Living longer and the 3-legged stool

That the retirement of boomers and longer life expectancies will strain the traditional three-legged stool of retirement income--Social Security, pensions, and personal savings--is not news, but a report from the Congressional Research Service (CRS) buttresses this projection with data on the demographics and budget issues of seniors. Relating to people 65 and older, the report covers:

• Employment
• Sources and amounts of income
• Household income
• Poverty status
• Changes in income as people age

The report's conclusion is also reiterative:

With Social Security facing a financial shortfall and the number of private-sector pensions continuing to decline, it is likely that a relatively greater share of current workers' future retirement income will have to be financed from their own personal savings.

Income of Americans Aged 65 and Older, 1968 to 2008, RL33387 (pdf, 40pp/324kB), from Open CRS, Nov. 4, 2009