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NCPA Policy Chairman
Policy Chairman Mike Whalen is one of the driving forces behind the NCPA's retirement reform efforts. “As early as next year the first of the 77 million Baby Boomers will begin to retire, and America is totally unprepared for it. This will mark the beginning over a massive conflict over resources. Can Americans protect themselves from what's coming? Yes, but it will require a fundamental rethinking of how we prepare for retirement,” Whalen said. Whalen’s interest in retirement reform stems from his involvement in public affairs on the local, state and national levels, and in his role as an employer. He developed, owns and operates 22 restaurants and hotels in seven metropolitan areas in five Midwestern states.
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An analysis by the NCPA finds that a $30,000 loan could cost a worker more than $600,000 in retirement income! See our recent publication, “ 401(k) Loans = Retirement Insecurity ,” and our new 401(k) Borrowing Calculator.
What's New
Social Security and Medicare Projections: 2009
The 2009 Social Security and Medicare Trustees Reports show the combined unfunded liability of these two programs has reached nearly $107 trillion in today's dollars! That is about seven times the size of the U.S. economy and 10 times the size of the outstanding national debt.
Read the full study here.
Health Care Costs During Retirement
Research has shown that seniors can expect Medicare to cover only about half of their medical expenses, on average. According to Fidelity Investments, the average senior retiring at age 65 this year will need $240,000 to pay the out-of-pocket costs of health care for the rest of his or her life.
Read the full study here.
Socially Responsible Investing
Socially responsible investing (SRI) is the practice of choosing stocks, bonds or mutual funds based on political, religious or social values. This investment strategy can be hazardous to an individual's portfolio, and if followed by state and local employee pension funds can adversely affect thousands of people's retirement incomes, say Allison Hughey, a research assistant, and Pamela Villarreal, a senior policy analyst, both with the National Center for Policy Analysis.
Read the full study here.