The center, which is headed by Alicia H. Munnell, a professor of management sciences at Boston College's Carroll School of Management, noted that retirement preparedness is harder to gauge now because many workers don't qualify for company pensions, which their parents may have gotten.
Workers saving on their own, mainly through company-sponsored 401(k) retirement plans, have median assets of just $60,000 in their 50s -- far short of what most will need to fund a comfortable requirement.
Meanwhile, Social Security qualifications have been set so that the longer workers delay collecting benefits, the higher they will be.
"Shortfalls in retirement resources will be much greater for the baby boom generation, raising the need to remain employed," the study said. "Social Security and employer plans will also offer significant increases in retirement income for delayed retirement."
Source: The Charleston Gazette. Powered by Yellowbrix.
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