“Ken Dychtwald: 75% of Households Could Face a Big Retirement Shock,” by Jane Wollman Rusoff, ThinkAdvisor

Quote:

“Given the impact of the coronavirus pandemic, there’s a chance that in retirement, only 25% of all U.S. working households will be able to maintain their current standard of living unless they work longer, move to lower-cost housing and reduce many other expenditures, argues Ken Dychtwald, co-founder and CEO of Age Wave, in an interview with ThinkAdvisor. … A very small percentage of the American population has an employer paying for a pension, and savings rates have been scary low. We did a study right before the book came out that showed that 80% of the American public didn’t know how much money they’d need for retirement. That’s irresponsible. … Government programs are the only certain leg of the [three-legged] stool [of savings, pensions and government], but there’s speculation that these programs are going to be strained or even broken in the years to come.”

 

 

LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):

Reading Dychtwald’s Age Wave over 30 years ago was my first introduction to the financial vulnerabilities of Medicare and Social Security. He urged thoughtful reform then; nothing was done; and the consequences are now upon us.