Fact Sheet: New Retirees Have Inadequate Retirement Account Balances

Teresa Ghilarducci and Joelle Saad-Lessler
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Joelle Saad-Lessler: Schwartz Center for Economic Policy Analysis (SCEPA), https://www.economicpolicyresearch.org

No 2013-03, SCEPA publication series. from Schwartz Center for Economic Policy Analysis (SCEPA), The New School

Abstract: This fact sheet provides documentation and analysis on retirement account balances of near retirees based on data from the U.S. Census Bureau's Survey of Income and Program Participation. The analysis reveals that 59 million Americans ages 50-64 in 2011 will not have enough retirement assets to maintain their standard of living when they retire. Three-fourths of near retirees have annual incomes below $52,536 per year and their average retirement account balance is $27,207. Furthermore, the median value of retirement account balances for half of near retirees is zero, showing that half of older working Americans have absolutely no retirement savings. These facts - coupled with a weakening labor market, especially for older workers - documents the growing trend toward a retirement income security crisis.

Keywords: Retirement; Social Security (search for similar items in EconPapers)
JEL-codes: E21 H55 J26 (search for similar items in EconPapers)
Pages: 8 pages
Date: 2013-08
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Persistent link: https://EconPapers.repec.org/RePEc:epa:cepapb:2013-03

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