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Inadequate Retirement Savings for Workers Nearing Retirement

Teresa Ghilarducci and Amanda Novello
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Amanda Novello: Schwartz Center for Economic Policy Analysis (SCEPA), http://www.economicpolicyresearch.org

No 2017-02, SCEPA policy note series. from Schwartz Center for Economic Policy Analysis (SCEPA), The New School

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.

Keywords: Retirement; Social Security; finance; savings; old age; poverty; older workers (search for similar items in EconPapers)
JEL-codes: D63 E21 H55 J26 J32 (search for similar items in EconPapers)
Pages: 6 pages
Date: 2017-08
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Persistent link: https://EconPapers.repec.org/RePEc:epa:cepapn:2017-02

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