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Inflation Ranks as Today's Top Retirement Concern
Date:5/19/2008

Society of Actuaries' Report Outlines Retirement Risks and Identifies

Approaches to Manage Those Risks

SCHAUMBURG, Ill., May 19 /PRNewswire/ -- From the high price of milk and eggs to the unprecedented cost of gas, inflation is affecting every American. Among the largest groups affected are the 78 million baby boomers inching ever closer to retirement and current retirees who are experiencing soaring costs in a volatile economy.

In fact, according to the Risks and Process of Retirement Survey Report, a new study from the Society of Actuaries (SOA), inflation is the top retirement concern. According to the report, pre-retirees and retirees are worrying about keeping the value of their assets up with inflation as well as having enough money to pay for long-term care, paying for adequate healthcare and the challenges of maintaining a reasonable standard of living after the loss of a spouse -- all of which are also impacted by inflation.

The report identifies concerns raised from both pre-retirees and retirees on their retirement resources and offers approaches to help manage them. "Today's retirement environment is much more complex than it has been for previous generations," said Anna Rappaport, Fellow of the Society of Actuaries (FSA), MAAA, chair of the Committee on Post-Retirement Needs and Risks, and leader of the report's project oversight work group. "With generally acknowledged gaps in many employees' retirement benefits and resources, actuaries are helping people understand the risks associated with retirement and the importance of sound management of their retirement funds."

Among today's 65-and-older population, average life expectancy for American men and women is 17 and 20 years, respectively. Nearly one-third (30 percent) of all women and almost 20 percent of men age 65 can expect to reach 90 years old. As a result, pre-retirees and retirees are concerned that inflation will impact the adequacy of
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SOURCE Society of Actuaries
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