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Volume 14, Issue 3 - October 2014

MRRC researchers in the media

Olivia S. Mitchell was quoted in a Bloomberg article noting the trend of baby boomers not paying off their mortgages before retirement. “‘There were old-fashioned beliefs probably 30 years ago’ that included ‘you should pay off your house before you retire,’” the article quotes. “‘This is no longer the case.’”

MRRC Director John Laitner helped explain to Des Moines Register readers why Iowa candidates for the U.S. Senate don’t offer clear positions on preventing Social Security insolvency. “‘There’s no way of doing it without something unpalatable,’ he said. ‘Whether you say we’re going to increase the tax or we’re going to trim the benefits or some of each, somebody’s going to get something they don’t want.’” The article continues: “‘These are tough decisions,’ Laitner said. ‘If the thing is insolvent, you’re either going to have to cut benefits back or raise the tax inflow. If you’re a politician, neither one is something you want to stand up there and say you favor.’”

A U.S. News & World Report’s Personal Finance article also quoted the MRRC director: “John Laitner, director of the University of Michigan Retirement Research Center, says many people plan for retirement too late in their career, and they lose the benefit of time. ‘Money put into a retirement account early in adulthood…can expand with compound interest year after year,’ he says.”

U.S. News also cites MRRC research in a Personal Finance piece on increasing retirement savings before year end: “According to the Michigan Retirement Research Center, married college graduates – people who are otherwise among the most prepared for retirement – often forget to consider just how much of their retirement income will be going to Uncle Sam. Only 3 in 4 people in this group are prepared for retirement after taxes are taken into account; otherwise, 92 percent report being ready. ”