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Do Households Have a Good Sense of Their Retirement Preparedness?

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Author Info
Alicia H. Munnell
Francesca Golub-Sass
Mauricio Soto
Anthony Webb
Abstract

The National Retirement Risk Index (NRRI) measures the percentage of working-age households who are ‘at risk’ of being financially unprepared for retirement today and in coming decades. The calculations show that even if households work to age 65 and annuitize all their financial assets, including the receipts from reverse mortgages on their homes, 44 percent will be ‘at risk’ of being unable to maintain their standard of living in retirement. An extension of the analysis to account explicitly for health care costs in retirement raises the share of ‘at risk’ households from 44 percent to 61 percent...

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File URL: http://crr.bc.edu/images/stories/Briefs/ib_8-11.pdf
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Paper provided by Center for Retirement Research in its series Issues in Brief with number ib2008-8-11.

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Length: 9 pages
Date of creation: Aug 2008
Date of revision: Aug 2008
Handle: RePEc:crr:issbrf:ib2008-8-11

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Alicia H. Munnell & Mauricio Soto & Jean-Pierre Aubry, 2007. "Do People Plan to Tap Their Home Equity in Retirement?," Issues in Brief ib2007-7-7, Center for Retirement Research, revised May 2007. [Downloadable!]
  2. Alicia H. Munnell & Francesca Golub-Sass & Anthony Webb, 2007. "What Moves the National Retirement Risk Index? A Look Back and an Update," Issues in Brief ib2007-7-1, Center for Retirement Research, revised Jan 2007. [Downloadable!]
  3. Lusardi, Annamaria & Mitchell, Olivia S., 2007. "Baby Boomer retirement security: The roles of planning, financial literacy, and housing wealth," Journal of Monetary Economics, Elsevier, vol. 54(1), pages 205-224, January. [Downloadable!] (restricted)
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This page was last updated on 2009-11-14.

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