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Retirement Account Balances (Fact Sheet / Data at a Glance)The retirement savings of American households took a big hit when the stock market crashed in 2008. Recently, however, a good portion of these losses has been reversed. This fact sheet follows trends in retirement account balances since the beginning of 2005.
| Posted to Web: November 05, 2009 | Publication Date: November 01, 2009 |
Rising Senior Unemployment and the Need to Work at Older Ages (Research Report)Unemployment rates for older workers reached record levels in 2009, partly because fewer workers eligible for early retirement benefits are dropping out of the labor force. Growing concerns about the adequacy of retirement savings and whether retirees will have enough money to live comfortably in later life appear to have discouraged early retirement. Instead, more older workers are now remaining in the labor force and searching for work after they lose their jobs. The need for older adults to keep working raises the imperative for new policies that help address the special challenges that older job seekers face.
| Posted to Web: September 28, 2009 | Publication Date: September 23, 2009 |
How Is the Financial Crisis Affecting Retirement Savings?: August 2009, Update (Fact Sheet / Data at a Glance)The stock market lost 56 percent of its value between September 30, 2007, and March 9, 2009. These
losses reduced the retirement savings of American households. Recently, however, a good portion of
these losses has been reversed. Equities gained 53 percent between March 9, 2009 and August 31, 2009.
| Posted to Web: September 09, 2009 | Publication Date: September 04, 2009 |
Are Health Care Costs a Burden for Older Americans? (Policy Briefs/Retirement Project Brief Series)Although Medicare covers nearly all Americans age 65 and older, premiums, cost shares, and holes in the benefit package raise concerns about seniors' ability to pay for their health care. This brief, based on newly released data, shows that Medicare Part D, introduced in 2006 to cover prescription drugs, helped reduce out-of-pocket costs. The majority of older adults devoted less than one-eighth of their incomes to health care in 2006. However, nearly half of low-income seniors spent more than 20 percent of their 2006 incomes on health care. Medical costs for seniors should figure into the health-reform debate.
| Posted to Web: July 24, 2009 | Publication Date: July 01, 2009 |
Revitalizing Social Security: Effectively Targeting Benefit Enhancements for Low Lifetime Earners and the Oldest Old (Testimony)I argue that Social Security benefits for long-term, low-wage workers are modest and need to be increased. There are many ways to bolster benefits for low-income retirees, each with strengths and weaknesses, so technical details of each proposal will determine its effectiveness. Any Social Security reform package will include multiple provisions that interact with one another. Certain provisions to help low-earners may be more or less desirable depending on a package's other components. Finally, some low-income older and disabled Americans are beyond Social Security's reach. To help them, Congress should consider expanding the Supplemental Security Income program.
| Posted to Web: June 30, 2009 | Publication Date: June 17, 2009 |