Current US savings plans could leave many workers short of funds for retirement.
Federal Reserve economists Sebastian Devlin-Foltz, Alice M. Henriques and John Sabelhaus show how the Great Recession continues to encroach on Americans’ ability to save for retirement. The shift from guaranteed pensions to contributory plans places the burden of saving for retirement on employees. But data suggest that many workers, particularly the young and less well-off, will be unable to accumulate sufficient nest eggs to see them through their golden years. getAbstract recommends this eye-opening report to anyone who hopes to one day retire.
In this summary, you will learn
- How the Great Recession continues to impinge on Americans’ ability to save for retirement
- Why lower-income families and young heads of households are saving less than before
- What that means for current defined contribution plans and Social Security
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Federal Reserve Board, 2014
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