America’s retirement challenges are “eminently solvable” as workers are reporting more confidence in both the economy and their sense of job security, according to findings from the Lifetime Income Score report released by Empower Retirement, the retirement provider arm of Great-West Financial.
Though more confident, respondents’ median lifetime income score dipped slightly from last year. The average LIS, or the percentage of income projected to be replaced in retirement, is 58, down from an LIS of 61 last year.
The LIS combines expected Social Security benefits, savings from workplace retirement plans, personal savings, home equity and business ownership to project a retirement readiness score.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
