Posted on 11 May 2012
By Mark Miller
We’ve all seen the studies – one seems to land on my desk once or twice a week. “Americans are living longer.” “Fewer have defined benefit pensions.” “The value of Social Security is shrinking.” “Boomers don’t have enough money to retire comfortably.” “A retirement crisis is looming.”
Just a couple recent data points:
–Working American households may experience a potential income drop of 28 percent in retirement, and nearly four-in-ten (38 percent) retiree households won’t have sufficient income to cover their monthly expenses, according to a Fidelity Investments survey of more than 2,800 adults.
–Americans’ confidence that they’ll be able to retire comfortably is at historically low levels, due to worries about jobs and debt, according to the 2012 Retirement Confidence Survey by the Employee Benefit Research Institute (EBRI). More than half (56 percent)
haven’t tried to calculate how much money they will need for retirement.
–Even among the affluent, 66 percent of women and 54 percent of men are worried that they won’t have sufficient assets to last through their lifetime, according to the most recent Merrill Lynch Affluent Insights Survey.
Yet there are ways to change the retirement math, even for people close to retirement. This is true especially for those who may not be on track for retirement success but are “within striking distance,” as Steve Utkus of the Vanguard Center for Retirement Research put it in a recent blog post.
In this month’s column at RegisteredRep.com, I outline five ways to get retirement back on track. These aren’t easy, magic-bullet solutions, but basic blocking-and-tackling ideas that can have very dramatic impact on retirement success.