Retirement Income Calculators: Not Much Better Than Counting On Your Fingers?

When average Americans confront the complicated problem of how much to save for retirement, they often use so-called “rules of thumb,” or greatly-simplified approaches, to figure out how much to save and how to invest. It turns out that many of the computer programs created to help with retirement income planning do exactly the same thing: use rules of thumb.Read More

Here’s How to Get More People to Delay Claiming Social Security

By: Olivia S. Mitchell Olivia S. Mitchell (@OS_Mitchell) is a professor of business economics/policy and insurance/risk management at the Wharton School of the University of Pennsylvania, where she focuses on pensions, household finance, retirement, and risk management.  Global aging paired with pension shortfalls have led many governments to raise retirementRead More

Is Social Security Really Running Short?

Social Security is a pay-as-you-go system, since payroll taxes collected from today’s workers mostly go to pay today’s retirees. But as the U.S. population ages, fewer young workers are paying into the system relative to rising numbers of ever-longer-lived retirees drawing benefits, according to this opinion piece by Olivia S. Mitchell, a Wharton professor of business economics and public policy, and also insurance and risk management.Read More