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How Much Are Workers Saving?

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Author Info
Alicia H. Munnell
Francesca Golub-Sass
Andrew Varani
Abstract

It is crucial that today's workers save for retirement for two reasons. First, Social Security replacement rates will decline due to increases in the Normal Retirement Age, rising premiums for Medicare, more personal income taxation, and potential adjustments to restore financial balance to the system. Second, accumulations in 401(k) plans may well be much lower than people anticipate. As such, personal saving will become increasingly necessary for retirement security...

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File URL: http://crr.bc.edu/images/stories/Briefs/ib_34.pdf
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Publisher Info
Paper provided by Center for Retirement Research in its series Issues in Brief with number ib2005-34.

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Length: 9 pages
Date of creation: Oct 2005
Date of revision: Oct 2005
Handle: RePEc:crr:issbrf:ib2005-34

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  1. Alicia H. Munnell & Steven A. Sass, 2007. "The Labor Supply of Older Americans," Working Papers, Center for Retirement Research at Boston College wp2007-12, Center for Retirement Research, revised Jun 2007. [Downloadable!]
  2. Alicia H. Munnell & Anthony Webb & Francesca Golub-Sass, 2007. "Is There Really a Retirement Savings Crisis? An NRRI Analysis," Issues in Brief ib2007-7-11, Center for Retirement Research, revised Aug 2007. [Downloadable!]
  3. Alicia H.Munnell, 2005. "Could Tax Reform Kill 401(k) Plans?," Issues in Brief ib2005-38, Center for Retirement Research, revised Nov 2005. [Downloadable!]
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This page was last updated on 2009-12-10.

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