Global Conference 2011
Retirement (In)Security: Can Americans Afford to Retire?
Tuesday, May 3, 2011 / 9:30 am - 10:45 am
The nation's retirement security safety net is increasingly tattered: The Great Recession wiped out trillions of dollars of household net worth. IRA and 401(k) balances were severely eroded, and home values have yet to recover. Private-sector defined-benefit plans are going the way of the dodo bird, while public-sector pension plans are underfunded by as much as $3 trillion. Without changes, Social Security will only be able to pay 75 percent of its promised benefits beginning in 2037. And meantime, health-care costs continue to skyrocket. Simply put, governments and individuals haven't saved enough to meet future needs and obligations. Can governments afford an aging population? Can individuals afford to retire? Is the ability to enjoy the "golden years" of retirement an increasingly unattainable dream? This panel will examine what governments, companies and households can do to strengthen the safety net.