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NEWS
Retirement in West Virginia
A study by Ernst & Young found that an overwhelming majority of Americans and West Virginians are likely to outlive their retirement savings, especially if they don't have a defined benefit plan or annuity.
Here are some of the findings:
- Over three quarters of middle-income West Virginia households of near retirees (who are seven years from retirement) can expect to outlive their financial assets if they attempt to maintain their pre-retirement standard of living.
- Nearly seven of 10 middle-class West Virginia new retirees can expect to outlive their financial assets.
- Nine out of 10 near retirees and more than eight out of 10 new retirees without an employer pension plan in West Virginia are likely to outlive their assets.
- Married couples are more likely to outlive their financial assets, due to their longer joint life spans. Single women are more likely to outlive their assets than single men.
- Near retirees in West Virginia would have to reduce their standard of living on average by 42 percent to reduce the likelihood of outliving their financial assets to only 5 percent
- New retirees in West Virginia would have to reduce their standard of living on average by 30 percent to reduce the likelihood of outliving their assets to only a 5 percent failure rate.
