Testimony Retirement Income Challenges in the Twenty-First Century
Testimony before the Senate Special Committee on Aging
Richard W. Johnson
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Richard Johnson describes the key challenges to retirement security in this testimony to the U.S. Senate's Special Committee on Aging. Although median retirement incomes will continue to rise in inflation-adjusted terms for generations retiring through the 2030s, increasing shares of Americans will see their living standards fall as they enter retirement because retirement incomes are not keeping pace with earnings. High out-of-pocket medical and especially long-term care costs pose the greatest threat to older Americans economic security. Income inequality is also growing at older ages and many seniors have difficulty turning retirement account balances into lifelong income.
Research Areas Aging and retirement
Tags Social Security Economic well-being Pensions Health insurance Retirement policy