Preparing Americans for Retirement: The Roadblock to Increased Savings: Congressional Hearing
Hearing about the problem that many Americans will have a shortfall in their retirement incomes. Witnesses: Dennis Stone, owner, Western Mfg. Corp.; Dallas Salisbury, Employer Benefit Research Inst.; Sharon Robinson, dean, Center for Retirement Educ., Variable Annuity Life Insurance Co.; Olena Berg, Pension and Welfare Benefits Admin., U.S. Dept. of Labor. Also, testimony submitted by the Nat. Council of La Raza and by Amer. Savings Ed. Council; statement of Denise Voight Crawford, pres., North Amer. Securities Admin. Assoc.; and the 1998 Small Employer Retirement Survey.
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1998 Retirement Confidence 1998 Small Employer American Savings Education amount ASEC Ballpark Estimate Benefit Research Institute Berg Bruene cafeteria plan Center for Retirement Chairman Fawell Chairman Grassley Committee Congress Congressman Fawell defined benefit plan Department of Labor dollar cost averaging Employee Benefit Research Employer Retirement Survey financial literacy funds health insurance Hispanic elderly individual Individual Retirement Accounts investor issue Jan Owens Latinos Marshalltown ment motivation NASAA National Summit NCLR need to save offering a retirement pension coverage pension plans percent offer planning and saving prepare for retirement prepared statement retirement accounts Retirement Confidence Survey Retirement Education Retirement Income Gap retirement plan retirement savings retirement security Roth IRA Salisbury SAVER Act saving for retirement savings and investment Savings Education Council Senator Grassley small business Small Employer Retirement Social Security sponsor Summit on Retirement tax-deferred Thank tirement workforce
Page 30 - Conclusions or recommendations in The Institute's publications are solely those of the author, and should not be attributed to the Board of Directors, Council of Trustees, or contributors to The Institute.
Page 87 - Other (reverse annuity mortgage payments, earnings on assets, etc.) — $ This is how much you need to make up for each retirement year: =$ Now you want a Ballpark E$timate of how much money you'll need in the bank the day you retire. For the record, we assume you'll realize a constant real rate of return of 3% after inflation and you'll begin to receive income from Social Security at age 65. 3. To determine the amount you'll need to save, multiply the amount you need to make up by the following...
Page 30 - Labor, before the Subcommittee on Employer-Employee Relations of the House Committee on Education and the Workforce and the Subcommittee on Select Revenue Measures of the House Committee on Ways and Means.
Page 83 - ... states, the District of Columbia, Canada, Mexico and Puerto Rico. In the United States, NASAA is the voice of the 50 state securities agencies responsible for grass-roots investor protection and efficient capital formation.
Page 14 - Plans, hearing before the Subcommittee on Employer-Employee Relations of the House Committee on Education and Workforce, (Washington DC: June 4, 2003).
Page 83 - The oldest international organization devoted to investor protection, the North American Securities Administrators Association, Inc., was organized in 1919. Its membership consists of the securities administrators in the 50 states, the District of Columbia, Canada, Mexico and Puerto Rico. NASAA is the voice of securities agencies responsible for grass-roots investor protection and efficient capital formation.
Page 88 - EltirnateŽ worksheet taking your marital status into account when entering your Social Security benefit in number 2 below. 1. How much annual income will you want in retirement? (Figure at least 70% of your current annual gross income just to maintain your current standard of living; however, you may want to enter a larger number. See the tips below...
Page 88 - For the record, they figure you'll realize a constant real rate of return of 3% after inflation, you'll live to age 87, and you'll begin to receive income from Social Security at age 65. 3. To determine the amount you'll need to save, multiply the amount you need to make up by the factor below.
Page 88 - Total additional savings needed at retirement: =$ Don't panic. We devised another formula to show you how much to save each year in order to reach your goal amount. This factors in compounding. That's where your money not only earns interest, your interest starts earning interest as well, creating a snowball effect. 6. To determine the ANNUAL amount you'll need to save, multiply the TOTAL amount by the factor below. If you want to retire in: 10 years Your factor is: .085...