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Chartbook: Retirement Insecurity and Falling Bargaining Power

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Abstract

An examination of the state of the retirement system and savings in 2020 reveals, if we do nothing to fix our retirement system, 43 million people now in their fifties and early sixties will be poor or near-poor elders, owing to both the recession and to inadequate retirement plans.1 Widespread retirement insecurity weakens older workers' bargaining power. Without a solid fallback plan, older workers must accept whatever wages are offered. This chartbook is a resource for workers, employers, media, policymakers, scholars, and the broader public, to answer questions about the state of older working America and retirement income security.

Suggested Citation

  • Retirement Equity Lab, 2020. "Chartbook: Retirement Insecurity and Falling Bargaining Power," SCEPA publication series. 2020-03, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
  • Handle: RePEc:epa:cepapb:2020-03
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    File URL: https://www.economicpolicyresearch.org/images/Retirement_Project/Chartbook_Charts_1-15_June_15.pdf
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    More about this item

    Keywords

    older workers; recession; COVID-19; downward mobility; poverty; unemployment; wages; savings; involuntary retirement; social security; retirement system; 401k;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • J30 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - General
    • J38 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Public Policy
    • J60 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - General
    • J88 - Labor and Demographic Economics - - Labor Standards - - - Public Policy
    • J58 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - Public Policy

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