For many Americans, saving through a workplace retirement plan is the primary vehicle to ensure financial security in old age, but coverage is not universal. Gaps in plan coverage affect more than workers’ retirement security. Federal, state, and local governments—as well as the larger economy—will likely face higher costs and reduced economic output.
On Feb. 6, John Scott, director of The Pew Charitable Trusts’ retirement savings project, testified before the U.S. Senate Special Committee on Aging regarding financial security in retirement and innovations and best practices to promote savings. Watch the full hearing below.