Pensions (1 - 3 of 3 items) in Past Year
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: 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: Better Information on Income Replacement Rates Needed to Help Workers Plan for Retirement
GAO-16-242: Published: Mar 1, 2016. Publicly Released: Mar 1, 2016.
Household spending patterns varied by age, with mid-career households (those aged 45-49) spending more than older households. For example, according to 2013 survey data from the Bureau of Labor Statistics (BLS), mid-career households spent an estimated average of around $58,500, while young retiree households (those aged 65-69) spent about 20 percent less. While the share of spending was consisten...