Reviews the Bank's operations and includes the article entitled "Are We Saving Enough? Households and Retirement"

Jeff Lacker discusses the 2007 economy as well as the long-term challenges as many Americans prepare for retirement.

Authors Senior Vice President and Director of Research John Weinberg and economics writer Doug Campbell examine the extent to which Americans are financially prepared for retirement. They describe the results of careful studies on American saving habits. Review of the research and data shows that most families nearing retirement are saving both adequately and optimally — or the best they can given their lifetime expected incomes. However, estimates about savings adequacy depend on the assumption that entitlement program benefits will be forthcoming. Population aging and the retirement of baby boomers challenge that assumption and may portend a future in which some people will need to consume less than they would otherwise. The authors describe the tradeoffs involved with various approaches, and conclude that the sooner we settle on a solution to our federal retirement problems the better off all generations are likely to be.

First Vice President Sally Green talks about the Bank's many important relationships throughout the District and introduces the Richmond Fed's new vision.

A review of the Bank's community involvement and programs in this area throughout the year.

A look back at 2007 economic conditions in the Fifth District, including analysis and data on employment, personal income and household financial conditions, business conditions, and housing.

Photos and listings of the Bank's boards of directors and advisory groups.

Photo of Management Committee and listing of Bank officers.

Comparative financial statements and footnotes for 2007. Also includes Management Assertion and Reports of Independent Auditors.