To what extent is this a particularly American problem resulting from
the American ideology of individualism? I am retired and most of my
retired friends are reasonably comfortable.
Paul P.
Leigh Meyers wrote:
"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
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http://www.pbs.org/frontline/
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