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 The Boston College Center for Retirement Research’s National Risk Index shows that nearly 45 percent of today’s working-age households are “at risk” of being unable to maintain their pre-retirement living standards.
Despite serious financial challenges facing Baby Boomers, however, the situation is not hopeless, according to Alicia Munnell, Ph.D. – Peter F. Drucker Professor, Boston College School of Management and Director, Center for Retirement Research.
During the Boomertirement Summit, she advocated a partnership among consumers, the government and employers to improve retirement income security. Specifically, she proposed:
Boomers:
- Consider working past traditional retirement age
- Save more through auto-enrollment, auto-escalation and lifecycle funds
- Tap home equity in retirement; but beware of limitations of Home Equity Conversion Reverse Mortgage
Government:
- Improve markets for annuities
- Redefine the age at which employees draw social security
- Reconsider Social Security cut-backs and adding another layer of lifecycle savings
- Help people tap into home equity efficiently and effectively
Employers:
- Revise policies to encourage older workers
- Make 401Ks more effective through automation
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Boomertirement Session: Solutions to Meet the Challenge of a Changing Retirement Landscape |
Center for Retirement Research Web site
Submit your input through our online Boomertirement Industry Report Feedback Form.
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