New paper: “What’s Happening with Retirement Saving and Retirement Incomes? Better Data Tell a Better Story,” by Andrew G. Biggs, American Enterprise Institute.
- Americans are doing a much better job of saving for retirement than is commonly supposed. Despite claims of declining retirement-plan coverage, more Americans have retirement plans today than in the so-called golden age of traditional defined benefit pensions, and new 401(k) rules make today’s workers much more likely to receive benefits once they retire.
- Contributions to retirement plans are at record levels compared to the past. Contrary to claims that employers have abandoned retirement saving, employer contributions to retirement plans are also at a historical peak.
- The policy debate over retirement security ignores much of the best data and research available. While better information does not erase the challenges we face in improving our diverse retirement-saving system, it can help inform the debate.
Click here to read the whole paper.