Each year Boston College's Center for Retirement Research updates its research on retirement insecurity. Their most recent update shows that retirement insecurity increased in 2020, and that 51% of U.S. households are now at risk of being unable to maintain their standard of living in retirement. That is up from 49% in 2019, and 40% in 2007. The reasons for the long-term increase in households at risk include a rise in the age people can claim social security, job loss and reduced income available on savings. Financial planning is more important than ever!
