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A new study by the National Institute on Retirement Security (NIRS) notes that Americans could be on the verge of another financial threat. That threat is the lack of income to be able to sustain an independent lifestyle as they move out of the workforce and into retirement. This is a relatively new phenomenon with massive economic implications down the road.
Life used to be a little easier for retirees. In the past retirees could count on 3 main sources of retirement income; Social Security, Pension Plans and 401K’s. Today many companies have chosen to forgo a pension plan offering, leaving saving for retirement up to the individual worker(s).
In recent years, however, this retirement infrastructure has degraded dramatically. A large portion of the workforce lacks access to or is not participating in retirement plans, making future retirement security prospects—especially for middle class employees—challenging at best. – Diane Oakley & Kelly Kenneally (NIRS)
Anxious About Retirement
CBS News reports that “medical expenses are a major and realistic worry, with Fidelity estimating a couple who retired in 2014 needing an estimated $220,000 to cover future medical costs.” It doesn’t take long for a savings account to dwindle down to nothing when dealing with Alzheimer’s or Dementia related issues, or when faced with Nursing Home costs. These issues and more are further causing Americans to be anxious about retirement.
The NIRS study confirmed that an overwhelming majority of Americans believe there is a “retirement crisis”, and that 3 out of 4 Americans are highly anxious about their retirement prognosis. Further, many Americans see retirement benefits “almost as important” as a salary! It’s clear that we need to continue to protect the retirement programs we do have, while creating easier access to retirement plans for those that don’t have access at work. An estimated 10,000 baby boomers per day are leaving the workforce and entering into retirement.
Americans continue to feel that policymakers need to do more, and are quite supportive of state initiatives to shore up retirement savings. As the policy debate continues, we hope that these research findings help inform deliberations and serve as a valuable tool for government officials, experts and the general public. – Diane Oakley and Kelly Kenneally (NIRS, March 2015)
photo credit: Flickr/401(K) 2012
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The awesome post New Study: Americans Anxious About Retirement appeared first on The Senior List.