![]() And about 70% of people in the lowest third of the population, measured by income, are likely to fall short.īut EBRI says there’s actually been some improvement since its first survey in 2003, when almost 60% of early boomers were “at risk.” The report credits the federal Pension Protection Act of 2006, which made it easier for employers to automatically enroll new workers in 401(k)s.Įmployees still have the right to “opt out” of the plans, and to change their investment options, but studies have shown the typical participant takes the path of least resistance, staying in the plan if automatically enrolled.ĮBRI found that people who are eligible for workplace retirement plans have far better prospects than those who don’t. ![]() The prospects are almost as bad for younger boomers. The study by nonprofit Employee Benefit Research Institute finds that nearly half of the first wave of baby boomers is at risk of not having enough money for basic expenses in retirement. Most of the data in a new report on Americans’ retirement prospects is pretty gloomy, underscoring the need for many people to tighten their belts and stay in the workforce longer. Some Americans are slightly better prepared for retirement thanks to automatic enrollment in 401(k)s, but you have to be a diehard optimist to seize on that. Arena_footer_logo arena_group_logo ico_account_menu ico_angle_double_right ico_angle_down ico_angle_left ico_angle_right ico_angle_up ico_arrow_left ico_arrow-box-round-topright ico_bloglovin ico_calendar ico_caption_toggle ico_caret_down ico_caret_left ico_caret_right ico_caret_up ico_cart ico_close_heavy ico_close ico_comments_squared ico_comments ico_diamond ico_ellipsis ico_email ico_ext_link ico_facebook_square ico_facebook ico_flipboard ico_forward_slash ico_forward ico_googleplus ico_hamburger_flipped ico_hamburger ico_heart_empty ico_heart ico_info ico_instagram ico_linkedin ico_lock ico_maven_key ico_minus ico_mute ico_muted ico_new_hamburger ico_options ico_pinterest ico_play_circle ico_plus ico_print ico_reddit ico_reply ico_retweet ico_search ico_share ico_shortcut_gray ico_shortcut ico_social_share ico_soundcloud ico_star_empty ico_star ico_tiktok ico_toc ico_tumblr_link ico_tumblr ico_twitter ico_unmute ico_unmuted ico_web ico_whatsapp ico_youtube maven-footer maven-full pinterest-pin-it ![]()
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