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Will retiring adults be able to move into your community in the future?
About half of households that have members aged 55 or more years have no retirement savings, such as a 401(k) or IRA, according to a new analysis by the Government Accountability Office (GAO), and many of those households have few other resources, such as a pension or other savings, to fund their post-work years. The analysis of the 2013 Survey of Consumer Finances found that, among the households studied, about 29 percent have neither retirement savings nor a defined benefit plan, which typically provides a monthly payment for life.
Among those who have some retirement savings, the GAO found, the median amount of those savings is about $104,000 for households with members aged 55 to 64 years and $148,000 for households with members aged 65 to 74 years, equivalent to an inflation-protected annuity of $310 and $649 per month, respectively. Social Security provides most of the income for about half of households with members aged 65 or more years.
Lois A. Bowers was senior editor of I Advance Senior Care / Long-Term Living from 2013-2015.
Topics: Advocacy , Executive Leadership , Finance