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In December 2019, the Transamerica Center for Retirement Studies released a study on retirement readiness, as part of its 19th Annual Retirement Survey of Workers, one of the largest and longest-running surveys of its kind. TCRS surveyed more than 5,100 workers of for-profit companies on more than 30 key indicators of retirement readiness. The study found that today’s workers have saved $50,000 (estimated median) in all household retirement accounts, but savings vary dramatically across demographic segments. According to TCRS, the survey highlighted five specific opportunities to improve retirement security:
- Expand access to workplace retirement plans.
- Encourage wider adoption of automatic enrollment by retirement plan sponsors to increase participation rates among workers.
- Discourage “leakage” from retirement accounts in the form of loans and withdrawals, which can severely inhibit the growth of an individual’s long-term savings.
- Raise awareness of the IRS Saver’s Credit, a tax credit that is available for low- and moderate-income workers who save for retirement in a 401(k) or similar plan or IRA.
- Implement reforms to Social Security to ensure that it is sustainable for future generations.