Brief Strengthening Private Sources of Retirement Savings for Low-Income Families
Elizabeth Bell, Adam Carasso, C. Eugene Steuerle
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Widening access to retirement savings vehicles and increasing the accumulations within these vehicles could help secure the future for many lower-income families. Currently, the role played by private pensions in asset building is small to nonexistent for most poor and lower-middle class workers. Instead, these persons rely primarily on Social Security and the savings in their home equity, if any, to sustain them in retirement. This brief, based on feedback from a roundtable of experts convened at the Urban Institute, provides background data on the assets of US households and discusses options for increasing levels of saving and retirement security for low- and moderate-income families.
Research Areas Wealth and financial well-being Aging and retirement Families Taxes and budgets
Tags Economic well-being Asset and debts Employment and income data State and local tax issues Individual taxes Retirement policy Opportunity and ownership Financial stability Family savings