Thursday, August 21, 2014
We have blogged several times on articles about whether Americans are "retirement ready". A recent article published by Rand offers good news (or at least better news) about retirement readiness. The recent research brief, More Americans May Be Adequately Prepared for Retirement Than Previously Thought, concludes "that, overall, about 71 percent of individuals ages 66–69 are adequately economically prepared to retire, given expected consumption... [there are] large disparities across subsets of the population and the significant contribution of Social Security to seniors’ financial preparation for retirement [continues]. The key findings from the research explains a bit more:
•Overall, 71 percent of Americans are adequately prepared for retirement: 80 percent of married persons and 55 percent of single persons.
• Those with low education are much less adequately prepared than those with higher levels of education, especially single women.
• Social Security benefits contribute significantly to financial security at older ages.