A Pew Discussion: The Effect of Insufficient Retirement Savings
The status and economic impact of Pennsylvania residents’ retirement security
On March 12, Pennsylvania State Treasurer Joe Torsella and experts from Philadelphia-based Econsult Solutions joined The Pew Charitable Trusts in a discussion about a new report quantifying the fiscal and economic costs of insufficient retirement savings. The repercussions of this savings deficit affect every state and include increased public assistance costs, reduced tax revenue, decreased household spending, and lower employment. The Pennsylvania-specific study estimated these costs at $14.3 billion through 2030.
The Philadelphia event was moderated by John Scott, who directs Pew’s retirement savings project.
Participants
John Scott, director, The Pew Charitable Trusts’ retirement savings project
Ethan Conner-Ross, director, Econsult Solutions Inc.
Treasurer Joe Torsella, Pennsylvania Treasury
