The State of American Retirement: How 401(k)s Have Failed Most American Workers
The shift from pensions to individual 401(k) retirement plans has left most American workers with lower retirement savings than their counterparts in past decades, according to a new report from the Economic Policy Institute. The State of American Retirement: How 401(k)s Have Failed Most American Workers finds that retirement wealth has not grown fast enough to keep pace with an aging population and stagnant wages, especially for low-income and minority Americans. For many groups, including black, Hispanic, and non-college educated Americans, the typical working-age family or individual has no retirement savings at all, according to the study. The report includes a series of charts detailing the state of American workers’ retirement savings and how they have changed over the last three decades.