Emerging Retirement Crisis: When Social Security Is Not Enough

Evidence suggests a growing retirement crisis in the United States among older adults placing many of them at risk of falling into poverty. While Social Security provides income assistance to retirees, the average monthly benefit is $1,300. Among older adults nearing or in retirement, the use of public assistance programs is increasing. Using data collected by the Associated Press-NORC Center for Public Affairs Research we examine retirement preparedness, borrowing from retirement plans, and use of social welfare programs. Findings indicate increased borrowing from retirement plans due to debt, significant differences in racial and gender groups accessing and receiving services among those 75 and older. Increasing rates of unpreparedness for retirement exist among older Americans, particularly among adults of color. An increase in the use of safety net services among older adults is occurring concurrently with severe funding reductions in social welfare programming.

The retirement crisis of South African Dutch Reformed ministers: An empirical study

There has been a backlash from recently graduated proponents of the Dutch Reformed Church of South Africa that they are unemployed not just because of dwindling church member numbers, but mainly because contract posts are being filled by retired ministers and not by the proponents. International research suggests that the reason retired ministers continue working is not necessarily because they want to, but because they do not have sufficient retirement savings. The aim of this study was to examine the perceptions of Dutch Reformed ministers who would reach retirement age within the next 5 years, in an effort to establish their preparedness for retirement. The respondents were sent a link to an online questionnaire and 147 useable questionnaires were returned, representing a response rate of 47.7%. The results indicated that almost half of the respondents stated that they would want to continue working in a part-time ministerial post after retirement and that the ministers’ motivation to continue working was directly linked to their lack of financial provision for retirement. A major cause for concern is the high number of respondents who selected the ‘uncertain’ response option for most of the retirement questions, as they are so close to retirement. An intervention to incorporate financial management specifically in theological training is urgently needed.