Recently in Retirement-Financial Category
Union Leader Sunday July 20th, 2008
By BENJAMIN KEPPLE
New Hampshire Union Leader Staff
Sunday, Jul. 20, 2008
Most middle-class families in New Hampshire will outlive the money they've saved for retirement unless they reduce their standards of living, an insurance group has warned. In a report which accounting firm Ernst & Young LLP conducted for Americans for Secure Retirement, analysts predicted 65 percent of state residents retiring now would outlive their assets, while the same could be said for 76 percent of those now within seven years of retirement. The higher percentage for those soon to retire is due to several factors, including wage inflation, market volatility, and savings rates. "We found that middle-income Americans are not prepared for retirement," ASR chairman Joe Reali said. "Six in ten are at a substantial risk of outliving their assets in retirement if they try to maintain the same standard of living."
►Bankruptcy filings are on the rise for seniors
►Click here to visit the Americans for Secure Retirement Web site.
►Fore more on the ASR study, click here (.pdf.format).
Those with a traditional pension, however, will fare far better than those without such a defined benefits plan, the report said, and real estate assets were not factored in.
