Skip to comments.Beware All the Retirement 'Crisis' Reports
Posted on 07/23/2014 6:59:31 AM PDT by SeekAndFind
If the amount of press ink used to report a study is any indicator of its contribution to public understanding, the National Institute on Retirement Security's (NIRS) 2013 report, "The Retirement Savings Crisis: Is It Worse than We Think?" might be the gold standard on the subject of retirement security.
The report concludes that 84% of Americans are falling short of reasonable retirement savings targets and, even when total net worth is considered, two-thirds are at risk of an inadequate retirement income. The total "retirement savings gap," NIRS claims, may reach $14 trillion. According to New York Times writer Nancy Folbre, "The report lends weight to the longstanding criticisms of the increased reliance on individual savings in the United States retirement system." It also implicitly supports proposals to expand Social Security, despite the system's $10 trillion funding shortfall.
NIRS has a fancy name and high-flying membership, which includes a long list of public-employee retirement plans, unions, the AARP, financial management and insurance companies, and some pension consultants. But as we show in a comprehensive article on the so-called "retirement crisis" recently published in National Affairs magazine, the substance of the NIRS study should give pause to anyone considering drastic policy actions.
(Excerpt) Read more at realclearmarkets.com ...
Both sides of the argument in the article miss the true retirement crisis we face.
Obviously the “study” is a setup for people who want the Nanny State to do more to ensure their own security in old age: something that should be their own responsibility.
It’s all right, they’ll make sure those who went without and planned ahead are punished and those who spent every dime and didn’t plan ahead are rewarded. It’s the new American Way.
Yep. They are pushing the Theresa Ghilarducci “Massive Centralized Government Pension Plan” proposal.