Almost 70% of Americans who participated in a recent survey had not planned for the long-term-care needs of themselves, their spouse, or another relative (Source: America's Health Insurance Plans, 2007).
In 2005, 85% of men and women took early retirement benefits compared to 66% of men and 71% of women who took early retirement benefits in 1999 (Source: CNNMoney.com, 2007).
In the public sector, 80% of workers are covered by a defined-benefit pension plan, 14% have defined-contribution plans, and 6% have both. 70% of workers participate in Social Security. By contrast, only 10% of workers in the private sector are covered by a defined-benefit pension plan, 64% participate in 401(k) plans, and 26% of workers participate in both types of plans. Virtually everyone participates in Social Security. Public defined-benefit plans tend to provide larger benefits than their private-sector counterparts and most offer retirees cost-of-living increases, a benefit that is essentially nonexistent in the private sector (Source: Center for Retirement Research at Boston College, 2007).