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Title: The Retirement Savings Crisis: Is It Worse Than We Think?

Citation Type: Miscellaneous

Publication Year: 2013

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Abstract: Americans are highly anxious about their retirement security,1 and for good reason. Private sector employers have shifted away from traditional defined benefit (DB) pensions, which provide a stable source of income that lasts through retirement and are managed by professionals. Instead, most private sector employees with workplace retirement plans must rely upon defined contribution (DC) individual investment accounts, such as 401(k) plan accounts, which were originally designed to supplementrather than replaceDB pensions. Now, the risk and much of the funding burden falls on individuals, who tend to have difficulty contributing enough on their own and who typically lack investment expertise. This shift from DB pensions to DC plans has significantly eroded the retirement readiness of Americans.

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Authors: Rhee, Nari

Publisher: National Institute on Retirement Security

Data Collections: IPUMS CPS

Topics: Aging and Retirement

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