The Continuing Retirement Savings Crisis

Nari Rhee, Ilana Boivie

Abstract


With the Baby Boom generation beginning to retire, more emphasis has recently focused on Americans’ financial security in retirement. Most recent studies show that many Americans are ill-prepared for retirement, and that they are highly anxious about their ability to retire. The financial crisis of 2007-2008 was a huge setback for households. This report examines the readiness of working-age households, based primarily on an analysis of the 2013 Survey of Consumer Finances (SCF) from the U.S. Federal Reserve. The study analyzes workplace retirement plan coverage, retirement account ownership, and household retirement savings as a percentage of income, and estimates the share of working families that meet financial industry recommended benchmarks for retirement savings. 


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Copyright (c) 2016 Ilana Boivie

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.