06.14.19
Retirees Might Run Out of Money 10 Years Before They Die
by: Ben Steverman
Around the globe, retirement account balances are not increasing fast enough to cover rising life expectancy, the World Economic Forum (WEF) warns in a report. “The size of the gap is such that it requires action” from policymakers, employers, and individuals, said report co-author Han Yik, head of institutional investors at the WEF. In the United States, report calculates that 65-year-olds have enough savings to cover just 9.7 years of retirement income, leaving the average American man with a gap of 8.3 years and women with a 10.9-year gap. The forum assumed retirees would need enough income to cover 70 percent of their pre-retirement pay, and didn't include Social Security or other government welfare payments in the total.
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