January 29, 2014

    A free roundtable session at NASI’s 26th Annual Research Conference, Wednesday, January 29, 2014.

    To access PDF slides from this roundtable,
    click on the respective speaker’s name below.

    This event was a free roundtable session on Wednesday, January 29, 2014, Day 1 of NASI’s 26th annual research conference, Strengthening the Web of Financial and Retirement Security for Today’s Working Americans.

    Roundtable Summary: Americans are retiring in greater numbers than ever before. Increasing longevity, uncertain financial markets, rising health care costs, and the shift from employer-sponsored pensions to defined-contribution plans pose new risks in retirement planning.  Following the Great Recession and slow recovery, many baby boomers — and those who follow – will retire with less retirement income and home equity than they had planned. In light of these challenges, how can Americans best secure their retirement income so it will last for life? This session examines opportunities that exist through both Social Security and employer-sponsored retirement plans to increase lifetime income security.

    For most retirees, Social Security is the only source of income that will last for life and keep up with inflation. Social Security’s delayed retirement credit has gradually increased to 8% per year for delaying benefits beyond the full retirement age up to age 70. It is now fully in place for people reaching age 70 in 2013 and thereafter. This change strengthened the financial case for delaying Social Security. What kinds of messages will help older workers understand the advantages of delaying Social Security benefits if they can? What messages will help retirees understand that Social Security will still be there if they do delay?

    Defined contribution (DC) plans are becoming the main form of employer-sponsored retirement plans in the private sector. Most such plans pay benefits as lump sums and do not encourage employees to consider options that would ensure they have income for life.  How can DC accounts be used to generate more secure income throughout retirement?

    Part 1: Setting the Stage: Why Lifetime Income is Important and Why Achieving It is a Challenge

    • Donald Fuerst, Senior Pension Fellow, American Academy of Actuaries
    • Anna Rappaport, Chair, Society of Actuaries Committee on Post-Retirement Needs and Risks

    Part 2: Understanding the Case for Delaying Social Security

    • Virginia P. Reno, Vice President for Income Security Policy, National Academy of Social Insurance
    • Sita Nataraj Slavov, Resident Scholar, American Enterprise Institute
    • Joan Entmacher, Vice President for Family Economic Security, National Women’s Law Center

    Part 3: Lifetime Income from Defined Contribution Retirement Plans

    • Steve Vernon, Research Fellow, Stanford Center on Longevity

    Part 4: Panel Discussion and Q&A: Policy Influences and Making Change Happen

    • Moderator: Andrew Peterson, Staff Fellow, Society of Actuaries

    This roundtable was co-sponsored by the American Academy of Actuaries and the Society of Actuaries. The session was also made possible with support from the Alfred P. Sloan Foundation.