Americans Stumbling Into Retirement

Report: Most Households Approaching Retirement Have Low Savings (2015). This report to the Ranking Member, Subcommittee on Primary Health and Retirement Security, Committee on Health, Education, Labor, and Pensions, U.S. Senate, from the Government Accountability Office (GAO) paints a pretty dire picture. The report observes that as baby boomers move into retirement each year, the Census Bureau projects that the age 65-and older population will grow over 50 percent between 2015 and 2030. Particular attention is paid to the fact that there is an ongoing shift in private-sector pension coverage from defined benefit plans (i.e. traditional pensions) to defined contribution plans such as 401(k)s. Read the Full Story