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Retirement Readiness in New York City: Trends in Plan Sponsorship, Participation, and Preparedness

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Abstract

New Yorkers need safe and convenient mechanisms to save for old age. Secure pension income helps strengthen the city's financial future by keeping social spending down and older residents' spending power up. However, fewer than half of New York residents have access to a retirement plan at work. Low and decreasing rates of employer sponsorship of retirement plans and the shift from traditional pension plans to 401(k)-type plans are threatening New Yorkers' financial readiness for retirement.

Suggested Citation

  • Teresa Ghilarducci & Joelle Saad-Lessler & Michael Papadopoulos, 2015. "Retirement Readiness in New York City: Trends in Plan Sponsorship, Participation, and Preparedness," SCEPA publication series. 2015-04, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    • Handle: RePEc:epa:cepapb:2015-04
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    File URL: https://www.economicpolicyresearch.org/images/docs/retirement_security_background/NYC_Retirement_Readiness_Report.pdf
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    More about this item

    Keywords

    Retirement; 401(k); Sponsorship; New York City; City;
    All these keywords.

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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