June 9, 2009
Middle-Class More Vulnerable in Retirement than Previously Thought
The findings of a new report released today indicate that the decline in the stock market in the last six months of 2008 dramatically worsened the retirement outlook for middle-class Americans. The analysis, conducted by Ernst & Young LLP on behalf of the retirement coalition Americans for Secure Retirement (ASR), finds that due to the economic downturn, the retirement assets of recent and near retirees decreased between 14 and 17 percent in the last six months of 2008. This decline significantly reduces the likelihood that middle income retirees will have enough financial resources to last them through their lifetime. Read more.