Pension Income Bolstered A Struggling COVID-19 Economy
In a Forbes column, NIRS Executive Director Dan Doonan writes that during the unprecedented COVID-19 global health and economic crisis, pension funds remained a stable and reliable source of income for retirees. More specifically, pension plans paid out $612.6 billion in retirement income to nearly 25 million public and private sector retirees in communities across the nation.
Unlike retirees with 401(k) account balances that plummeted amid market volatility, retirees with a pension continued to receive a reliable and stable monthly income. And that meant pensioners could feel confident spending at the same rate despite the economic turmoil, while retirees lacking a pension likely were fearful of spending their nest egg.
80% of Americans Say U.S. Faces Retirement Crisis Amid Affordability Pressures and Debt
New national research from the National Institute on Retirement Security finds that 80 percent of Americans believe the nation faces a retirement crisis, as rising costs, debt, and other affordability pressures make it harder to save. The survey also finds widespread caution about AI-generated financial advice and cryptocurrency in workplace retirement plans, while 85 percent say Washington should make retirement security a higher national priority.
