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From WSJ:
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.
Emily Brandon
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 [...]
While financial institutions can rearrange assets and play around with accounting rules modifying reality the progression of age is hitting millions of Americans. There is no pause button when it comes to growing old. Recent surveys are highlighting a very challenging road ahead for retirees. A survey released by the Employee Benefit Research Institute (EBRI) shows a cardinal sin for many Americans. Many have not saved for retirement. There are a variety of [...]
From Bloomberg:
About 60 percent of U.S. workers said they have less than $25,000 in savings and investments, according to an Employee Benefit Research Institute survey.
Workers’ confidence in their ability to retire remains historically low, with about 14 percent saying they were very certain they’d have enough to live on comfortably, according to the report released today by EBRI, a Washington-based nonprofit that studies employee benefits. That compares with a high of 27 [...]
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 [...]
By Robert Powell, MarketWatch
BOSTON (MarketWatch) — We all think it’s a panacea. If you don’t have enough money saved for retirement, you’ve got a few ways to close the gap between what you have and what you need in your nest egg: Save more, invest more aggressively, and/or work longer.
Well, it turns out that working longer is indeed an option, according to the Employee Benefit [...]
#1 Beginning January 1st, 2011 every single day more than 10,000 Baby Boomers will reach the age of 65. That is going to keep happening every single day for the next 19 years.
#2 According to one recent survey, 36 percent of Americans say that they don’t contribute anything at all to retirement savings.
#3 Most Baby Boomers do not have a traditional pension plan because they [...]
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