Americans: Living Rich, Retiring Poor
McCombs School of Business
"Now that the baby boomers are reaching retirement age, the United States draws closer to a retirement crisis. Simply put, the golden years that many Americans have expected may turn out to be more dross than gold."
Wednesday, March 26, 2014
AT&T Executive Education and Conference Center, 1900 University Ave., Room 203, Austin, TX 78705
AT&T Conference Center Parking Garage and surrounding public lots.
Now that the baby boomers are reaching retirement age, the United States draws closer to a retirement crisis. Simply put, the golden years that many Americans have expected may turn out to be more dross than gold. Retirees may be facing a fiscal tsunami. They have saved far too little in their 401(k) plans to enable them to sustain the standard of living to which they have become accustomed.
The Social Security system, while not in as bad shape as some claim, is unlikely to increase benefits, at least not in the foreseeable future. The pension plans of state and local governments are significantly underfunded. Without significant reforms in our health care system that go beyond the Affordable Care Act, medical costs will most probably increase. The ratio of workers to retirees is certain to decrease thereby requiring that an increasing percentage of GDP be directed toward retirees.
We will examine the myths and realities surrounding these trends and discuss how they will affect us as both current and future retirees and as taxpayers.
Issues that will be addressed include:
• Why 401(k) plans have not lived up to their promise
• How best to reform public pension systems (and thereby avoid more municipal bankruptcies)
• Can you (and your children) expect to receive promised Social Security payments
• How reliable is government financial reporting with respect to pensions, Social Security and Medicare
Dr. Granof is currently the Ernst & Young Distinguished Centennial Professor and the University Distinguished Teaching Professor in the Department of Accounting and at the Lyndon B. Johnson School of Public Affairs. He received his MBA from Columbia University and received his Ph.D. from the University of Michigan.
Dr. Granof is currently serving a five-year term as a member of the Governmental Accounting Standards Board, the board that establishes accounting and reporting standards for state and local governments. At the same time he is also serving a five-year term on the Federal Accounting Standards Advisory Board, which establishes accounting standards for the federal government at-large and for each of its departments and agencies.
Dr. Granof’s research interests include a wide array of topics on financial and government accounting. He has been published many times in both academic and professional journals, and is the author of several books. They include Government and Not-for-Profit Accounting, Financial Accounting: Principles and Issues, and How to Cost your Labor Contract.
He was a member of the National Council on Governmental Accounting, the Governmental Accounting Standards Advisory Council, the U.S. Comptroller General’s Advisory Council on Government Auditing Standards and the AICPA’s Committee on Governmental Accounting and Auditing.
He currently serves on the U.S. Comptroller General’s Educators Advisory Panel and the Board of Trustees of the Association of Government Accountants’ Academy for Government Accountability.
Dr. Granof is the recipient of numerous teaching awards and is a member of The University of Texas Academy of Distinguished Teachers. In 2007 he received the University of Texas Civitatis Award, which is presented to faculty members who have demonstrated exemplary campus citizenship throughout their careers at the university.