urban institute nonprofit social and economic policy research

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Although poverty rates at older ages have fallen dramatically, some groups continue to receive inadequate retirement income. Looking to the future, there is increasing concern about how well Baby Boomers will fare in retirement. Our research identifies those who are especially vulnerable at older ages, shows how different groups will likely fare in the future, and considers whether most Americans are saving enough for a comfortable retirement.
 
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Boomers' Retirement Income Prospects (Research Brief)
Melissa M. Favreault, Richard W. Johnson, Karen E. Smith, Sheila R. Zedlewski

The lackluster economy, eroding traditional pensions, and volatile stock market suggest that baby boomers - those born between 1945 and 1965 - face increasingly uncertain retirements. Our projections show that lower - and moderate-income boomers will continue to rely on Social Security for most of their retirement income. While the projections reflect some good news - women will reap the rewards of working and earning more than previous generations - they also raise alarms. Between 30 and 40 percent of boomers will not have enough income at age 70 to replace 75 percent of their preretirement earnings, a common standard for measuring retirement income adequacy.

Posted: February 06, 2012Availability: HTML | PDF

Retirement Account Balances (Updated 1/12) (Fact Sheet / Data at a Glance)
Barbara Butrica, Philip Issa

The retirement savings of American households took a big hit when the stock market crashed in 2008. Recently, however, a good portion of these losses has been reversed. This fact sheet follows trends in retirement account balances since the beginning of 2005.

Posted: January 05, 2012Availability: HTML | PDF

The Averages Can Be Misleading: Older Americans and Poverty (Commentary)
Sheila R. Zedlewski

In this commentary for New York Times' Room for Debate, Institute fellow Sheila Zedlewski explains that many of the nation's 41 million seniors live in or very near poverty and many have assets mostly tied up in their houses. Policy makers must be ever mindful of that diversity when considering changes in policy that would affect retirement income security.

Posted: November 15, 2011Availability: HTML

Immigrant Diversity and Social Security: Recent Patterns and Future Prospects (Research Report)
Melissa M. Favreault, Austin Nichols

Immigration is transforming the U.S. labor force with important consequences for Social Security's adequacy and finances. Using longitudinal data from the Survey of Income and Program Participation matched to administrative data on lifetime earnings and benefit receipt, we measure the extent to which nonnatives' lifetime earning patterns, payroll taxes paid, benefits received, and total incomes differ from those for the U.S.-born population. We consider other outcomes important to retirement security, like health status, marital status, and financial wealth. We also compare various immigrant groups with one another. Our findings stress heterogeneity in labor force and Social Security experiences among immigrants.

Posted: November 03, 2011Availability: HTML | PDF

Automatic IRAs and Retirement Security (Video / Commentary)
Barbara Butrica

Barbara Butrica, a senior research associate at the Income and Benefits Policy Center, explains the reasons why many older Americans aren’t financially prepared for retirement, how establishing automatic IRAs can help, and other measures policymakers can take to improve retirement security for their constituents.

Posted: July 28, 2011Availability: HTML

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