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GAO-10-632R 1 (2010-04-28)

handle is hein.gao/gaobaansj0001 and id is 1 raw text is: G A 0 Acco ntabi~lty I Integrity I Rehahility United States Government Accountability Office Washington, DC 20548 April 28, 2010 The Honorable Herb Kohl Chairman Special Committee on Aging United States Senate Subject: Retirement Income: Challenges for Ensuring Income throughout Retirement Dear Mr. Chairman: As the life expectancy of Americans continues to increase, the risk that retirees will outlive their assets is a growing challenge.' Today, couples both aged 62 have a 47 percent chance that at least one of them will live to their 90' birthday.2 In addition to the risk of outliving ones' assets, the sharp declines in financial markets and home equity during the last few years and the continued increase in health care costs have intensified workers' concerns about having enough savings and how to best manage those savings in retirement. Given your interest in options for ensuring income throughout retirement and the recent request from the Departments of the Treasury and Labor for information 'Since 1970, life expectancies at age 65 have risen by about 2 years for women and nearly 4 years for men. 2These life expectancies are based on Social Security cohort life tables for people born in 1950. See Felicitie C. Bell and Michael L. Miller, Life Tables for the United States Social Security Area 1900- 2100, Actuarial Study No. 120, SSA Pub. No. 11-11536 (Washington, D.C., Social Security Administration, Office of the Chief Actuary, August 2005). 3GAO has addressed such concern in earlier reports. See, for example, GAO, Private Pensions: Alternative Approaches Could Address Retirement Risks Faced by Workers but Pose Trade-offs, GAO-09-642 (Washington, D.C.: July 24, 2009); GAO, Private Pensions: Low Defined Contribution Plan Savings May Pose Challenges to Retirement Security, Especially for Many Low-Income Workers, GAO-08-8 (Washington, D.C.: Nov. 29, 2007); and GAO, Baby Boom Generation: Retirement of Baby Boomers is Unlikely to Precipitate Dramatic Decline in Market Returns, but Broader Risks Threaten Retirement Security, GAO-06-718 (Washington, D.C.: July 28, 2006). GAO-10-632R Retirement Income

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