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This year, the first baby boomers are turning 60 and our country enters a new era for retirement. For American workers to have a solid foundation, we must ensure that the three legs of the retirement stool are secure and stable.
Ensuring Retirement Income Security
Changes in lifestyle and advances in medical care are allowing people to live longer. In fact, experts suggest that more than half of the boomers may live until age 100. Faced with the risk of outliving savings, workers need a lifelong safety net now more than ever. As the bedrock, Social Security’s guaranteed protections must remain strong, but employer-sponsored pension plans and personal savings are also essential components to a secure retirement. Read More
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Strengthening Social Security
Over the last year, I have visited with hundreds of North Dakotans about how important Social Security is to their lives. One in six North Dakotans receives a monthly benefit payment from Social Security. In 2004, the average benefit was a modest $900 but that money makes a real difference to those recipients and their families. Read More
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Savings For Retirement
The third leg of the retirement stool is personal savings. Americans are saving less today for retirement than ever before. Over the last 30 years, families have gone from saving 11% of their overall income to less than 1% of their income. We can all use a little help in navigating the path to saving more. Below are some tools that can help you with your plan for retirement savings. Retirement Tools You Can Use
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