Here is the latest retirement news, some of which is not that pleasant:
The first item is about how the U.S. will likely not be able to pay its Social Security to its citizens:
The first item is about how the U.S. will likely not be able to pay its Social Security to its citizens:
- There was a $1 trillion gap at the end of fiscal year 2008 between the $2.35 trillion states had set aside to pay for employees’ retirement benefits and the $3.35trillion price tag of those promises, according to a new report released by the Pew Center on the States. The shortfall, which will have to be paid over the next 30 years by state and local governments, amounts to more than $8,800 for every household in the United States.
The figures detailed in Pew’s report, “The Trillion Dollar Gap,” include pension, health care and other non-pension benefits promised to both current and future retirees in states’ and participating localities’ public sector retirement systems.
Pew’s numbers likely underestimate the bill coming due because the most recent available data do not account for the second half of 2008, when states’ pension fund investments were particularly affected by the financial crisis. Additionally, most states’ accounting methods spread the investment declines over a period of time–meaning states will be dealing with their losses for several years.
- According to a recent Sun Life survey, the Unretirement(SM) Index, the economy has had an impact on Retirement Planning. A record 55 percent of Americans now plan to work past age 67, and the number who plan to work full-time at that age is also at a new high (about 28 percent). With economic and market-driven events forcing more people to defer retirement, coupled with fewer traditional income sources such as defined benefit pension plans, people in or close to retirement are seeking alternative solutions such as Retirement Jobs and different places Where to Retire.
Here are some new retirement resources to help you with your retirement plan:
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