RICHMOND, Va., May 12 /PRNewswire-USNewswire/ -- The Federal Reserve
Bank of Richmond today released its 2007 Annual Report, which features the
essay "Are We Saving Enough? Households and Retirement."
Authors Senior Vice President and Director of Research John Weinberg
and economics writer Doug Campbell examine the extent to which Americans
are financially prepared for retirement. In their essay, they describe the
results of careful studies on American saving habits. Review of the
research and data shows that most families nearing retirement are saving
both adequately and optimally -- or the best they can given their lifetime
expected incomes. However, estimates about savings adequacy depend on the
assumption that entitlement program benefits will be forthcoming.
Population aging and the movement of baby boomers into retirement challenge
that assumption and may portend a future in which some people will need to
consume less than they would otherwise. The authors describe the tradeoffs
involved with various approaches, and conclude that the sooner we settle on
a solution to our federal retirement problems the better off all
generations are likely to be.
The Richmond Fed's Annual Report also includes reports on the region's
economy and the Reserve Bank's operational and financial activity, and
takes a special look at the Bank's involvement in the Fifth Federal Reserve
District communities.
The annual report is available on the Bank's Web site at
http://www.richmondfed.org, or by contacting the Public Affairs Department at
804.697.7982.
The Federal Reserve Bank of Richmond is one of 12 District Reserve
Banks that together with the Board of Governors in Washington, D.C., make
up the Federal Reserve System. The Richmond Fed serves the Fifth Federal
Reserve District, which encompasses the District of Columbia, Maryland,
North Carolina, South Carolina, Virginia, and most of West Virginia.
SOURCE Federal Reserve Bank of Richmond
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Related links:
http://www.richmondfed.org
CONTACT:
John Weinberg, Sr. Vice President, Research
Director, +1-804-697-8920, or Laura Fortunato, Media Relations,
+1-804-697-8196, both of the Federal Reserve Bank of Richmond
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