It will surprise no one to learn that confidence in the ability to have a comfortable retirement has been shaken by the recession that, as we will probably learn next year, may have ended a few months ago. Like no other downturn since the Depression in the 1930s, this dislocation has affected people in economic strata that seemed little affected by other recent recessions. This has been coupled with a long period, almost an entire decade, of little or no growth in investment markets, capped by a volatile decline and recovery in those markets. The expectations that existed as to the future growth of retirement accounts and other assets have been challenged, and many people have far less confidence in their ability to retire as compared to just a few years ago. Several studies and surveys published recently highlight this problem.
The Center for Retirement Research at Boston College published the results of its research in October of this year. Its scholarly work titled “The National Retirement Risk Index: After The Crash,” examines measures to help determine what percentage of Americans are “at risk of being unable to maintain their pre-retirement standard of living in retirement.” As might be expected, the index has increased in the past two years.
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