October 25, 2006

An In-Depth Look at Retirement

Over-65 population expected to be 22% by 2050--Retirement Plan Advisor, October 2006, Part 2

The Employee Benefit Research Institute (EBRI) has published an in-depth book, Retirement Security in the United States: Current Sources, Future Prospects, and Likely Outcomes of Current Trends, co-authored by Jack VanDerhei of Temple University and research director of the EBRI fellows program; Craig Copeland, senior EBRI research associate; and Dallas Salisbury, EBRI president and CEO. The book examines, among other issues, the changing pattern of retiree income across the age spectrum, taking into account the additional amounts that today's workers need to save to retire with sufficient funds to meet basic living expenses. It also details the amounts that workers with pensions would need to set aside to make up for the loss of benefits if their pensions were frozen.

According to the book, the share of the U.S. population over age 65 will climb from just over 13% today to nearly 22% around 2050, as more Baby Boomers move toward retirement. "This shift will bring with it a progressive increase in attention to issues related to delaying retirement, retiree health care availability and affordability, long-term care, and how to produce income in retirement," EBRI says in a statement. "There will be a tendency to rely upon generalizations or hypotheticals as opposed to detailed analysis. This report is intended to show the inherent risk in not undertaking detailed analysis for concerned parties."

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