"One of the toughest challenges was getting people to talk openly and honestly about how much they were saving for retirement and for those already retired, how well they were doing. To get one good interview we had to talk to about a dozen people."
FRONTLINE http://www.pbs.org/frontline/ - This Week: "Can You Afford to Retire?" (60 minutes), Tuesday, May. 16 at 9pm on PBS (check local listings) - Inside FRONTLINE: The boomer generation is headed for a shock - Live Discussion: Chat with producer Hedrick Smith Wed. May 17 at 11 am ET If you don't know how much it will take to retire and maintain your standard of living, I invite you to watch "Can You Afford to Retire?" this Tuesday. The numbers tell us that the typical baby boomer, for example, has saved up only enough to live on for about seven years, even though life expectancy for most people at retirement is 17 years. It means that many middle class retirees may have to rely on Social Security alone for a decade or more. Today half the work force is not covered by any private retirement plan and must save entirely on their own. Thirty percent have a 401(k) type plan, 10 percent have a lifetime pension and 10 percent a mix of plans. Lifetime pensions are becoming a thing of the past as more and more companies drop them or escape their obligations through bankruptcy, like the case of United Airlines profiled in our program. Tens of thousands of United workers saw reduced pensions after the company emerged from bankruptcy. For those lucky enough to have a 401(k) style retirement plan, the choices can be confusing and the results can vary substantially. However, getting people to talk about their money was no easy task, according to veteran producer Hedrick Smith: "One of the toughest challenges was getting people to talk openly and honestly about how much they were saving for retirement and for those already retired, how well they were doing. To get one good interview we had to talk to about a dozen people." As you will discover, for some individuals the 401(k) system is working; for others it is not. But when you look at the overall picture, the statistics are discouraging. Boomers will be long on life expectancy and short on income. Because of a massive shift in responsibility for retirement saving - from corporations to employees - the impact of the coming retirement crisis will not only mean trouble for individuals and their families but could have serious consequences for the economy. We hope you'll join us Tuesday night. And after watching "Can You Afford to Retire?" check out our Web site for advice from experts on how much you'll need to set aside for retirement, the pitfalls to avoid with 401(k) plans, a look at the mistakes the young Generation Y investor is making, and the opportunity to watch our report again online and express your opinion about it at http://www.pbs.org/frontline/retirement/ Louis Wiley Jr. Executive Editor -------------------------- + Live Online Discussion on Washingtonpost.com ... Producer Hedrick Smith will be online this Wednesday, May 17 at 11am ET, to discuss "Can You Afford to Retire?" For details, see: http://www.washingtonpost.com/wp-dyn/content/discussion/2006/05/12/DI2006051201122.html ---------------------------- Funding for FRONTLINE is provided by the Park Foundation and through the support of PBS viewers. Additional funding for "Can You Afford to Retire?" is provided by the Nathan Cummings Foundation. ---------------------------- FRONTLINE is a registered trademark of the WGBH Educational Foundation. ---------------------------- We're always happy to hear from our viewers. If you have a question or comment about a FRONTLINE program, about our website, or about this bulletin, you can write to us directly by going to: http://www.pbs.org/frontline/contact/ ---------------------------- FRONTLINE 125 western avenue, boston, ma. 02134 http://www.pbs.org/frontline/
