We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (21,155)
  • Industry Conferences (2)
  • Industry Job Openings (35)
  • Moore on the Market (414)
  • Negative Media (144)
  • Positive Media (73)
  • Sheryl's Articles (800)
  • Wink's Articles (353)
  • Wink's Inside Story (274)
  • Wink's Press Releases (123)
  • Blog Archives

  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • September 2008
  • May 2008
  • February 2008
  • August 2006
  • Recognizing and Addressing Risks and Realities Negatively Impacting Retirement Security

    December 7, 2021 by Transamerica Center for Retirement Studies


    LOS ANGELESNov. 30, 2021 /PRNewswire/ — Fewer than one in four U.S. workers (24 percent) are “very” confident that they will be able to fully retire with a comfortable lifestyle, according to A Compendium of Findings About the Retirement Outlook of U.S. Workers (“Compendium”), a study released today by nonprofit Transamerica Center for Retirement Studies® (TCRS) in collaboration with Transamerica Institute®.

    Retirement confidence, however, varies across demographic segments. Thirty-four percent of workers with a household income (HHI) of $100,000+ are very confident about their future retirement, compared with 14 percent of those with an HHI of $50,000 to $99,999 and just 11 percent with an HHI of less than $50,000. Urban (32 percent) are more likely than suburban (19 percent) and rural workers (16 percent) to be very confident, and full-time (25 percent) are more likely than part-time workers (15 percent) to be very confident.

    “Demographic influences can profoundly affect a worker’s ability to save, plan, and prepare for a financially secure retirement. A greater understanding of these influences can help identify opportunities, envision solutions, and inform public policy priorities for strengthening our retirement system,” said Catherine Collinson, CEO and president of Transamerica Institute and TCRS.

    As part of TCRS’ 21st Annual Retirement Survey of Workersone of the largest and longest-running surveys of its kind, the Compendium is based on a survey of employed workers conducted in late 2020. It offers 35 key indicators of retirement readiness by employment status (full-time, part-time), work arrangements (remote, in-person, hybrid), urbanicity, LGBTQ+ status, race/ethnicity, caregiver status, and household income.

    How the Pandemic Has Impacted Workers’ Finances and Employment

    The pandemic has brought widespread disruption to the economy, employers, and the workforce. The survey findings illustrate the experiences of employed workers and demographic influences:

    • Forty-nine percent of workers indicate the pandemic has negatively impacted their financial situation. LGBTQ+ (62 percent), caregiver workers (61 percent), and workers with an HHI of less than $50,000 (60 percent) are more likely to have been negatively impacted.
    • More than four in 10 workers (43 percent) experienced one or more negative impacts to their employment including job loss, furloughs, reduced hours, reduced pay, and/or retiring early. Part-time (58 percent), caregiver (55 percent), LGBTQ+ (54 percent), Hispanic (52 percent), and workers with an HHI of less than $50,000 (51 percent) are somewhat more likely to have been impacted.
    • Emergency savings are alarmingly low. Workers report having emergency savings of $5,000 (median) to cover the cost of unexpected financial setbacks. Workers with an HHI of less than $50,000 have saved just $250, while those with an HHI of $50,000 to $99,999 have saved $5,000, and those with an HHI of $100,000+ have saved $12,000 (medians).

    Demographic Influences on Workers’ Retirement Preparations and Prospects

    “Despite the immediacy of the pandemic and its challenges, it is remarkable that workers are maintaining a focus on their future retirement. Nevertheless, many are still at risk of not achieving long-term financial security,” said Collinson. The survey findings offer insights about workers’ retirement prospects:

    • More than four in five workers (82 percent) are saving for retirement through their current employer’s 401(k) or similar plan and/or outside of work. Workers with an HHI of $100,000+ (91 percent), remote (90 percent), and caregiver workers (90 percent) are more likely to be saving for retirement. Part-time workers (66 percent) and those with an HHI of less than $50,000 (60 percent) are less likely to be saving.
    • Thirty-four percent of workers have taken a loan, early withdrawal, and/or hardship withdrawal from a 401(k) or similar plan or IRA, including 25 percent who have taken a loan and 25 percent who have taken an early and/or hardship withdrawal (including unpaid loans that became withdrawals). Urban workers (46 percent) are more likely to have done so than suburban and rural workers (26 percent both).
    • Workers have saved $93,000 in all household retirement accounts (estimated median). Retirement savings increase with household income. Workers with an HHI of $100,000+ have saved $200,000 while those with an HHI of $50,000 to $99,999 have saved $47,000, and those with an HHI of less than $50,000 have saved $3,000 (estimated medians).  
    • Almost half of workers indicate debt interferes with their ability to save for retirement (49 percent). Workers with an HHI of less than $50,000 (63 percent) and LGBTQ+ workers (61 percent) are more likely to indicate so.
    • One-third of workers (33 percent) have a written financial strategy for retirement. Caregiver (47 percent), hybrid-work-arrangement (45 percent), urban (42 percent), and workers with an HHI of $100,000+ (42 percent) are more likely to have a written plan. Part-time (20 percent) and rural workers (20 percent), and those with an HHI of less than $50,000 (16 percent) are less likely to have one.

    Four Ways to Improve Retirement Security in the United States

    “As we navigate the pandemic and envision the future, we have an unprecedented opportunity to build a stronger, more sustainable, and inclusive retirement system that enables everyone to live, work, and retire with dignity,” said Collinson. The survey findings illustrate these opportunities for public policy:

    • Address Social Security’s funding shortfalls. Seventy-three percent of workers are concerned that Social Security will not be there for them when they are ready to retire, a finding that is similar across race and ethnicities, including Asian American/Pacific Islander (77 percent), Hispanic (74 percent), White (72 percent), and Black/African American workers (70 percent).
    • Expand retirement plan coverage among all workers including part-time workers. While 75 percent of all workers are offered a 401(k) or similar plan by their employers, full-time workers (80 percent) are far more likely to be offered a plan than part-time workers (51 percent).
    • Promote and expand the Saver’s Credit, a tax credit for eligible taxpayers who save for retirement in a 401(k), 403(b), or similar plan or IRA. Fewer than half of workers (48 percent) are aware of the Saver’s Credit. Awareness is significantly lower among workers with an HHI of less than $50,000 (34 percent), rural (32 percent), and part-time workers (31 percent).
    • Support caregivers through Social Security credits, tax credits, and paid family leave. With the aging of the U.S. population and the high cost of long-term care services and supports, many workers will be called upon to be caregivers for an aging parent or loved one, which could disrupt their own employment, finances, and future retirement security. Thirty-nine percent of workers have served as a caregiver during their working career, including 24 percent who are currently caregivers and 17 percent who have been caregivers in the past. Hybrid-work-arrangement (53 percent) and remote workers (42 percent) are more likely than in-person workers (33 percent) to serve and/or have served as caregivers.

    “Strengthening our retirement system is best accomplished through collaborative efforts among policymakers, industry, academics, nonprofits, employers, and individuals. Every stakeholder plays an important role. By increasing our understanding of demographic influences, we can more effectively address inequalities and implement solutions that serve all,” said Collinson.

    The Compendium is the third major report from TCRS’ 21st Annual Retirement Survey of Workers. The others are Living in the COVID-19 Pandemic: The Health, Finances, and Retirement Prospects of Four Generations and Life in the COVID-19 Pandemic: Women’s Health, Finances, and Retirement Outlook. Visit transamericainstitute.org to view the Compendium and other reports. Follow TCRS on Twitter @TCRStudies.

    About Transamerica Center for Retirement Studies

    Transamerica Center for Retirement Studies® (TCRS) is a division of Transamerica Institute®, a nonprofit, private foundation. Transamerica Institute is funded by contributions from Transamerica Life Insurance Company and its affiliates and may receive funds from unaffiliated third parties. TCRS and its representatives cannot give ERISA, tax, investment, or legal advice. This material is provided for informational purposes only and should not be construed as ERISA, tax, investment, or legal advice. For more information, visit www.transamericacenter.org and follow TCRS on Twitter at @TCRStudies.

    About the 21st Annual Transamerica Retirement Survey

    The analysis contained in A Compendium of Findings About the Retirement Outlook of U.S. Workers was prepared by the research teams at Transamerica Institute, TCRS, and The Harris Poll. The 25-minute online survey was conducted within the U.S. by The Harris Poll on behalf of TI and TCRS between November 17 and December 29, 2020 among a nationally representative sample of 10,192 adults. The data in this report is shown for a subsample of 3,109 workers in for-profit companies of one or more employees. Results were weighted where necessary to bring them into line with the population of U.S. residents, referencing Census data for education, age by gender, race/ethnicity, region, household income, education, employment, marital status, and size of household. Weighting also adjusts for attitudinal and behavioral differences between those who are online versus those who are not, those who join online panels versus those who do not, and those who respond to surveys versus those who do not.

    Transamerica Center for Retirement Studies®

    Los Angeles, CA

    Media Contact: Andrew Cook

    acook@webershandwick.com

    614-330-5898

    SOURCE Transamerica Center for Retirement Studies

    Originally Posted at CISION PRNewswire on November 30, 2021 by Transamerica Center for Retirement Studies.

    Categories: Industry Articles
    currency