The U.S. ranks 18th among 34 member nations of the Organisation for Economic Co-operation and Development for income of retirees age 75 and older, Professor Norman Stein noted in an Oct. 7 letter to the editor of the Wall Street Journal, (subscription required).
Stein disputed claims made in an op-ed article the newspaper published on Sept. 30, which labeled the income crisis for U.S. retirees as “imaginary.”
The authors’ contention “is largely based on a single cherry-picked number from a 365-page report,” Stein wrote, adding that a recent Gallup poll found post-retirement income is a major worry for Americans aged 30 to 64.
His letter was cited in an article in Reverse Mortgage Daily.
Stein is an expert on pension and tax law who has frequently testified before Congress and federal agencies that regulate the financial industry.