The National Retirement Risk Index is a measure of how many American households will be unable to afford the same standard of living during retirement as they did before retirement. According to the most recent update, the Index found 51 percent of pre-retirement households are at risk of being financially unprepared based on readiness to retire at age 65. When the retirement age is raised to 70, however, the number of American households that would be ready for retirement increases to 85 percent. The authors write that the steep improvement in readiness from age 65 through 70 reflects the importance of Social Security and the pattern of its benefit payments. According to the report, Social Security also closes the readiness gap between low-income and high-income households. By age 70, households who rely most heavily on Social Security are nearly as prepared to retire as high-income households. More here and here.
Category: Health & Wellness
Tagged: american households, Benefit, benefit payments, Elder Law, Eric Barnes, gap, income households, Kaysville, measure, National, number, percent, Postponing, Readiness, retirement age, risk index, Social, social security, standard, The ElderCare Law Firm, update, Utah
Source: http://elderlaw-infoblog.com/?p=712
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