The Economic Mobility Project of the Pew Charitable Trusts released a new report titled "Retirement Security Across Generations: Are Americans Prepared for Their Golden Years?," which provides a glimpse into the uncertain situation facing those who are approaching retirement age.
The report explores the retirement security for different age groups and examines how the Great Recession affected the wealth and retirement security of baby boomers as compared to younger and older age groups.
This research reveals that younger age groups face the greatest prospect of downward mobility in their golden years.
Among the many significant findings in the study is that Americans born after 1955 carry more debt than have previous generations, and that this age group faces a severe decline in living standards upon retirement.
Read the full report.
Many companies still offer pensions — and with them, retirement income that you can't outlive. Generation Xers and Millennials with in-demand skills can target jobs with pension plans — but what's the fallback?
Too many don't know. If we filled a room with all of Generation X and Y, and then separated the room in half, less than half of the people on one side of the room would have made saving for their retirement a top priority, according to research from LIMRA, a research, consulting and professional development organization for insurance and financial services companies.
Renting a new apartment? Buying a house? Applying for benefits from a government agency? If so, someone may ask you to prove your income.
If you get a retirement benefit from PBGC, we'll be happy to verify the amount you receive. Mail us your request in writing, and we'll send income verification to you or a third party (like a landlord or mortgage company).
To protect your privacy, we have to be sure you authorize us to send out this information. So you or the third party will have to follow a few simple steps. You can find complete instructions on our Income Verification Procedures webpage.
There isn't any doubt that the economy has taken a big hit in recent years.
As the housing market begins to rebound and the stock market hits a new high, the percentage of Americans who are confident that they will have enough money for a comfortable retirement is the lowest it has been in 23 years.
According to the latest Retirement Confidence Survey by the Employee Benefit Research Institute (EBRI) only 13 percent were very confident of having a comfortable retirement, while 38 percent were somewhat confident, 21 percent not too confident, and 28 percent not at all confident.
Some of the biggest factors influencing the drop in confidence are high debt levels, and uncertainty about employment.
Read the 2013 EBRI Retirement Confidence Survey Results.
Do you get a PBGC pension check?
If so, you've got a long-term relationship going on — with PBGC.
We're happy about that. But, we want to stay in touch.
Even if your check is deposited directly into your bank account, PBGC still needs your current street address to keep paying you.
So when you move, be sure to tell us your new address.
You can do it online with MyPBA. If you've never used MyPBA, it's easy to get started.
Or, you can change your address through our Customer Contact Center at 1-800-400-7242.
We'll sleep better knowing where you are. And, we promise to drop you a line now and then.
Do you have any idea where the United States ranks when it comes to retirement security? You guessed first place? No, that's not it.
Second? Not that either.
In fact, the U.S. barely made the top 20 ranking. The U.S. ranked number 19, among 150 countries listed by retirement security, behind many Eastern and Western European countries, according to Natixis Global Asset Management firm.
The Natixis Global Retirement Index "gauges how well retired citizens live in 150 nations" based on 20 measures of health, wealth, quality of life and "material well-being" that affect citizens' retirement security.