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1 1 (May 8, 2020)

handle is hein.amenin/aeiadac0001 and id is 1 raw text is: ByAndrew G -Biggs This report uses two( ~ n aa sources to provide nsights on' the evolution of rtirement savis overthe past tafare. Firrs-' t O FedraN Resere'sSurvey of Consumer Finances and Dist rbuto ainai l AccontDA') pv Jde .ates o both household savings in retiremnent acconts and any benefis households accrued under a wradi- oLW yde:fined bene pens'on The NA dat sho that, fr 1'9'89tr 206 h retrernert savinas n-aNed 1 every ag, nme ;;a or nducaional grop This is true whether retirerent sa-vnas ar reasued in ;nfatioin-adjusted doairs or as the ratio of retire- ment savings to their annual eainas Second, 1 resrnt previously unpubUshed projecthons from the Social Security- vIrniistrations Modei of ncomei tihe NearTerr (MINT). The MINT me odel re'es tht fur ret iees wil have oeirement incomes as a percentage of preretire-- ment earnings similar t hose of current retirees. Americzans are concerned aboat retir Eighty percent of Democats 1an 75 percent of Republicans and indee'd'ets agreed in a 2019 survey that Armericta is facitng a retirement crisis (Oakley and Kenneally 201 9) Only 57 percent of Americans -ni a zo01 Gallup (018) survey expect to have a cont- fortable retirenernent-the hihes ecorded in the past is years. Just 25 percent of Gallup's respond- ents believed theywcre savin'genoughf 1'i'orreiemenlt. Jmnericans' worries are partly u;nderstandable. It is difficult to- k-w how inuch. incorne people need in retrement or how nuich they should save today to get thcre. And if people reach rctircmentr age with insufficient savings they may not nave na ny options availa ble to address theshortfall. But Anerican srtiremnentworries toda areeracerbated by a cottage industry of resarchern, ntrest groups, and media reyorts t.hat reinforces the view that households face a retirement crisis of Made- quate savings. It is no wonde Americans are worried, Many reports attri burr the purported dcelinc in Anerians' retement: security to the generations-- long sift from traditional defined benefit (DB) pensions to deninea contribtion C) rtrmn accounts,± oindn 4oi(kas andr inndida rtirement account-s (IR 's) For instancce a study published by the progressive-leain Econonic Polic Institutc states, The shift from pensionsi to accout-ype savings plans has ben a dlisaster' tori'n loe-incomne, black, Hispanic, non-college-educated, and single workers, -o togerher add up to amajority of the American popuatio (Morrissey '019). Monique IM'orrissey concluden that te US retrement system does not work for most wo'rkes, which ini her view undescores the importance of preservi ng and expanding Social Security defending defined May 2020 Changes to Household Redirernent SayingsSince 1989

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