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The Impact of Housing and Investment Market Declines On the Wealth of Baby Boomers
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Millie Parekh,
Greg Anrig,
The Century Foundation,
8/4/2010
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The bursting of the housing bubble in 2007, the financial meltdown in 2008, and the most severe recession since the Great Depression have destabilized the economic security of the baby boom generation of Americans—those born between 1946 and 1964—just at the time when they are approaching retirement. Savings plans, 401(k)s, Individual Retirement Accounts, and other investments have become depleted not only because of the market’s decline, but also because individuals withdrew funds during the crisis, often incurring penalties in the process. Even more significant for most baby boomers, the housing equity that they expected would be their major asset in retirement has plummeted in value and remains far lower than it was just a couple of years ago. Download the brief.
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| > All Retirement Security Publications | |
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No News Again in the Social Security Trustees Report
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Greg Anrig,
The Century Foundation,
8/5/2010
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Every year when the Social Security Board of Trustees releases its annual report on the program’s financial and actuarial status, media stories convey warnings that the system is in trouble. Actually, though, this year’s report, like those released in the past, reaffirms that Social Security’s finances remain sound. Continue Reading on the Taking Note Blog.
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A Cautionary Retirement Tale
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Neil Bhatiya,
The Century Foundation,
7/26/2010
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When President George W. Bush introduced his proposed overhaul of the U.S. Social Security system, the cornerstone of which would have shifted a portion of workers’ payroll taxes into personal retirement accounts, he all but guaranteed that the available investment vehicles would be safe and provide a reliable source of income over the long-term. Continue Reading on the Taking Note Blog.
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Should We Raise the Retirement Age?
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Maggie Mahar,
The Century Foundation,
7/1/2010
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Speaking at a Third Way event recently, House Majority Leader Steny H. Hoyer (MD) had this to say about the deficit: “On the spending side, we could and should consider a higher retirement age, or one pegged to lifespan; more progressive Social Security and Medicare benefits; and a stronger safety net for the Americans who need it most. “ On the face of it, lifting the retirement age makes sense. Americans are living longer, so they could retire later and still enjoy their golden years. Continue reading on the Taking Note blog.
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Social Security’s Fiscal Fitness Series
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The Century Foundation,
6/24/2010
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This series of guest posts about Social Security reform, are also running on the Roosevelt Institute's New Deal 2.0 blog.
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How Social Security Can Gain Without Much Pain
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Greg Anrig,
The Century Foundation,
6/17/2010
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Advocates of cutting Social Security benefits often argue ruefully that they wish that there was some other way to “save” the program. But, they say sadly, the only realistic choices involve shared sacrifice and pain. So they recommend changes like further delays in the age when full retirement benefits can be collected, reducing cost-of-living adjustments to Social Security payments, and other cuts that would reduce how much future retirees are scheduled to receive. Continue Reading on the Taking Note blog.
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A Brief History of Attacks on Social Security
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Ted Marmor,
The Century Foundation,
6/16/2010
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The National Commission on Fiscal Responsibility and Reform set up by President Obama claims both that reducing the projected federal deficit should be a major national objective and that Social Security should be considered as one potential source of relief either through reducing benefits or enhancing revenues or some of both. That much is simply a fact.Continue Reading on the Taking Note Blog.
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Deficit Hawks Should Listen to the Public on Social Security
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Nancy Altman,
The Century Foundation,
6/14/2010
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Deficit hawks plotting to cut Social Security to reduce the deficit are seriously misguided. The truth is that Social Security contributes not a single penny to the deficit. Indeed, it is the poster child for fiscal responsibility. Social Security has administrative costs strikingly lower than those of private sector retirement plans. Unlike 401(k) plans, for example, whose administrative fees are routinely 15 or 20 percent of plan contributions, Social Security’s administrative costs are less than one percent. It returns in benefits more than 99 cents of every dollar collected. Continue Reading on the Taking Note Blog.
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How About a Bailout for Social Security?
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Greg Anrig,
The Century Foundation,
5/13/2009
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The media’s coverage of the new governmental reports showing that the severe economic recession has unsurprisingly taken a hit on the Social Security and Medicare trust funds uniformly leaves out an important fact: those two programs have proved to be invaluable to many millions of American families at a time when virtually every other form of personal financial support has collapsed. Retirees and near retirees have lost more than $10 trillion in housing and investment security wealth in the past two years, according to the Center for Economic and Policy Research. Even those who not long ago seemed relatively comfortable with modest nest eggs and a decent home now recognize they would face severe financial hardship in the absence of Social Security and Medicare. Younger workers confronting their own economic pressures who have retired parents and loved ones would face much greater burdens and stress if those two stalwart programs provided less support than they do now for the elderly. Continue Readingon the Taking Note Blog.
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The Snapshot: Just Say No to Social Security Privatization
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The Century Foundation,
The Century Foundation,
10/10/2008
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Americans are feeling very dour about their financial situation these days. By about a 2-1 ratio, they say they are worse off today than they were a year ago, rather than better off.
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| > All Retirement Security News & Commentary | |
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| The Longevity Revolution
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Demos and The Century Foundation
- 3/19/2009
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With our current recession deepening amid rising costs of healthcare, plunging 401k portfolios, and the collapse of the housing market, there is growing evidence that retirement security for today's seniors is unstable, at best. According to a recent Demos report, 78% of senior households are financially vulnerable, or lack the resources necessary to sustain themselves through the rest of their lives. With the baby boomer generation approaching retirement age, the future for older Americans is more uncertain than ever.
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| 90 Years of Progress
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- 12/1/2009
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This year marked the ninetieth anniversary of the founding of The Century Foundation (which was known for most of its history as the Twentieth Century Fund). Our founder, Edward Filene, created this organization with the goal of supporting studies and analysis that could lead to constructive action on our nation’s public policy. That heritage has compelled us to educate, provoke, and develop better answers when evidence and reason show that public debates are badly off track. Over the past nine decades, we have called attention to facts and analyses to correct widespread misconceptions and provide policymakers with new ideas for addressing the challenges facing the nation.
We have created this video to provide a glimpse into our story and how it is intertwined with America’s story for much of the twentieth century and beyond.
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| > All Retirement Security Events | |
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| Visit The Century Foundation's Social Security Network for Retirement Security issues in depth |
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| Tough Times Require Strong Social Security Benefits: Views on Social Security among African Americans, Hispanic Americans, and White Americans
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National Academy of Social Insurance,
1/1/2010
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SUMMARY: Americans agree that Social Security has an important role to play during tough economic times. Worried about the poor economy’s effects on their prospects for retirement, Americans want to make sure that Social Security is strengthened for current and future generations. This is particularly true of African Americans (95%) and Hispanics (85%), who are more likely than whites (80%) to assert that Social Security is or will be an important part of their retirement income. Plagued by higher unemployment rates, fewer assets, and worries about paying their monthly bills, African Americans and Hispanics are especially supportive of strengthening Social Security. For example, when given a choice between cutting taxes and government spending or strengthening Social Security in response to the economic crisis and large deficit, two in three Americans (66%) – including 73 percent of African Americans, 67 percent of Hispanics, and 66 percent of whites – support strengthening Social Security over cutting its benefits. African Americans (90%), Hispanics (86%), and whites (75%) also strongly support benefit enhancements, such as extending benefits to college age children whose working parents have died or become disabled. Overall, 88 percent of African Americans, 84 percent of Hispanics, and 74 percent of whites agree that preserving Social Security for future generations is critical, even if it means increasing Social Security taxes on workers. A large majority of African Americans (98%), Hispanics (98%), and whites (90%) also agree that Congress should take action soon to strengthen Social Security’s financial outlook and guarantee income for benefit recipients.
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| The Social Security Fix-It Book
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Alicia Munnell,
Center for Retirement Research,
3/1/2010
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| 401(k) Plans Are Still Coming Up Short
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Center for Retirement Research at Boston College,
3/1/2006
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Evidence from the 2004 Survey of Consumer Finances shows that 401(k) plans, despite their increasing importance to retirement security, are failing to make an adequate contribution.
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| Social Security Claiming Guide
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Alicia Munnell,
Center for Retirement Research,
3/1/2010
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| When to Take Social Security: Questions to Consider
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National Academy of Social Insurance,
2/1/2010
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Retirees can claim Social Security benefits at any age between 62 and 70. There are sound financial reasons to work beyond the earliest age and to delay claiming Social Security benefits if you can. Monthly benefits will be higher for the rest of your life if you wait. Social Security is the safest and most secure source of retirement income most people have, it is guaranteed to last for life and it automatically keeps up with the cost of living. At advanced ages, work may no longer be an option, pensions may be eroded by inflation and savings may be depleted. Maximizing Social Security benefits for the long term can offset some of the decline in other sources of support.
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| > All Retirement Security Related Research |
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Taking Note
