Family Finances

Pandemic Will Mean a Worse Retirement for Millions of Workers

June 1, 2020  • Financial Security Program

FSP Director Karen Biddle Andres is featured in this Governing article by Alan Greenblatt and published on June 1, 2020. Click here to access the full article.

“Squeezed from Both Sides

Even before the recession, the share of the population in homeless shelters who were 62 or older, while still relatively small, had roughly doubled over the past decade. Meanwhile, the share of private-sector workers covered by traditional, defined-benefit pension plans fell from 56 percent in 1994 to 14 percent in 2018.

Tax preferences and automatic enrollments have made it easier for people to save for retirement than expenses. But they don’t always have short-term accounts they can draw from in a pinch. “The retirement savings account, for way too many Americans, is their only form of savings,” says Karen Biddle Andres, director of the Aspen Institute Retirement Savings Initiative…”