For most Americans, retirement by age 65 was always a matter of course. It was supposed to be the culmination of a career, the American Dream’s final act. But as Baby Boomers—the 79 million people born between 1946 and 1964—approach retirement age, many are discovering that reality doesn’t quite match their expectations.
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Americans make a lot of mistakes preparing for retirement. Here are the top five, according to one expert source.
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For you pre-retirees who didn’t save enough and are planning to work in retirement to help pay for your golden years, you may be in for a rude awakening.
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Does running out of money in retirement scare you more than dying?
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a new study from Sentier Research finds that four years after the start of the economic recovery, the median American household income is still down 4.4 percent. Incomes have risen a little since their recent trough in August 2011, but not enough to make up for the losses sustained earlier.
The declines were not distributed evenly. One of the more striking findings from the report was the variation in changes in median income by age group.
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The American workforce is graying. And while many people aren’t saving enough for retirement, that’s especially true for women. Guest host Celeste Headlee speaks with reporter Paul Solman and aging specialist Helen Dennis, about a gender gap in retirement earnings.
Read the full article at National Public Radio (NPR).
Forty-six days of experience every second. That’s how much institutional knowledge disappears from the government every second because of federal-worker retirements, according to a new ticker from the National Active and Retired Federal Employees Association.
The retirement wave is not unique to the federal government. The number of Americans aged 65 years or older will double to 80 million over the next three decades, according to the Stanford Center on Longevity, a think tank that studies the challenges facing future seniors. That means the U.S. workforce is on the cusp of a retirement boom.
Read the full article at The Washington Post.
imagine living in a country where all employees are covered by an employer-sponsored retirement plan. Where the government equivalent of Social Security is generous. Where people don’t tap their retirement funds early, as many Americans do, running the risk of depleting their savings. Where the savings rate is 10%.
Say G’day to Australia.
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When it comes to funding their retirements, most workers say they will need to come up with the money themselves rather than rely on government assistance, according to a survey released Thursday by Charles Schwab Corp.
Read the full article at ABC News.
A recent Goldman Sachs study focused attention on the impact of population aging on labor force participation.
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