Over the past 25 years, the spending patterns of retirees (age 65 and over) have moved in response to increases (and falls) in the costs of goods and services, changes in retirement income and shifts in priorities. More seniors carry mortgage and credit card debt than in the past, but generally the economic well-being of seniors has improved, particularly in the area of discretionary spending. How have their spending habits changed?
Dallas Morning News: NCPA research on retirement options is cited in this commentary by Scott Burns that appeared aDallas Morning News.
Triblive: NCPA Senior Fellow Pam Villarreal is cited in this article from Triblive on the concept of filial responsibility.
Bankrate: NCPA Senior Fellow Pam Villarreal suggests reforms to keep the financially-troubled Social Security disability benefits afloat in a Bankrate article.
Washington Examiner: A major overhaul of the disability program, specifically a rating system to give more benefits to those with worse disabilities and fewer to able-bodied people needs to happen, says NCPA Senior Fellow Pam Villarreal in a Washington Examiner article.
BedTimes: Baby boomers, people born from 1945 to 1964, have greater demands on their wallets compared with people of the same age two decades earlier, according to a 2012 NCPA study in a BedTimes article.
Americans for Tax Reform: Reforms to the Social Security Disability Trust Fund could save taxpayers $12 billion annually, according to research by NCPA Senior Fellow Pam Villarreal in an Americans for Tax Reform article.
Newsmax: A large amount of seniors’ expenses are going toward mortgage payments and healthcare, according to NCPA research cited in a Newsmax article.
Private retirement accounts include employer-sponsored 401(k)s and 403(b)s, and privately-purchased plans like Individual Retirement Accounts (IRAs). Today, about 88 million people participate in one of these defined-contribution plans, with total assets of more than $4.5 trillion.
Bloomberg Business: Baby boomers are sacrificing their retirement to support their adult kids, says NCPA Senior Fellow Pam Villarreal in a Bloomberg Business article.
The Obama administration directed the Treasury Department to establish a program of individual retirement savings accounts known as “MyRAs” beginning January 2015. MyRA accounts allow workers to save via payroll deductions.
Many state and local public employee pension funds are struggling to make up large gaps in their funding — which cratered in the aftermath of the 2008-2009 recession. The one exception is Wisconsin, which, through responsible management of Wisconsin Retirement System (WRS) finances, has successfully maintained close to full funding of its retirement system since 2001.
MarketWatch: Since 1989, Seniors have been taking on more credit card debt, says NCPA Senior Fellow Pam Villarreal in a MarketWatch article.
SurfKY: Borrowing from your 401(k) can put a big dent in your savings, according to a SurfKY article which utilizes the NCPA’s 401(k) Borrowing Calculator.
Debt.org: Cultural changes have made paying off debt seem less crucial, leaving many seniors paying off loans well into retirement, says NCPA Senior Fellow Pam Villarreal in a Debt.org article.
Los Angeles Times: Seniors are spending more on mortgages and home equity lines of credit, according to a National Center for Policy Analysis report featured in a Los Angeles Times article.
NCPA: Strengthening pension plans will require remedial legislation that focuses on long-term impacts, plus a bit of wisdom and courage, said NCPA Senior Fellow Brooks Hamilton in prepared testimony submitted before the House Ways & Means Subcommittee on Select Revenue Measures.
Global Dispatch: The NCPA recommends senior citizens not carry credit card debt into retirement.
USA Today: Older Americans are accumulating more credit card debt, according to NCPA Senior Fellow Pam Villarreal’s study featured in a USA Today article.
Investopedia: Baby boomers are spending more on their adult children, according to an NCPA report by Senior Fellow Pam Villarreal featured in an Investopedia article.
NCPA: Tax Analysis Center Director, Boston University William Fairfield Warren Professor and National Center for Policy Analysis Senior Fellow Laurence Kotlikoff will outline the implications of the Social Security’s complexity in a Capitol Hill hearing today.
Forbes: NCPA Senior Fellow Lawrence Kotlikoff’s Social Security “secrets” can help individual maximize their benefits, according to a Forbes article.
NCPA: The federal government has two options if it wants to keep Social Security functioning, according to a new reportfrom the National Center for Policy Analysis (NCPA). Since 2010, benefit payments have exceeded revenues, and the deficit is only growing, according to Liqun Liu and NCPA Senior Fellows Andrew J. Rettenmaier and Thomas R. Saving.
Benefits Pro: NCPA experts offer two suggestions to save Social Security in a Benefits Pro article.