A decline in retirement wealth between older baby boomers and their younger Boomer counterparts has been expected due to the increase in Social Security's full retirement age and a shift from defined benefit to defined contribution plans. However, new research from the Center for Retirement Research at Boston College characterized the retirement wealth of late boomers as "surprisingly low."
Late boomers represent the first generation where workers could feasibly have spent their entire career covered by a 401(k) plan, and increasing 401(k) and IRA balances that were expected to offset the gap created by a decline in pension programs haven't materialized for this age group, the brief said.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
