Retirement Income Security: Challenges and Opportunities

All over the world, nations are grappling with the challenge of retirement income. In the United States, the level of angst around the subject continues to grow, as demographic and economic factors converge to make people less and less confident about their prospects for achieving a financially secu...

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Bibliographic Details
Published in:Risk management and insurance review 2014-03, Vol.17 (1), p.1-6
Main Author: Ferguson Jr, Roger W.
Format: Article
Language:English
Subjects:
Accountability
Aging
Beneficiaries
Defined contribution plans
Earnings
Economic crisis
Financial literacy
Financial planning
Medicaid
Medicare
Older people
Personal finance
Retirement
Retirement income
Retirement planning
Retirement policies
Social security
Students
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Summary:All over the world, nations are grappling with the challenge of retirement income. In the United States, the level of angst around the subject continues to grow, as demographic and economic factors converge to make people less and less confident about their prospects for achieving a financially secure retirement. An article in the Washington Post earlier this year perfectly captured the snapshot of where we are today. Citing research findings (Fletcher, 2013), the article said that for the first time since the New Deal, a majority of Americans are headed to a retirement in which they will be worse off than their parents. The reason is the huge deficit in retirement savings in our country. A 2012 Senate report calculated that deficit to be as much as $6.6 trillion, or about $57,000 for every household in America.
ISSN:1098-1616
1540-6296
DOI:10.1111/rmir.12020