The Hill News

This year represents a watershed moment in terms of retirement planning as the first of 79 million baby boomers inaugurate a nearly 20-year long retirement boom throughout America. The number of retired Americans over age 65 is projected to swell to 72 million by 2030, nearly an 80% increase from today. As the primary governmental safety net gets smaller -- many groups now concede Social Security benefits must be trimmed in the future -- most Americans face a personal savings crisis that threatens their financial future. 

According to research from the Employee Benefits Research Institute (EBRI), half of all American workers do not have confidence that they will have enough savings to live comfortably in retirement. Equally alarming is that is that 45% of Americans age 36 to 62 are at "at risk" for having inadequate retirement savings. Accordingly, many groups, including the Insured Retirement Institute, are concerned that the U.S. Department of Labor’s (DOL) eff! orts to modify a 35-year-old rule governing Individual Retirement Accounts (IRAs) may produce unintended consequences that would make it harder, not easier, for individuals to set aside money for their golden years.

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