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Extreme Retirement Inequality Persists, Even Among Those With Similar Earnings

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Abstract

A first-of-its-kind analysis reveals sharp and persistent inequalities in retirement wealth. Using survey data matched with tax records, this study finds striking levels of retirement inequality within lifetime earnings groups as well as growing disparities between earnings quintiles. Retirement inequality mainly reflects the plight of low to moderate earners, rather than the outsize accumulations of the wealthy few. Measures to address retirement inequality should focus on those most disadvantaged by the failings of the U.S. retirement system.

Suggested Citation

  • Teresa Ghilarducci & Siavash Radpour & Owen Davis & Anthony Webb, 2019. "Extreme Retirement Inequality Persists, Even Among Those With Similar Earnings," SCEPA policy note series. 2019-01, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    • Handle: RePEc:epa:cepapn:2019-01
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    File URL: https://www.economicpolicyresearch.org/images/Retirement_Project/Ret_inequality_policy_note_FINAL_2252020.pdf
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    Keywords

    Retirement; Inequality; Wealth; Disparities; Retirement savings;
    All these keywords.

    JEL classification:

    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement

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