“What if the ‘retirement crisis’ has been exaggerated?,” by Dana Anspach, MarketWatch
“To take a closer look at how real people make retirement work, The Society of Actuaries (SOA) has conducted a series of studies, the latest of which is their Post-Retirement Experiences of Individuals 85+ Years Old in which they conducted 62 in-depth interviews of individuals across both the U.S. and Canada. The people interviewed were not wealthy and had done little to no financial planning but overwhelmingly disclosed they had adapted to their situation and had surprisingly few regrets. What? No crisis? How could this be?”
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
This article and the research on which it’s based left me flat. The retirement of current 85-year-olds tells us nothing about future retirement crises. Public policy has been undercutting Americans’ sense of personal responsibility with more and more dependency on public programs for decades. But the current old-old still retain some of the values that make managing within one’s means a viable strategy in retirement. The same can’t be said for the oncoming baby boomer generation. Wait till they start turning 85 in 2031, begin needing long-term care, and their Social Security, Medicare and Medicaid props are collapsing. Then tell me we have no retirement crisis.
What if the ‘retirement crisis’ has been exaggerated?