The Nation's Retirement System: A Comprehensive Re-Evaluation Is Needed to Better Promote Future Retirement Security

173 Pages Posted: 2 Nov 2017

See all articles by Charles A. Jeszeck

Charles A. Jeszeck

Government Accountability Office (GAO)

Margie Shields

Government Accountability Office (GAO)

Justine Augeri

Government Accountability Office (GAO)

Christina Cantor

Government Accountability Office (GAO)

Gustavo Fernandez

Government Accountability Office (GAO)

Jennifer Gregory

Government Accountability Office (GAO)

Adam Wendel

Government Accountability Office (GAO)

Seyda Wentworth

Government Accountability Office (GAO)

Date Written: October 18, 2017

Abstract

The U.S. retirement system, and the workers and retirees it was designed to help, face major challenges. Traditional pensions have become much less common, and individuals are increasingly responsible for planning and managing their own retirement savings accounts, such as 401(k) plans. Yet research shows that many households are ill-equipped for this task and have little or no retirement savings. In this special report, GAO examines these challenges, drawing from prior work and others’ research, as well as insights from a panel of retirement experts on how to better ensure a secure and adequate retirement, with dignity, for all.

Keywords: retirement, income security, pensions, defined contribution, defined benefit, Social Security, Pension Benefit Guaranty Corporation, Department of Labor, Social Security Administration, ERISA, older Americans, spend down, coverage, replacement rate, access, retirement savings, rollover, aging

JEL Classification: E62, E21, F55, H3, H55, H6, H75, I10, J26

Suggested Citation

Jeszeck, Charles A. and Shields, Margie and Augeri, Justine and Cantor, Christina and Fernandez, Gustavo and Gregory, Jennifer and Wendel, Adam and Wentworth, Seyda, The Nation's Retirement System: A Comprehensive Re-Evaluation Is Needed to Better Promote Future Retirement Security (October 18, 2017). Available at SSRN: https://ssrn.com/abstract=3062574 or http://dx.doi.org/10.2139/ssrn.3062574

Charles A. Jeszeck (Contact Author)

Government Accountability Office (GAO) ( email )

441 G St., NW
Washington, DC 20548
United States

Margie Shields

Government Accountability Office (GAO) ( email )

441 G St., NW
Washington, DC 20548
United States
(415) 904-2120 (Phone)

Justine Augeri

Government Accountability Office (GAO) ( email )

441 G St., NW
Washington, DC 20548
United States

Christina Cantor

Government Accountability Office (GAO) ( email )

441 G St., NW
Washington, DC 20548
United States

Gustavo Fernandez

Government Accountability Office (GAO) ( email )

441 G St., NW
Washington, DC 20548
United States

Jennifer Gregory

Government Accountability Office (GAO) ( email )

441 G St., NW
Washington, DC 20548
United States

Adam Wendel

Government Accountability Office (GAO) ( email )

441 G St., NW
Washington, DC 20548
United States

Seyda Wentworth

Government Accountability Office (GAO) ( email )

441 G St., NW
Washington, DC 20548
United States

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