Retirement income (1 - 10 of 42 items)
Social Security: Improvements to Claims Process Could Help People Make Better Informed Decisions about Retirement Benefits
GAO-16-786: Published: Sep 14, 2016. Publicly Released: Sep 14, 2016.
GAO's review of nine surveys and academic studies, and interviews with retirement experts, suggest that many individuals do not fully understand key details of Social Security rules that can potentially affect their retirement benefits. For example, while some people understand that delaying claiming leads to higher monthly benefits, many are unclear about the actual amount that benefits increase...
401(K) PLANS: DOL Could Take Steps to Improve Retirement Income Options for Plan Participants
GAO-16-433: Published: Aug 9, 2016. Publicly Released: Sep 8, 2016.
Workers relying in large part on their 401(k) plan in retirement may not always have a feasible way to make their savings last throughout retirement. Responses to GAO’s non-generalizable questionnaire from 11 401(k) plan record keepers—entities that manage participant account data and transactions for plans—showed that most plans covered by the questionnaire had not adopted products and serv...
Retirement Security: Low Defined Contribution Savings May Pose Challenges
GAO-16-408: Published: May 5, 2016. Publicly Released: May 5, 2016.
An estimated 40 percent of all U.S. households had some retirement savings in a defined contribution (DC) plan, such as a 401(k) plan, in 2013, and account balances varied by household income and race in recent years, according to the most recent data from the Survey of Consumer Finances (SCF). The 60 percent of all households (and specifically the 44 percent of working households) without any DC...
Retirement Security: Shorter Life Expectancy Reduces Projected Lifetime Benefits for Lower Earners
GAO-16-354: Published: Mar 25, 2016. Publicly Released: Apr 4, 2016.
The increase in average life expectancy for older adults in the United States contributes to challenges for retirement planning by the government, employers, and individuals. Social Security retirement benefits and traditional defined benefit (DB) pension plans, both key sources of retirement income that promise lifetime benefits, are now required to make payments to retirees for an increasing num...
Retirement Security: Most Households Approaching Retirement Have Low Savings
GAO-15-419: Published: May 12, 2015. Publicly Released: Jun 2, 2015.
Many retirees and workers approaching retirement have limited financial resources. About half of households age 55 and older have no retirement savings (such as in a 401(k) plan or an IRA). According to GAO's analysis of the 2013 Survey of Consumer Finances, many older households without retirement savings have few other resources, such as a defined benefit (DB) plan or nonretirement savings, to d...
Retirement Security: Challenges for Those Claiming Social Security Benefits Early and New Health Coverage Options
GAO-14-311: Published: Apr 23, 2014. Publicly Released: May 27, 2014.
Several work-related factors may cause people to claim Social Security benefits early and suggest they may face challenges in continuing to work at older ages. For example, those who worked in physically-demanding blue collar jobs were 55 percent more likely to claim benefits prior to their full retirement age compared to those in all other occupations after controlling for other factors (see figu...
Retirement Security: Trends in Marriage and Work Patterns May Increase Economic Vulnerability for Some Retirees
GAO-14-33: Published: Jan 15, 2014. Publicly Released: Feb 26, 2014.
Over the last 50 years, the composition and work patterns of the American household have changed dramatically. During this period, the proportion of unmarried and never-married individuals in the population increased steadily as couples chose to marry at later ages and live together prior to marriage. At the same time, the proportion of single-parent households more than doubled. These trends were...
Retirement Security: Women Still Face Challenges
GAO-12-699: Published: Jul 19, 2012. Publicly Released: Jul 25, 2012.
Over the last decade, working womens access to and participation in employer-sponsored retirement plans have improved relative to men. Indeed, from 1998 to 2009, women surpassed men in their likelihood of working for an employer that offered a pension plan, largely because the proportion of men covered by a plan declined. Furthermore, as employers have continued to terminate their defined be...
Retirement Income: Ensuring Income throughout Retirement Requires Difficult Choices
GAO-11-400: Published: Jun 7, 2011. Publicly Released: Jul 1, 2011.
As life expectancy increases, the risk that retirees will outlive their assets is a growing challenge. The shift from defined benefit (DB) pension plans to defined contribution (DC) plans also increases the responsibility for workers and retirees to make difficult decisions and manage their pension and other financial assets so that they have income throughout retirement. GAO was asked to review (...
Retirement Income: Challenges for Ensuring Income throughout Retirement
GAO-10-632R: Published: Apr 28, 2010. Publicly Released: May 4, 2010.
As the life expectancy of Americans continues to increase, the risk that retirees will outlive their assets is a growing challenge. Today, couples both aged 62 have a 47 percent chance that at least one of them will live to their 90th birthday. In addition to the risk of outliving ones' assets, the sharp declines in financial markets and home equity during the last few years and the continued incr...