CHICAGO — Everyone knows Americans face a retirement crisis — and anyone who doesn’t know is probably among the vulnerable ones.
Morningstar estimates that just 25% of Americans are on track to have what they need for retirement. It is one of many studies showing the gap in retirement savings as Americans transition from defined benefit to defined contribution planning.
Current retirees may have pensions to fall back on, but future retirees likely won’t have that benefit. And the Social Security Administration expects to run out of reserves within 15 years, at which point retirees may see a cut benefit if Congress does nothing.
The Morningstar Investment Conference kicked off this morning with David Blanchett discussing how to better model the true cost of retirement in an early session.
— Julie Jason (@RetireSecureNow) May 8, 2019
— AndrewShilling (@AndrewWShilling) May 8, 2019
— Bernice Napach (@Think_Napach) May 8, 2019
David Blanchett’s presentation on retirement planning is great! Thought provoking. May be able to take higher distribution rate in early retirement – spending decreases as clients age. #MICUS pic.twitter.com/W7233jq4Mr
— Sheryl Rowling (@SherylRowling) May 8, 2019
Check back to Advisor News as managing editor Cassie Miller reports live from Chicago.
InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at firstname.lastname@example.org. Follow him on Twitter @INNJohnH.
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