New report on 21-32 year-olds finds only one in twenty are saving enough for retirement—most have no retirement savings
Most who can participate in employer-sponsored plans do, but access and eligibility are common hurdles
Retirement challenges facing people of color are even greater
(Washington, D.C.) –Today, U.S. Senator Patty Murray (D-WA), Ranking Member of the Senate Health, Education, Labor, and Pensions (HELP) Committee released the following statement on a new report from the National Institute on Retirement Security (NIRS), Millennials and Retirement: Already Falling Short, that looks at the retirement security barriers facing people between the ages of 21 and 32:
“Even though retirement for many young adults is years away, the challenges they face are urgent. This report shows that as the next generation enters the workforce, too many are struggling to save for retirement amid other economic pressures, and some of that is simply because they lack tools and opportunities, like employer-sponsored plans, that could help them invest in their future.”
According to NIRS’s findings, few people between ages 21 and 32 are saving enough for retirement—in fact two-thirds have nothing saved at all—and the challenges are even greater among people of color, especially Latinos, in this age group. The analysis also shows that access to, and eligibility to participate in, employer-sponsored retirement plans is a crucial factor in determining these young adults’ retirement security.
Read the full report HERE.