Despite $26 trillion in U.S. retirement savings, only half of American workers between ages 25 and 64 participate in employer-sponsored retirement plans and 53% of face a substantially reduced standard of living when they retire, according to the new book “From Here to Security: How Workplace Savings Can Keep America’s Promise.”
In addition, Social Security, which is not included in that $26 trillion figure, is facing a shortfall that could lead to a cut of more than 20% in benefits by early 2034.
That’s equal to $4.13 trillion in present value, according to Harry J. Conaway, the CEO of the Employee Benefit Research Institute (EBRI), one of several panelists participating in a retirement policy forum Monday in New York.
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Bernice Napach
Bernice Napach is a senior writer at ThinkAdvisor covering financial markets and asset managers, robo-advisors, college planning and retirement issues. She has worked at Yahoo Finance, Bloomberg TV, CNBC, Reuters, Investor's Business Daily and The Bond Buyer and has written articles for The New York Times, TheStreet.com, The Star-Ledger, The Record, Variety and Worth magazine. Bernice has a Bachelor of Science in Social Welfare from SUNY at Stony Brook.
