Tags: Workers | living | standards | retirement

Study: Many Expect Living Standards to Drop in Retirement

By    |   Wednesday, 14 May 2014 09:25 PM

A third of American workers believe their standard of living will slip when they retire, according to a study by the Transamerica Center for Retirement Studies.

A slightly larger proportion, 41 percent, believe their living standards will stay the same, but only 17 percent believe they will increase.

But there's hope, experts say.

"As the economy continues its recovery, workers can further improve their chances of achieving a comfortable retirement by taking steps today to update their retirement savings goals and finding a road map to achieve those goals," said Catherine Collinson, president of the Transamerica Center, according to USA Today.

Editor’s Note: Retire 10 Years Earlier With These 4 Stocks

"Most people plan to work longer and retire at an older age. Yet with a solid strategy, many may be able to retire sooner, transition with greater flexibility and on their own terms."

As for retirement age, 65 percent of baby boomers—born in 1946-1964—plan to keep working after age 65 or don't plan to retire at all. That's true for 54 percent of Generation X—born 1965-1978—and 40 percent of millennials—born 1979-96.

While many experts view Americans' retirement-savings situation as a crisis, not everyone agrees.

"We do not dispute the value of helping workers understand how much they need to save," Gaobo Pang and Sylvester Schieber of consulting firm Towers Watson wrote in a recent paper.

"But some recent assessments of what workers should save and when they should save it dramatically understate the adequacy of retirement savings for many households."

Editor’s Note: Retire 10 Years Earlier With These 4 Stocks

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A third of American workers believe their standard of living will slip when they retire, according to a study by the Transamerica Center for Retirement Studies.
Workers, living, standards, retirement
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2014-25-14
Wednesday, 14 May 2014 09:25 PM
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