Saving rates are at historic lows and may drop further. With inadequate reserves and a looming recession, households face the risk of depleting their saving to cover debts and emergency expenses, warns Wharton Professor Olivia S. Mitchell, via The Miami Times. …Read More
Family support is an important pillar of retirement security for many Americans, and COVID-19 is prompting families to quarantine together and rethink nursing homes. Yet this poses new challenges for multigenerational households and causes stress, says Anna Rappaport in the RetireSecure blog.…Read More
Is Social Security a wealth equalizer? John Sabelhaus’ RetireSecure blog notes that including Social Security in household assets boosts wealth levels but doesn’t alter growing wealth inequality.…Read More
Wharton Prof. Olivia S. Mitchell tells Chris Farrell at Next Avenue that even pre COVID-19, American’s retirement picture wasn’t all rosy. Now more than ever, we’ll need to work longer, save more, and expect less.…Read More
Women’s jobs pay less and offer fewer benefits than average, and women work in sectors hardest-hit by the pandemic shutdown. So women (especially those with kids) will bear more of the COVID-19 burden than men, Wharton Prof. Olivia S. Mitchell tells Knowledge@Wharton.…Read More
The Coronavirus pandemic is hurting Americans’ retirement savings. How the Social Security benefit formula is computed could pose another threat to some near-retirees, says Andrew G. Biggs.…Read More
Despite financial unknowns and a changing retirement landscape, there are steps you can take to improve your retirement security, explains Prof. Olivia S. Mitchell to Knowledge@Wharton: make a budget, be realistic, know your options.…Read More
Another recession by end-2021 predicted by 7 of 10 economists: Prof. Olivia S. Mitchell outlines steps you can take now to shore up your retirement savings and overall finances with Dan Loney on the Wharton Business Daily podcast. …Read More
Borrowing against your retirement savings can be tempting but counterproductive in a recession, says Nick Strain at MarketWatch, citing “Borrowing from the Future: 401(k) Plan Loans and Loan Defaults,” the Pension Research Council study by Timothy Jun Lu, Olivia S. Mitchell, Stephen P. Utkus and Jean A. Young.…Read More
