A “Treacherous Path” Ahead for Retirement Security, Says NIRS
The continuing evaporation of company-sponsored defined benefit pension plans and a general lack of savings across many segments of the population point to the traditional “three-legged stool” of retirement financing as becoming extinct. And with Social Security itself designed to replace only a portion–roughly 40%–of retirees’ pre-retirement income, retirement security seems to be slipping in to precarious waters.
So says a report issued by the National Institute on Retirement Security, a nonpartisan non-profit research organization with a mission to “contribute to informed policy making in the area of retirement security by fostering a deep understanding of the value of traditional pension systems to employees, employers and the economy as a whole.” (1) The NIRS study concludes that expansion of Social Security is a key to address the retirement income shortfall faced by 40 percent–or more–of seniors who depend totally on Social Security for their financial needs in retirement.
Forbes contributor Ted Knutson, in a post on forbes.com, takes a look at the study results and the remarks offered by NIRS Executive Director Dan Doonan. Read Knutson’s post here, and to read the full NIRS report (Examining the Nest Egg: The Sources of Retirement Income for Older Americans), click here…
And for more information on this topic and the NIRS report, this provided by PR Newswire and posted on finance.yahoo.com, click here…
(1) Source: https://en.wikipedia.org/wiki/National_Institute_on_Retirement_Security
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.