The Future of Retirement

The Future of Retirement Houston Forum January 27, 2009 by Steve Vernon, FSA President, Rest-of-Life Communications

The Future of Retirement… is Work!

[object Object],[object Object],[object Object],Today’s Agenda

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Overview

[object Object],[object Object],[object Object],[object Object],Current State Social Security and Medicare Funding in Jeopardy

[object Object],[object Object],[object Object],[object Object],[object Object],Current State Only Half of Working Americans Covered by Retirement Plan at Work

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Current State Existing Assets May Be Inadequate

Current State Existing 401(k) Balances May Be Inadequate Source: Average 401(k) balances for 20 million 401(k) participants, 12/312006. EBRI Issue Brief #308 Tenure in Years $190,593 $157,069 $93,636 $51,268 $31,914 60s $167,806 $174,272 $99,794 $54,491 $32,532 50s 30+ 20 - 30 10 - 20 5 - 10 2 - 5 Age Group

Current State Defined Benefit Plan Participation Has Fallen Dramatically in Private Sector % of workforce participation by plan type Source: Center for Retirement Research at Boston College

Retiree Medical Coverage Drops in Private Sector Source: The Kaiser Family Foundation, 2006 Employer Health Benefits % Employers offering coverage

Many Americans Lack Necessary Financial Management Skills Some Scary Statistics ,[object Object],[object Object],[object Object],[object Object]

More Scary Statistics ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Amount Respondents Say Needed for Comfortable Retirement source: EBRI 2008 Retirement Confidence Survey 18% $1 million or more 23% $500,000 - $999,999 16% $250,000 - $499,999 25% Under $250,000 12% Don’t know

Methods for Determining Savings Needed for Retirement source: EBRI 2008 Retirement Confidence Survey 4% Other 2% Desired lifestyle 4% Worksheet or form 7% Online calculator 9% Read or hear amount 19% Do own estimate 19% Ask advisor 43% Guess

Inevitable Conclusions ,[object Object],[object Object],[object Object]

Life Expectancy at Age 65 Source: Society of Actuaries

Workforce Participation Men Age 65+ Source: Bureau of Labor Statistics

[object Object],Death rates for males

Top 10 Retirement Mistakes ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Top 10 Retirement Mistakes ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Top 10 Retirement Mistakes ,[object Object],[object Object],[object Object],[object Object]

Top 10 Retirement Mistakes Plus One! ,[object Object],[object Object],[object Object]

Top 10 Retirement Risks ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

10 Steps to Recession-Proof Your Retirement Years ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Simple solutions for closing the gap ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Simple solutions for closing the gap ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

One example: can I retire at 62? married couple, same age, spouse doesn’t work current earnings $75,000/year no pension ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Another example: can I retire at 62? married couple, same age, spouse doesn’t work current earnings $75,000/year 15 years pension service ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Another example: can I retire at 65? married couple, same age, spouse doesn’t work current earnings $75,000/year 18 years pension service ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Another example: can I retire at 70? married couple, same age, spouse doesn’t work current earnings $75,000/year 23 years pension service ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object],Tough Choices for Individuals

[object Object],[object Object],[object Object],[object Object],[object Object],New Life Goals?

What Can Employers and Plan Sponsors Do? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

What Can Employers and Plan Sponsors Do? ,[object Object],[object Object],[object Object],[object Object]

What Can Employers and Plan Sponsors Do? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Employees and Participants Need Help (But Not Advice) with These Questions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Will these be your employees and plan participants in 10 years?

[object Object],[object Object],[object Object],[object Object],Tough Questions Facing Employers and Plan Sponsors

Learn more! ,[object Object],[object Object]

The Future of Retirement

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