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Inadequate Retirement Savings for Workers Nearing Retirement

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Abstract

Without a universal supplement to Social Security, many of the 24 million workers ages 55-64 will face declining living standards or poverty in just 10 years. One-third of older workers have neither retirement savings through a 401(k) or IRA, or a defined benefit (DB) pension. Overall, the median account balance of workers approaching retirement is just $15,000. The median account balance for those with retirement savings is just $92,000.

Suggested Citation

  • Teresa Ghilarducci & Amanda Novello, 2017. "Inadequate Retirement Savings for Workers Nearing Retirement," SCEPA policy note series. 2017-02, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    • Handle: RePEc:epa:cepapn:2017-02
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    File URL: https://www.economicpolicyresearch.org/images/docs/research/retirement_security/Account_Balances_adjusted_appendix_tables.pdf
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    References listed on IDEAS

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    1. Alicia H. Munnell & Rebecca Cannon Fraenkel & Josh Hurwitz, 2012. "The Pension Coverage Problem in the Private Sector," Issues in Brief ib2012-16, Center for Retirement Research, revised Sep 2012.
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    Cited by:

    1. Berkman, Lisa F. & Truesdale, Beth C., 2023. "Working longer and population aging in the U.S.: Why delayed retirement isn’t a practical solution for many," The Journal of the Economics of Ageing, Elsevier, vol. 24(C).

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    More about this item

    Keywords

    Retirement; Social Security; finance; savings; old age; poverty; older workers;
    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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