There’s a bold fix to America’s broken retirement system

By Theresa Ghilarducci Source: Pensions & Investments In March, Blackrock CEO Larry Fink made headlines with a shareholder letter warning about our broken retirement system, noting that "nearly half of Americans aged 55 to 65 reported not having a single dollar saved in personal retirement accounts. Nothing in a pension. Zero in an IRA or 401(k).” The American worker knows the retirement system is broken and they don’t like it. In a recent national survey, 79% of those who [...]

2024-05-22T14:27:59-07:00May 21st, 2024|Categories: Retirement|Tags: |

Retirement crisis looms as Americans struggle to save

By Nicole Goodkind Source: CNN Eric Payne, a 37-year-old single father to two boys, works hard to stretch his paycheck each week. It’s a task he refers to as “clicking.” He makes a good salary – in the $80,000 range – but by the time all of the essential expenses have clicked into place, there’s not much left to spare. “The clicking is for day-to-day operations,” explained Payne, who works as the director of quality assurance for a seafood [...]

2024-04-03T16:30:17-07:00April 2nd, 2024|Categories: Retirement|Tags: |

Working in Old Age Can’t Be the Only Answer to the Retirement Crisis

By Peter Coy Source: The New York Times Teresa Ghilarducci, a labor economist, begins her new book with a story about an 82-year-old cashier at Walmart who was able to retire — finally — after a customer started a GoFundMe campaign for him that blew up on social media. “Is this what America’s retirement system has come to?” she asks. “Are we heading for a TikTok pension system?” Ghilarducci argues that working longer is not the solution to America’s [...]

2024-03-18T11:41:54-07:00March 15th, 2024|Categories: Retirement|Tags: , |

High Retirement Anxiety Continues Among Americans: Survey

By Ted Godbout Source: National Association of Plan Advisors Just as Congress gets ready to debate whether there is a “retirement crisis,” new survey results from an organization supportive of restoring defined benefit plans finds that Americans are increasingly worried about retirement. According to the survey results from the National Institute on Retirement Security (NIRS), when asked whether the nation faces a retirement crisis, roughly 8 in 10 respondents (79%) agreed that there is a crisis, up from 67% [...]

2024-02-28T09:32:01-08:00February 27th, 2024|Categories: Retirement|Tags: , , |

401(k) experiment has failed, fueled U.S. retirement crisis, labor economist says

By Rob Kozlowski Source: Pensions & Investments The 401(k) plan experiment has failed, and the retirement crisis in the United States is only getting worse, said Teresa Ghilarducci, labor economist and author of the forthcoming book "Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy." Ghilarducci, who is also professor of economics at The New School for Social Research and the director of the Schwartz Center for Economic Policy Analysis and The New School's Retirement Equity Lab, [...]

2024-01-23T13:53:46-08:00January 19th, 2024|Categories: 401(k)|Tags: , , |

America’s $7 Trillion Retirement Crisis Is Only Getting Worse

By Suzanne Woolley Source: Bloomberg Americans have been warned for years of an impending retirement crisis. Yet the situation is getting worse. Even when everything was going right — inflation was nonexistent, interest rates were low and stocks were in an extended bull market — there was a multi-trillion dollar savings shortfall. Then came a pandemic, war in Europe, decades-high inflation, the fastest rate-hiking cycle since the early 1980s and fears of a recession. The resulting market turmoil erased some $3.4 trillion from 401(k)s and IRAs [...]

2022-08-16T10:47:46-07:00August 16th, 2022|Categories: Retirement|Tags: |

Are we headed for a retirement crisis?

By Jim Wilson Source: Canadian HR Reporter Two-thirds (67 per cent) of Canadians feel that the country is facing an emerging retirement crisis, according to a new report. Why? More than six in 10 (63 per cent) have not set aside anything for retirement in the past year, up by five per cent from data recorded in 2020. Plus, 65 per cent said that saving for retirement is prohibitively expensive, according to the Healthcare of Ontario Pension Plan (HOOPP). [...]

2021-06-18T13:56:55-07:00June 18th, 2021|Categories: Retirement|Tags: , |

Retirement Insecurity 2021: Americans’ Views of Retirement

A new report finds that across party lines, Americans are worried about concerns about their financial security in retirement. The vast majority of Democrats (70 percent), Independents (70 percent) and Republicans (62 percent) agree that the nation faces a retirement crisis. There also is bi-partisan agreement that the average worker cannot save enough on their own to guarantee a secure retirement, along with broad support for Social Security and pensions. This new national survey of working-age Americans also reveals [...]

2021-02-18T10:24:38-08:00February 18th, 2021|Categories: Retirement|Tags: |
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