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PBGC Blog: Retirement Matters

Americans are living longer, healthier lives, and enjoying more years of retirement. That's a very good thing. But it means people will need enough money to pay for those extra years.

How much is enough for you? With so many factors to think about–health, housing, hobbies, to name a few–figuring it out can be a real challenge.

There are many tools on the internet that can help.  A good place to start is the Ballpark Estimate calculator, created by the respected nonpartisan Employee Benefit Research Institute. It's easy to use, and gives you a quick estimate of how much you'll need to save for those retirement years.

EBRI' s calculator is part of its Choose to Save program, which offers many useful tips for future retirees.  Check it out at www.choosetosave.org.

Most people won't have enough to live the life they want when they retire. And they know it, too. But what will they do about it?

PBGC Director Josh Gotbaum spoke this morning at the National Press Club in Washington about today's retirement realities. More...

As Josh Gotbaum pointed out in a recent Newsday op-ed, Americans are living longer and need to prepare for longer retirements.

Social Security also has to get ready.

As reported by US News, here are some data points relevant to Social Security’s finances: More...

Retirement Realities, 2012

  |   March 14, 2012

Each year the folks at the Employee Benefit Research Institute gather data on retirement across the whole country. EBRI’s 2012 Retirement Confidence Survey tells the story of retirement security today.

For instance, only 14 percent of Americans feel “very confident” they will have enough money to live comfortably in retirement. Sixty percent of households have less than $25,000 in savings.

The survey also shows more people expect to work longer: 37 percent expect to retire after age 65, up from 11 percent in 1991. But those plans don’t always work out: Half the retirees surveyed had to leave work earlier than expected due to health problems or downsizing.

For the complete survey, and a lot more information on retirement issues, go to www.ebri.org.

PBGC Director Josh Gotbaum addresses National Institute on Retirement Security.Great news: Americans are living longer. Unfortunately pensions haven’t kept up, and people are rightly worried about retirement. PBGC Director Josh Gotbaum today told a National Institute on Retirement Security conference in Washington, D.C., that new types of defined benefit pensions can help solve the problem of retirement insecurity. Plan designs that marry the best features of DBs and 401(k)s offer lifelong income without forcing retirees to be investment experts. Flexibility is key, Gotbaum said. “One size doesn’t fit all. We in government can do everything in our power to facilitate new plans and eliminate regulatory requirements that burden employers without helping workers and retirees.”