Addressing the Looming Retirement Crisis Panelists : Spencer Cowan, Vice President of the Woodstock Institute Scott Adams, Labor and Retirement Specialist.

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Presentation transcript:

Addressing the Looming Retirement Crisis Panelists : Spencer Cowan, Vice President of the Woodstock Institute Scott Adams, Labor and Retirement Specialist instrumental in passing a similar piece of legislation in California Lucy Mullany, Senior Policy Associate with the Heartland Alliance and Coordinator of the Illinois Asset Building Group Illinois State Senator Daniel Biss * 3706 Dempster * Skokie * * gmail. com

WOODSTOCK INSTITUTE | DECEMBER 2013 December 15, 2013 Retirement Income Insecurity Spencer M. Cowan | Vice President Woodstock Institute | Chicago, Illinois |

Sources of Retirement Income, 2010 WOODSTOCK INSTITUTE | DECEMBER 2013

Social Security Replacement Rate WOODSTOCK INSTITUTE | DECEMBER 2013

Participation in a Savings Plan at Work WOODSTOCK INSTITUTE | DECEMBER 2013

Access to a Savings Plan at Work, Wage and Salary Workers WOODSTOCK INSTITUTE | DECEMBER 2013

IRA Ownership by Age, 2009 WOODSTOCK INSTITUTE | DECEMBER 2013

IRA Ownership by Family Income, 2009 WOODSTOCK INSTITUTE | DECEMBER 2013

Retirement Account Ownership, by Age, 2010 WOODSTOCK INSTITUTE | DECEMBER 2013

Median Amount in Retirement Account, by Age, 2010 WOODSTOCK INSTITUTE | DECEMBER 2013

Findings for Illinois Over 2.5 million private-sector workers in Illinois (53.4%) do not have access to an employment-based retirement savings plan 315,600 in accommodation and food services 245,400 in admin and support services 357,600 in health care and social assistance 305,500 in retail trades WOODSTOCK INSTITUTE | DECEMBER 2013

Policy Implications If nothing is done many retirees will face decreased standard of living many adults will need to help support their aging parents government will face increased pressure to bolster the social safety net business will face diminished investment from retirement plans WOODSTOCK INSTITUTE | DECEMBER 2013

Policy Recommendation Create an automatic employment-based retirement savings plan at state or federal level with opt-out provision Portable and immediately vested to deal with more frequent job changes Tax advantaged either deductible contribution or tax-free distribution and tax-free accumulation WOODSTOCK INSTITUTE | DECEMBER 2013

December 15, 2013 Retirement Income Insecurity Spencer M. Cowan | Vice President Woodstock Institute | Chicago, Illinois |

December 15, 2013 Addressing Poverty Expanding Access to Retirement Savings Accounts

Illinois Poverty Rates 33% - One third of Illinoisan are living in poverty or on the brink. 22% of all Illinois children are living in poverty 7% of Illinoisans are living in extreme poverty

Asset Poverty Rates A family of three needs $4,632 in savings to subsist at the poverty level for at least 3 months if their income suddenly stops, yet an estimated 40% of households do not have this amount saved. There are nearly twice as many alternative cash checkers and short-term loan providers per capital in low-income neighborhoods than in higher-income neighborhoods. For the 22% of unbanked and underbanked Illinois households, these businesses represent a needed but risky service due to high fees and interest rates.

Seniors Living in Poverty Nationally, almost 20 million, or half of all seniors, are economically vulnerable. Meaning they have incomes less than two times the supplemental poverty line. Illinois' seniors have a poverty rate of 8.5%. For senior women, the poverty rate is 13.8% In Illinois, seniors need an income of about three times the poverty level to meet most basic needs.

Why it Matters?

Contact Learn More: Lucy Mullany Senior Policy Associate