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Almost three out of five new middle-class retirees will outlive their financial assets if they attempt to maintain their pre-retirement standard of living, according to a new study conducted by Ernst & Young LLP on behalf of Americans for Secure Retirement.

The study also finds that middle-income Americans entering retirement now will have to reduce their standard of living by an average of 24 percent to minimize the likelihood of outliving their financial assets.

Those Americans seven years out from retirement are even less prepared and the study estimates that they will have to reduce their standard of living by even more, an average of 37 percent. These reductions will be necessary even when assuming that retirees can maintain the same standard of living with income equal to 59 to 71 percent of their pre-retirement wages.

"Many Americans envision a retirement where their lifestyle continues much as before," said Tom Neubig of Ernst & Young. "Our work shows that this is not a realistic expectation and that, with the current state of savings and potentially very long life expectancies, many retirees will have to cut back far more on expenditures than they had ever expected."

Nearly three out of five middle-class retirees will probably run out of money if they maintain their pre-retirement lifestyles, a new study from Ernst & Young has concluded.

The study found that Americans will have to drastically reduce their standard of living before retirement to live comfortably, or even avoid destitution, later in life.

Middle-income Americans entering retirement now will have to reduce their standard of living by an average of 24 percent to minimize their chances of outliving their financial assets, the study found. Workers seven years from retirement will have to cut their spending by even more -- 37 percent.

1.. Retirees Cope With Dwindling Portfolios
New York Times - United States
In communities like Gleneagles and in the homes of retirees across the country, these are days of fear and uncertainty. In theory, retired people are not ...

2.. Google News Alert for: retirees

Hawaii's Retirees' Fund Dangerously Depleted - Again
Hawaii Reporter - Kailua,HI,USA
Our total state budget is $10 billion. Where is the money to adequately fund our retirees going to come from---the highway tax fund? Again?

1. Canadian Pension Plan Funding Levels at Record Low, Globe Says Bloomberg - USA

The report estimates the assets may be worth 70 percent to 75 percent of what is needed for retirement payments and benefits such as medical
and drug plans, ...

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Ernie Zelinski's BENEFITS FROM A RECESSION Website

Retirement Planning Wisdom That You Won't Get from Your Financial Advisor Blog

GOODBYE AND RETIREMENT LETTERS FOR WORK

How to Retire Happy, Wild, and Free (ISBN-10: 096941949X, ISBN-13: 978-0969419495) by publisher VIP BOOKS and author Ernie Zelinski is truly, as the subtitle states, "retirement wisdom that you won't get from your financial advisor."

Author Ernie Zelinski shows that the key to enjoying an active and satisfying retirement is dependent on much more than just having adequate financial resources. It means paying attention to all aspects of life, including leisure activities, creative pursuits, physical and mental well-being, and solid social support. With its friendly format, lively cartoons, and captivating quotations, Zelinski's guide offers inspirational advice on how to follow your dreams instead of someone else's, how to put your retirement in proper perspective, and how to enjoy life after work.

I am a retirement planning coach who gives advice to the newly retired, I recommend "How to Retire Happy, Wild, and Free" to my clients as the best non-financial retirement book. If I was a corporate human resource manager, I would be purchasing this book in quantity to give to all of my company's retiring employees.

Retirement Office Hours Sign

[RETIREE'S] OFFICE HOURS

OPEN Most days about 9 or 10
Ocassioinally as early as 7, But SOMEDAYS
as late as 12 or 1.

We CLOSE about 5:30 or 6
Ocassionally about 4 or 5, But
Sometimes as late as 11 or 12.

SOMEDAYS or afternoons, we
aren't here at all and Lately
I've been here just about all the time,
Except when I'm somplace else.

Wellhaven Gifts for Seniors ( http://www.wellhaven.com/)

Bizjournals.com, NC
More than 52 percent of chief financial officers say they are delaying or reconsidering their retirement plans, according to a survey developed by Robert ...
Delayed retirement

The Jersey Journal - NJ.com NJ imposes early retirement penalties
Newsday, NY
TRENTON, NJ - State officials want to penalize Hoboken and Bergen County for failing to get approval for early retirement programs. ...
Town and county to pay, dearly, for attempt at thrift The Star-Ledger - NJ.com
Hoboken contests its $4.2 million bill from the state The Jersey Journal - NJ.com
Cunningham, Zimmer, Delea send statements about $4.2M bill Jersey City Reporter
The Jersey Journal - NJ.com

US Steel executives take retirement incentives
Pittsburgh Post Gazette, PA
US Steel today announced the retirement of two more senior vice presidents, bringing to four the number of top executives who are accepting the early ...
(AMM) Three more US Steel executives opt to take early retirement Metalbulletin.com