7 steps toward a new paradigm for retirement – Brookings
“From an economic perspective, an adequate retirement can be defined as one where a retiree can enjoy a similar standard of living as experienced during their working years. By this measure, retirement is working well for tens of millions of households who receive a steady stream of income from Social Security, typically backfilling about 40% of wages surrendered in retirement (more for lower-wage workers), plus Medicare benefits that cover a sizable portion of healthcare costs. Still, the system is imperfect: Poorly designed and unequal retirement savings incentives often mean that large shares of retirement-age workers have no or limited liquid assets, and about 10% of older Americans live in poverty.”