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…

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(1) Source: https://en.wikipedia.org/wiki/National_Institute_on_Retirement_Security

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