The retirement crisis is real and frightening, as these six charts show

E41A1AFE-A897-4308-81E0-4B02420B471F

An uncertain retirement may be lurking just over that ridge.(Dennis Curran)

Is the “retirement crisis” just a scare story? That’s what conservatives would like you to believe as they rail against proposals from progressives in Congress to expand and increase Social Security.

Andrew Biggs, a former Social Security official, wrote recently in the conservative National Review that there’s no need to expand Social Security benefits because “Americans’ retirement incomes and retirement savings have never been stronger.”

That may be true, in the aggregate. But the question is: whose retirement incomes and savings? Monique Morrissey of the labor-supported Economic Policy Institute presents evidence that, just as income inequality for those in their working years has soared, so has inequality in the distribution of retirement resources.

The trends…paint a picture of increasingly inadequate retirement savings for successive generations of Americans—and large disparities by income, race, ethnicity, education, and marital status.

Continue reading… “The retirement crisis is real and frightening, as these six charts show”

0

Growing Wave of Pension Shortfalls Threatens Local Governments

pensions

Wave of pension shortfalls threatens to wash over many local governments in the near future.

The nation’s largest municipal pension plans are carrying a total unfunded liability of $574 billion, which comes on top of as much as $3 trillion in unfunded pension promises made by the states, according to a report released Tuesday.

 

Continue reading… “Growing Wave of Pension Shortfalls Threatens Local Governments”

0

Money May Not Buy Happiness But It Does Get You A Longer, Healthier Life

Money May Not Buy Happiness But It Get You A Longer, Healthier Life

The moneyed and those who retire early are likely to live longer, happier lives 

It may not guarantee happiness, but money, it seems, is the key to a long and healthy old age. 

Those who are poorer and less well educated die earlier and develop illness sooner than the better off and well-qualified, a Government-backed study said yesterday.

Continue reading… “Money May Not Buy Happiness But It Does Get You A Longer, Healthier Life”

0