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As a result of the shift from defined benefit plans to 401(k)s, Baby Boomers will be the first generation that must decide how much of their savings to spend each year in retirement. They need a strategy that best balances the risk of outliving their wealth against the cost of unnecessarily restricting their consumption. It…
The brief’s key findings are: The wealth-to-income ratio for current workers is a good way to gauge their retirement preparedness. During 1983-2007, these ratios were remarkably stable, which should never have been a source for comfort as the need for wealth increased due to: rising life expectancy; the shift to 401(k) plans; increasing health care costs; and…
