|New Scorecard Ranks By State Economic Pressures On Future Retirees|
A new analysis finds that nearly every state falls short in key areas measuring retirement readiness. Live webcast to review findings at retirement policy conference.
NEW FINANCIAL SECURITY SCORECARD RANKS BY STATE ECONOMIC PRESSURES ON FUTURE RETIREES
All States Fall Short; California, Florida, and Mississippi Rank Lowest and Wyoming Ranks Highest
Live Webcast Today to Review Findings During Retirement Policy Conference
WASHINGTON, D.C., March 4, 2014 – A new analysis finds that nearly every state falls short in key areas that measure retirement readiness. The Financial Security Scorecard: A State-by-State Analysis of Economic Pressures Facing Future Retirees gauges the relative performance of the fifty states and the District of Columbia in three key areas: anticipated retirement income; major retirement costs like housing and healthcare; and labor market conditions for older workers.
The study is designed to serve as a tool for policymakers to help identify potential areas of focus for state-based policy interventions to improve Americans’ retirement prospects. The full study is available here.
The findings will be presented today at the National Institute on Retirement Security’s fifth annual retirement policy conference, On the Money? A Close Up Look at Americans' Retirement Prospects. Event speakers include:
“We conducted this study to drill deeper and understand better the scope of the nation’s retirement crisis on a state basis,” said Diane Oakley, NIRS executive director. “Now, policymakers can identify the most urgent priorities for addressing the looming financial security challenges of the aging populations in their state.”
“The retirement savings shortfall has become increasingly important at the state level because policymakers understand that it can have profound impacts on strained state budgets. We know that the largest source of retirement income for most Americans is Social Security, but this federal program typically provides only a fraction of what most people need to be self-sufficient. The good news is that some states already are considering policies to reduce future retiree poverty by encouraging workers to save today,” Oakley said.
The study’s key findings are as follows:
1. There is room for improvement in all states in one or more measures of financial security for future retirees.
2. All three potential sources of economic insecurity for future retirees deserve policy attention.
3. Improving the future financial security of an aging workforce requires ensuring good employment options for older workers.
The National Institute on Retirement Security is a non-profit organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy through national research and education programs. Located in Washington, D.C., NIRS has a diverse membership of organizations interested in retirement including financial services firms, employee benefit plans, trade associations, and other retirement service providers. Find more information at www.nirsonline.org and follow us at @nirsonline.
Contact: Kelly Kenneally at kkenneally at nirsonline.org