Financing retirement in America
Like most boomers, I’m retired. My retirement is funded by (a) a 403b plan, (b) Social Security and (c) personal savings. I waited until age 70 for SS benefits, to max those out. Not everyone is so fortunate. “ How's this for a somber retirement forecast: The typical American worker has less than $1,000 saved for retirement, according to a new report from the National Institute on Retirement Security (NIRS).” OK, but that covers all workers, age 21-65. A 21-year-old won't have saved as much as a 65-year-ole. By the time I finished grad school at age 27, I had more than $1000 saved, between a 403b and personal savings, and that’s in nominal dollars, not inflation-corrected. Of course, I didn’t own a car until I was 26 and didn’t buy my first home until I was 32. But this isn’t about me. “ In Fidelity's 26,000 defined-contribution plans at companies across the country, covering 24.8 million participants, account balances last year clocked in at record highs, with an av...