Most Americans are not saving enough for retirement. The Retirement Security Project found that more than half of all U.S. households had zero savings in an employer-based 401(k)-type plan or tax-preferred savings plan account—and the median savings for those who did hold such accounts was only $34,000.
From 2004 to 2010, Pew worked in partnership with Georgetown University’s Public Policy Institute and the Brookings Institution on the Retirement Security Project, dedicated to promoting common-sense solutions that will improve the retirement income prospects of millions of American workers. The project promoted best practices for retirement savings, such as having employees "opt out" of 401(k) plans rather than "opting in." In addition, the project published policy and legislative analyses, original research, and working and discussion papers. Project staff have presented testimony to Congress.
The Retirement Security Project also hosted public forums on retirement security and conducted outreach and communication on the topic. These efforts promoted better retirement savings practices and policies as well as keeping the public informed about important new developments.
How Retirement Accounts Are Treated in Means-Tested Programs And Steps to Remove Barriers to Retirement Saving
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As Americans mark National Retirement Security Week, which starts Oct. 16, a recent federal policy change could benefit millions of people who lack access to retirement plans at their jobs. The U.S. Department of Labor has given a green light to states—and potentially a limited number of cities—to enact programs to bolster retirement savings by private sector workers. Read More
President Obama's Budget Includes Automatic IRA Proposal and Expansion of Saver's Credit for 401(K) IRA Savings
Washington, DC - The Administration's budget outline, released today, includes the Automatic IRA proposal developed by the Retirement Security Project. The proposal, endorsed by President Obama and Senator McCain during the Presidential election campaign, would pursue universal retirement savings coverage by allowing employees not covered by qualified retirement plans to save for retirement... Read More
Washington, DC - Eleni Constantine, director of the Pew Health Group's financial security portfolio, issued the following statement in support of legislation creating an “automatic IRA,” S. 3760, introduced by Sen. Jeff Bingaman (D-NM) and H.R. 6099, introduced by Rep. Richard Neal (D-MA). Under these bills, employees who do not have a 401(k) plan with their present employer would be... Read More