People who have trouble hearing, walking or sitting at a desk for eight hours a day still get old.
Don Fuerst talked about that reality earlier this week at a meeting on managing disability insurance risks that was organized by the ERISA Advisory Council — a group that dives the U.S. Labor secretary ideas about how to handle issues involving the Employee Retirement Income Security Act (ERISA).
Fuerst is a senior pension fellow at the American Academy of Actuaries (AAA), Washington, a group that tries to tell policymakers what people who are good at math think about major policy issues.
The AAA actuaries think, by and large, that many Americans are already woefully ill-prepared to handle post-retirement expenses; that Social Security is not all that well prepared to handle its retirement benefits obligations; and that disability makes a terrible problem that much more terrible.
Most of the risks facing workers “can be addressed by improving individual decisions,” Fuerst said, according to a written version of his remarks very kindly posted by the AAA.
But “the individual generally has little control over the onset of a disability,” Fuerst said. “Losses due to disability are not adequately mitigated by saving more or starting earlier.”