Retirement Trends

Rep. Dave Camp's plan to overhaul the nation's tax code has been condemned by yet another retirement group, with the National Tax-deferred Savings Association (NTSA) denouncing the bill on Friday.

Many fixes have been proposed to solve the retirement crisis in America but none have been the cure-all parties could wish for.

Local officials in at least 10 states are trying to cut pensions of municipal workers, or eliminate defined-benefit plans, pointing to Detroit as a symbol of the peril of growing retirement costs.

Physicians are on track to replace only 56 percent of their income in retirement, much lower than the income replacement rate of 71 percent Fidelity suggests for those earning more than $120,000 annually.

When asked the reasons for the delay, 79 percent say they can't afford to retire; 61 percent say they need health insurance and other benefits; 49 percent enjoy their jobs; 46 percent enjoy where they work; and 27 percent are afraid retirement will be boring.

The association says that the new report doesnt call out individual employers but still uses five-year-old data that doesnt take into consideration how far fees have come down since 2009.