Savings Crisis: 1 in 3 Older Workers Likely to Be Poor or Near-Poor in Retirement

April 8, 2015 10:30 AM

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Savings Crisis: 1 in 3 Older Workers Likely to Be Poor or Near-Poor in Retirement

A third of U.S. workers nearing retirement are destined to live in or near poverty after leaving their jobs, new research shows. One underlying cause: a sharp decline in employer-sponsored retirement plans over the past 15 years.

Just 53% of workers aged 25-64 had access to an employer-sponsored retirement savings plan in 2011, down from 61% in 1999, according to a report from Teresa Ghilarducci, professor of economics at the New School. More recent data was not available, but the downward trend has likely continued, the rep...

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