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By: Scott Cohn
Senior Correspondent, CNBC

A new study obtained by CNBC says Americans are $6.6 trillion short of what they need to retire.

The study, conducted by Boston College's Center for Retirement Research, says savings have been squeezed by declines in stock and housing values.

The study was commissioned by Retirement USA, a coalition of organized labor and pension rights advocates that hopes to use the study to push for a more stable retirement system. The group plans to unveil the study at a news conference in Washington on Wednesday.

The $6.6 trillion figure is based on projections of retirement and income for American workers ages 32-64. The study's authors say they arrived at the amount using conservative assumptions, including a 3 percent rate of return on assets and no further cuts in pension coverage or increases in the Social Security retirement age.

"Using other assumptions, it could be much higher," said Maria Freese, Director of Government Relations and Policy for the National Committee to Preserve Social Security and Medicare. For example, the study notes, if the rate of return matches the return on U.S. Treasury Inflation-Protected Securities (TIPS), currently 1.87 percent, the deficit balloons to $7.9 trillion.

This announcement comes on the heels of other sobering news: Milliman Inc., a Seattle-based actuarial and consulting firm, reported this week that the funded status of the 100 largest corporate defined benefit pension plans dropped by $108 billion during August 2010.

This comes amid recent reports indicating that a White House-created panel is considering proposals to cut Social Security benefits and raise the retirement age.

"The 'Retirement Income Deficit' should be a wake-up call to Americans everywhere," Freese said.

http://www.cnbc.com/id/39177278
 

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What makes people think they have a right to coast in life starting at age 55 or 60? Self employed people never have this luxury. I am hoping to keep my health and eyesight long enough to work past 70. I don't have enough money to sleep late and take 5 vacations a year like a lot of my patients who retired from government work at 55. In my opinion, people should work until 65 or 70, and later if they are able. Work keeps the body and mind younger, and really gives more meaning to life, in my opinion.
 

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Grey Squirrel
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What makes people think they have a right to coast in life starting at age 55 or 60? Self employed people never have this luxury. I am hoping to keep my health and eyesight long enough to work past 70. I don't have enough money to sleep late and take 5 vacations a year like a lot of my patients who retired from government work at 55. In my opinion, people should work until 65 or 70, and later if they are able. Work keeps the body and mind younger, and really gives more meaning to life, in my opinion.
Silly old man, I've taken more vacations this year than Obama and Bush combined. :laughing:
 

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Silly old man, I've taken more vacations this year than Obama and Bush combined. :laughing:
Yes, and according to your avatar and posts, both body and mind have shrunk as a result. :laughing:
 

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What makes people think they have a right to coast in life starting at age 55 or 60? Self employed people never have this luxury. I am hoping to keep my health and eyesight long enough to work past 70. I don't have enough money to sleep late and take 5 vacations a year like a lot of my patients who retired from government work at 55. In my opinion, people should work until 65 or 70, and later if they are able. Work keeps the body and mind younger, and really gives more meaning to life, in my opinion.
Once again we are in complete agreement. :thumbsup:
 

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Duaaaaaaaaaaaaaaaa … 2008 was a Real Year. :crazy:

But the (R)s what you to think it never happened. :laughing:
 

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Well I'm an (R) and you (D)'s forgot to tell me Things were so bad that I should not retire. So I already did it, and quit paying 40% tax on all that money I was making. I'm sorry for the loss of social programs the poor have lost. But I am doing fine. Please tell the poor they have the same option I had as a poor white Kansas farm boy.

Work hard, Educate your self, and Save your money...

I'm not paying your way any more.
 

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Well I'm an (R) and you (D)'s forgot to tell me Things were so bad that I should not retire. So I already did it, and quit paying 40% tax on all that money I was making. I'm sorry for the loss of social programs the poor have lost. But I am doing fine. Please tell the poor they have the same option I had as a poor white Kansas farm boy.

Work hard, Educate your self, and Save your money...

I'm not paying your way any more.
:cheers:
 

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Well I'm an (R) and you (D)'s forgot to tell me Things were so bad that I should not retire. So I already did it, and quit paying 40% tax on all that money I was making. I'm sorry for the loss of social programs the poor have lost. But I am doing fine. Please tell the poor they have the same option I had as a poor white Kansas farm boy.

Work hard, Educate your self, and Save your money...

I'm not paying your way any more.
:agree:
Ditto. 'cept I was a Jersey boy working in NYC... co-financed more than a fair share of social programs.
 

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Well I'm an (R) and you (D)'s forgot to tell me Things were so bad that I should not retire. So I already did it, and quit paying 40% tax on all that money I was making. I'm sorry for the loss of social programs the poor have lost. But I am doing fine. Please tell the poor they have the same option I had as a poor white Kansas farm boy.

Work hard, Educate your self, and Save your money...

I'm not paying your way any more.
If you were paying 40%, may I suggest you fire whoever is advising you? ;)

Step one in Educating yourself on Tax Laws.
 

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Maybe....but it sure is fun, you don't live forever so enjoy it while you can. :partyon:
Here's a very sad fact. I don't enjoy many things more than working. I know. I should be shot. :lookinup:
 

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What makes people think they have a right to coast in life starting at age 55 or 60? Self employed people never have this luxury. I am hoping to keep my health and eyesight long enough to work past 70. I don't have enough money to sleep late and take 5 vacations a year like a lot of my patients who retired from government work at 55. In my opinion, people should work until 65 or 70, and later if they are able. Work keeps the body and mind younger, and really gives more meaning to life, in my opinion.
:agree:
 

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Grey Squirrel
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Here's a very sad fact. I don't enjoy many things more than working. I know. I should be shot. :lookinup:
If I had a couple of hot cleavage showing dental assistants to look at all day I'd enjoy working to :laughing:
 

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If you were paying 40%, may I suggest you fire whoever is advising you? ;)

Step one in Educating yourself on Tax Laws.
IF you aren't paying 40% between income tax, medicare, social security, sales tax, property tax, etc. etc etc., you probably belong in jail - either that or you are one of the takers in society who doesn't even know what paying taxes is all about.
 

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If I had a couple of hot cleavage showing dental assistants to look at all day I'd enjoy working to :laughing:
I knew a dentist whose assistant was a Dallas Cowboys cheerleader. They got a photo in the newspaper one day when the A/C failed in his building. She went home and put on her costumette at lunch and came back for them to finish the day with little clothing and lots of fans. I have a bunch of great girls to work with, but unfortunately, none are DCC's. :laughing:
 

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I knew a dentist whose assistant was a Dallas Cowboys cheerleader. They got a photo in the newspaper one day when the A/C failed in his building. She went home and put on her costumette at lunch and came back for them to finish the day with little clothing and lots of fans. I have a bunch of great girls to work with, but unfortunately, none are DCC's. :laughing:
I work with Jill all day and we all know that she refuses to wear panties..:devil:
 
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