Differently today. If you are under 30 and want to talk about your Retirement Planning, number on your screen. Or 51 and3150, over, there are numbers for you as well. On can also catch up with us all of your favorite social media pages. Use twitter, facebook, or email us. Very good thursday morning to you. We want to begin with the story that was in several papers this week. The headline is the world braces for retirement crisis. Is bearing down on workers of all ages. It was spawned years before the great recession. The crisis was significantly worsened i twin traumas. The ap blames the crisis on three factors. One, countries of slashing benefits. Two, companies having eliminated pension plans. They cost employees nothing. Three, individuals spend freely. Saw failed to save and their wealth disappear. Story from ap december 30. Several papers were asking our viewers, will you be able to retire on time . The conversation is already happening on our facebook page. In order to retire, first you need to locate an actual job. Barbara writes in that i am retiring at 62. It will simplify my life. I have no bills. I am not getting anywhere working and i make the same amount as 1999. Get off the treadmill. Jason writes in with his advice. I keep telling people that retirement is more than just not working anymore. You need something to keep the income coming in. No one seems to listen. They blame the state, the fed, obama. To them, i say, i live in america too. I did not set back blaming. That is the conversation on facebook this morning. We will be talking to you in this first 45 minutes on the subject. Before we open up the phone mind, lets bring in diane. She is the executive director of the National Institute on retirement. Good morning to you. Thank you for joining us. ,e had a report from last year Retirement Savings crisis. Is it worse than we think . What are some of the measures and what is the state for americans today . Guest when you look at all working households a new look at what the Retirement Savings is, you really start to realize that we have virtually nothing saved. Has aboute household 3000 put away in retirement accounts dedicated to that purpose. If we look at the population in 10 years, the traditional retirement age, those individuals have about 12,000. A lot of that comes from the fact that we also know that we have 30 million working age households that actually have no Retirement Savings at all. A lot of that comes from the fact that we are at a point where 52 of working households have access to a Retirement Plan is sponsored by their employer today. Host some of the charts from your recent report 45 of all households own assets in a retirement account. You can see that change over the course of different ages. The gap in Retirement Savings. The savings gap as it is described. Guest what is suppressing to us is that we hear so much that the budget deficit in the budget gap. When we look at some of the numbers, if we look at what people have in retirement there are 14 trillion in terms of where we should be and what they should be put away. On target,t to be they need to maintain their current standard of living. About 14this is trillion. If you start to look at other assets that they have, including the house, that cap comes down a bit. 6. 8 trillion. T still, those are huge numbers. The other piece is what american should be saving. Hopefully you will replace the income that you are no longer earning. Look at how much people have saved, with regard to their current level of income, we were surprised by the working one times that have their salary or less saved. You look at the group that is oh close to retirement, almost two thirds are in that situation. Ify really need to do more they are to maintain their standard of living. Diane, you talked about being on target. What is the target these days . Doesnt look like 70 is the new retirement age . I think that people are still trying to figure out exactly where this all sorts out. Social security is raising the normal retirement age. People there 39 ofecent survey where the people talked about continuing to work and never retiring. What we find is that when you start to talk to retirees, you get a strong sense of what people thought it would work longer. If something happens late in job, life, they lose their all of a sudden retirement becomes a reality. They have not planned for it. With the National Institute on retirement security. If you want to see their work, the website is nrif. Com. Thank you for getting up with us. She referenced the Wells Fargo Retirement survey. Some numbers from that 34 of middleclass say that they will work until their 80. They will not have enough money for retirement. That is up from 30 in 2012. Say paying bills and saving for retirement is just not possible. Were talking about retirement and your plans. We want to hear from you this morning on washington neuronal. Full lives are open. Phone lines are open. The numbers are underscoring. On the line for 51 it over is bruce. Good morning. Caller thank you very much. Happy new year. To point outing some things that bother me. The people that take care of themselves are the ones that end up unpunished. Have cash in the bank and saved diligently get no interest. There are problems that the government has caused. People retire leaned too much on Social Security. It was never meant to retire you. It was never meant to take care of all of your bills. The politicians have failed. They have failed miserably to adjust the retirement age. They should send retired people the same form that they send you while you are paying inward. So much is gone the Social Security. They should reverse the process. Host you say they have failed to adjust their terminate. What do you think the rage should be . Caller i do not know that the politician should be involved. Safety net have a for people who are in need, not people who sit there and think that at 65 day retirement and the government should take care of them. Host cw is in liberty, texas. 3150. Thank you for calling. Caller my opinion is this. I accepted the fact that i will have to work until a dad i. That is ok. If you get up early and got a bit late, you can be somebody in america. I am starting to make that that no longer works. If the government wants you to be like a baby bird, then the mama bird regurgitates money into your mouth. We need skilled labor. When a large scale projects. When you get this under control. The old recipe of success will work for it you can get up early and go to bed late. Host cw is calling in from texas. The conversation is continuing on facebook. A few tweets are coming in. Gary says i will retire the day i can afford to. I simply hope it is not one day before my death. We will be talking about this for a halfhour or so. We are showing you updates from news around the country. One more chart. This is from a Washington Post story last year. The percentage of households unable to maintain their free retirement standard of living. You can see that number is creeping up over the years. 53 of households are at risk of being unable to maintain their preretirement standard of living. Louisiana next from on the line for 51 and over. Good morning. Caller i guess i am an auto tea. Oddity. I spent 45 minutes in the business of flying airplanes. Both for the military and commercial aviation. I kept my eye on the ball. I started working on my retirement and never looked beyond my means. Father taught me important lessons. If you cannot afford it, do not buy. I never lived the lifestyle the rich and famous. I was frugal. When i retired, i owned everything. Whatever i get each month is what i can spend. Just to enjoy maritime and. My lifestyle is no different now than it was 40 years ago. It is a matter of personal responsibility. A matter of planning ahead. There will be hiccups in the road. There were in 1981. When i bought a house, i paid 16. 5 interest. People complain today because they do not have money. Interest rates do not give sympathy. You cannot spend more money than you have and expect to have anything left over. Host can i ask you, what impact did the recession have on your say yount plan . You have to plan ahead, could you plan for an event like that . Caller yes. They, the great recession. In 1981, Interest Rates were 16 . I had three mortgages. I had to get out from under them and i did. The way i did it, i denied myself a new carpet i didnt go on expensive vacations. We ate frugally. We paid everything off. From what i went through in 1981, it was more than what we got right now. Was raised by parents that were married in the Great Depression. They did not have any kids until 11 years after. They could not afford it. It was not much. They lived within their means. I think about three new cars in my life. I keep them until i can afford a new car. I do not live beyond my means. That has a lot to do with it. There are a lot of tough things going on right now. The people have been losing jobs for years. How did people get through the Great Depression the 1930s . Think that it is an issue of personal responsibility and not living beyond your means. Host john, i appreciate you calling in. A few more comments from twitter. Someone writes an, are you serious . Every generation is working harder and longer for less value. Ew comments from facebook i am not sure i want to retire says cameron. Aire for living and want to continue to do so. It wrightson and says depends whether government gets involved in my life. Thomas is on the line for those 3150 years old. Good morning. Caller good morning. Host turned on the tv and go ahead. My thing is, basically, i was forced to retire. I retired early. I was trying to prepare you do not have a chance to prepare like you would hope you would. Inot of people are calling with dependent on the government. We have a dysfunctional government. The cost of living has not risen. That is my point. These people in the Republican Party should be held accountable. Everyone. Ts older or younger. Host that is thomas from alabama. Vero beach, florida is on the line for 51 and over. Good morning. Do you think youll be able to retire on time . My retirement age is iing to be a based on what have to do to pay my way. As john was talking about, be responsible. I have something to say to john. Block, blah, blah. I have heard that forever. Working until be i am 70 or until the day i die. Whichever comes first. The comment i said is that things along the way change. I am 57. Hr made this whole process so complicated. It is so bizarre. I went to work for dot coms back in the 90s. The first one i went to, i went to the ipo. I never saw a dime. I was never able to cash in because the process was so overarching. Same thing on another one. I was laid off on the first one. Things along the way where business. John did his whole lifestyle and have the thing where you can work to retirement. He might have lived better than he said. He said he had three mortgages at one point. I know how that system works. People were leveraging all kinds of things. Maybe what he said was true. I worked in finance at the time. Leveraging right and left. Corporations have shifted. Host two you think there is a risk between generations . Are workingle who now and people who are at the age of retirement . Caller host bigtime. I live in vero beach and we are a retirement capital. It used to be st. Petersburg. We are bigtime. Hereoney that comes down is money that is from i am from florida. Born and raised. State taxes in Different Things that were in place up north enables people to save and have pensions and retirement accounts. It was much different than the south. Ating that same time, i am the trailing end of the baby boom generation. Awayhole thing shifted from any benefit to myself. I had two strikes against me. And the sameorida situations along the way host thank you for calling in. That ap story that we talked about it talks about the brief golden age of retirement. The age came to an end in 21st century. Recently, aarps president was at a congressional hearing. He was asked about the retirement question. He was asked whether it causes a rift between generations. Heres what he had to say. [video clip] i think that the issue is that that is a false premise. It says we have a finite amount of resources. We have to fight over them. The issue is, we all age. When youre 20 and you enter the workforce, you have a long life of retirement. If you look at the intergenerational activity, you are concerned about your life and your family. Notion is not one of intergenerational conflict. It should be intergenerational solidarity. We look at the data and it does not transfer well from old to young. It is different. Bottom to top. We have seen the most massive redistribution over the last 30 years. This is a false premise. Were all together and we care for our children. We do know one our parents to be burdened. As grandparents, we do not want our children to be burdened. When you look at the dynamics of family, protecting the workers, we have an idea based on social endurance. Were all in this together. We all contribute and we take the benefits as appropriately. Theyre are designed to protect us all. That was aarps president. He was talking at a congressional hearing. Were talking to you about whether youll be able to retire on time. The phone lines are open. The numbers are on your screen. The foam ones are open. Will you be some news from around the country today. Heres the front page of the denver post. The marijuana milestone in colorado. Historic day. Smiling wide in the rollout of recreational pot. High fives all around is the headline. The front page of the New York Times today notes the bill de blasio being sworn in as mayor of new york. His familyf him with as he is sworn in at city hall by bill clinton. It notes that in his inaugural address, he described social inequality is a quiet crisis. The driveways and terrorist attacks the income disparity is a struggle. Than he is the first liberal to lead city hall in two decades. He delivered his critique as his bloomberg, seems to embody the current gilded age. He sat unsmiling a few fleet away. Of the New York Times. We also want to point out the lead editorial. It has to do with an estate leaker edward snowden. The Editorial Board of the New York Times dubbed him a whistleblower. It says that the enormous valuation of the statements revealed and the abuses he has revealed he deserves better than a life of permanent exile. He may have committed a crime, but he has done the country a great service. It is time for us to offer him a plea bargain or some sort of sentencing and will allow him to return home. He should have the hope of a life advocating for greater privacy. That is the lead editorial in todays New York Times. Asked you this morning whether you think youll retire on time. How has the Economic Situation of the past several years impacted your Retirement Plans . Patricia is waiting in pinellas park, florida. Good morning. Caller good morning. I wouldlike to say that like to see baby boomers retiring on time. That at my age, i will retire on time. Baby boomers are still out there. They are getting into their Senior Citizen dazed. Even way past their ages, they are making it stagnant for people who are graduating out of college. I feel that the technology though we are learning is way above the baby boomers. We clearly were more educated. Not going to get the opportunity because of the baby boomers. They will retire. I would like to see them retire so we have the chance to work. We could make the country better. Host patricia calling from florida. Peg writes in on twitter that retirees lost 30 of their 401 k s. The best of planning could not avoid the wall street crash. Were talking about how your Retirement Plans were active over the past several years. Steve is in boise, idaho. On the line for folks under 30. Good morning. How have your plans changed in recent years . Me, the whole thing is i will not be able to retire on time. There will not be anything to retire with. Social security is not designed cover everything. It is an important part of it. Isyre saying now that it 2036 that the trust fund will run out. 75 fits will be reduced to of what they are now. Theyre not all that great now. Bothers me the most is that this is fixable. There are half a dozen options for fixing the system. Revising the cpi increasing the cap. Earnings can be capped. Increasing the tax rate and a bunch of others. No politician will touch it. They are too gutless. Theyre more afraid of losing an election than they are of people losing their Social Security. Host what does this mean to you . What are you hoping to retire . Caller i am 27. I have no idea what age i will be able to retire. There are too many unknowns in the system. Guess i am a pessimistic personality. You better plan on working until you drop. Right, a lot of older folks have said smart things about not living beyond your means. When the head when you can. Ahead when you can. I cannot look that far down the road. Mention that politicians are too afraid to address these issues. Is there any politician that you think is staying the right things . Caller not an active all addition, but bill bradley from new jersey. I have heard him speak a number of times on this topic. He is one guy. He does seem to be in touch. Maybe there are others out there. I do not think there are any that are jumping up and grabbing a megaphone. Host steve. We have set up the phone lines by age group. Were taking your calls on this question. Do you think you will retire on time . There are stories in the various papers. The hill newspaper had a story up today on white house increasing pressure for the passage of jobless age. It notes increased pressure on congress to extend longterm jobless aid. Gene sperling is the director of the National Economic council likelys that there is less joy and more fear and distress and the homes of 1. 3 million americans who have seen their Unemployment Insurance cut off. That is a Statement Relea