Research
40% of Older Workers and Their Spouses Will Experience Downward Mobility
Inadequate retirement accounts will cause 8.5 million middle-class older workers and their spouses to be downwardly mobile, falling into poverty or near poverty in their old age.
ReLab's new report, "The Retirement Crisis in New York," documents two trends in retirement plan coverage: 1) retirement plan coverage is declining for all New Yorkers, and 2) disparities in coverage continue to exist based on race, education and income.
One-third of older workers have neither retirement savings through a 401(k) or IRA, nor a defined benefit (DB) pension.
Inadequate wealth accumulations reflect well-known design flaws in the 401(k) system.
Financial necessity is an important reason low-wage households are more likely to make pre-retirement withdrawals from their 401(k) plans.
This paper further explores the plausibility of the Keynesian stability condition by enriching the Kaleckian growth model with a more fully developed Keynesian theory of expectations formation.
The plan proposes a simple, effective solution to address the fundamental flaws in today’s broken retirement system.
The issue of who is responsible for funding climate mitigation and adaptation is central to climate negotiations.
The recent proliferation of state level retirement reform proposals indicates a broad recognition of the looming retirement crisis and suggests that political will for reform is present.
About SCEPA
SCEPA works to focus the public economics debate on the role government can and should play in the real productive economy - that of business, management, and labor - to raise living standards, create economic security, and attain full employment.
