Working until age 70 or later won't be enough to allow most people to retire comfortably, according to new research by the Employee Benefit Research Institute.
Many financial experts have said that people just need to work a little longer and between 80 and 90 percent of households will have an adequate amount of income to retire with, but EBRI's research shows that for about one-third of the households between age 30 and 59 in 2007, that won't be enough.
"It would be comforting from a public policy standpoint to assume that merely working to age 70 would be a panacea to the significant challenges of assuring retirement income adequacy, but this may be a particularly risky strategy, especially for the vulnerable group of low-income workers," noted Jack VanDerhei, EBRI research director and author of the report.
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