While defined contribution plans are the primary way private-sector employees save for retirement, the National Institute on Retirement Security (2013) reports that the average working household has virtually no retirement savings. Thirty-eight million working-age households (45%) have no private insurance accounts. The medium retirement account balance is $3,000 for all working households and $12,000 for near retirement households.
Further, 47 million Americans receive social security benefits as their primary old-age pension. By 2030, beneficiaries will increase to 70 million.
As retirement income is based on earnings and savings, working women are less likely to have a private retirement account and receive disproportionately less social security benefits.
Employers play a vital role in helping employees save and plan for retirement. The dialogue starts now.
Join EANJ and experts from the USDOL Women’s Bureau and Employee Benefits Security Administration and the Bureau of Labor Statistics.
This event is being offered free of charge.