Americans rely on a “three-legged stool” for retirement security. But there are shortcomings that put workers at risk, according to experts.
Where the U.S. largely lags behind those countries, experts said, is that its retirement system isn't set up so that everyone has a chance at a financially secure retirement.
Indeed, poverty rates are"very high" for Americans 75 years and older: 28% in the U.S. versus 11%, on average, in the OECD.The U.S. retirement system is often called a"three-legged stool," which consists of Social Security, workplace arrangements such as pensions and 401 plans, and individual savings.
Approximately 57 million Americans fell in the retirement savings coverage"gap" in 2020, meaning they didn't have access to a workplace plan, according to a Center for Retirement InitiativesThe U.S. has a voluntary retirement savings system. The federal government doesn't require individuals to save, or businesses to offer a pension or 401. Individuals also shoulder more personal responsibility to build a nest egg as businesses have largely transitioned away from pension plans.
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