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Text of Response to Questions at Senate Hearing, 'Pension Savings: Are Workers Saving Enough for Retirement?' (PDF)
Employee Benefit Research Institute [EBRI] Link to more items from this source
Feb. 13, 2013
"This document provides responses to questions raised by members of the Senate HELP Committee at their Jan. 31 hearing on retirement savings. [Questions include:] What percentage of Baby Boomers and Gen Xers are likely to run short of money in retirement, based on the current system/assumptions? ... Approximately 44 percent of Baby Boomer and Gen-Xer households ..., assuming they retire at age 65 ... Of those projected to run short of money in retirement, how much is the shortfall? ... [S]hortfalls for Early Boomers (individuals born between 1948-1954) vary from approximately $70,000 (per individual) for married households, increasing to $95,000 for single males and $105,000 for single females. The aggregate retirement income deficit number, taking into account current Social Security retirement benefits and the assumption that net housing equity is utilized 'as needed,' as well as uninsured health care costs, is currently estimated to be $4.3 trillion for all Baby Boomers and Gen Xers."

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