Strengthening the U.S. Retirement System Requires Recognizing and Addressing Demographic Disparities
LOS ANGELES, Dec. 15, 2023 /PRNewswire/ -- Fewer than one in four Americans (24%) strongly agree they are currently building or have built a large enough retirement nest egg. However, this sentiment varies dramatically across demographic segments, according to A Compendium of Demographic Influences on Retirement Security ("Compendium"), a comprehensive survey report released today by nonprofit Transamerica Center for Retirement Studies® (TCRS) in collaboration with Transamerica Institute®.
- "Demographic influences can profoundly affect an individual's and family's ability to prepare for a financially secure retirement.
- As a result, they often end up relying on Social Security to fund their retirement," said Collinson.
- Among those not yet retired, individuals with an HHI of less than $50,000 have saved just $1,000 in total household retirement accounts.
- "Strengthening the U.S. retirement system requires addressing Social Security's funding shortfalls and reinforcing social safety nets.