A Forbes column indicates that retirement security is on a treacherous path for the future with dwindling pensions and proposals to cut Social Security.
“The most surefire way to achieve a secure retirement is to have income from a three-legged stool of a defined benefit pension plan, a 401(k) combined with other personal savings and Social Security, asserts the NIRS study. Yet only about 7 percent of seniors have that ideal combo, the report notes.
By contrast, 40 percent of seniors have only Social Security to rely on, the report states. Experts estimate often Social Security alone provides only 70 percent of what’s needed to maintain a pre-retirement standard of living, the NIRS study adds.”
Read the full column here.
In a Forbes column, NIRS Executive Director Dan Doonan writes that as America ages and income inequality deepens, concerns about retirement security are mounting. Some voices, however, indicate that retirement concerns are exaggerated, relying on data indicating that older Baby Boomers have largely fared well in retirement. But new research published in The Journal of Retirement […]
Contrary to popular belief that Millennials and Generation Z employees are constantly switching jobs, new research from the National Institute on Retirement Security finds that younger workers today show job retention patterns that closely mirror previous generations at the same stage of their careers.