people ages 65 to 74 climbed from 7.9 percent in [...]
By ANNE TERGESEN
A 2006 law designed to boost employees’ retirement-savings is having the opposite effect for some people.
Under the law, companies are allowed to automatically enroll workers in their 401(k) plans, rather than require employees to sign up on their own. The measure was intended to encourage more people to bulk up their retirement nest eggs—a key goal in a country where millions of people aren’t [...]