The rising cost of health care will cause a striking increase in the number of working Americans who probably won' t be prepared financially to retire, according to recent findings by the Center for Retirement Research at Boston College.
CRR's National Retirement Risk Index projects that 61% of workers today will be at risk of being financially unprepared to retire. That is a 17% increase from July 2007, when the Index number was 44%.
The findings offer a reason to be concerned but not to lose hope, suggests Paul Ballew, senior vice president of customer insights and analytics for Nationwide Financial Services Inc., Columbus, Ohio, which sponsored the Boston College study.