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Sylvia A. Allegretto, PhD
Co-director: Center on Wage & Employment Dynamics Institute for Research on Labor & Employment University of California, Berkeley
Social Security Pensions Personal Savings
Allegretto 2015
Sylvia A. Allegretto, PhD Co-director: Center on Wage & - - PowerPoint PPT Presentation
Sylvia A. Allegretto, PhD Co-director: Center on Wage & - - PowerPoint PPT Presentation
Sylvia A. Allegretto, PhD Co-director: Center on Wage & Employment Dynamics Institute for Research on Labor & Employment University of California, Berkeley Social Security Personal Savings Pensions Allegretto 2015 Other 16% Social
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Social Security 25% Supplemental Security 0% Retirement Funds 41% Dividends 10% Rental 8% Other 16%
Source: Current Population Survey, Annual Social and Economic Supplement (CPS ASES), 2012-14 Allegretto 2015
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Social Security Personal Savings
Allegretto 2015
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Social Security 74%
Supplemental Security 2% Retirement Funds 15% Dividend 2% Rental 2% Other 5%
Source: CPS ASES, 2012-14 Allegretto 2015
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Social Security 79% Supplemental Security 13%
Retirement Funds 3% Dividend 1% Rental & Other 5%
Source: Current Population Survey, Annual Social and Economic Supplement, 2012-14 Allegretto 2015
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Social Security & Supplemental Security (92%)
Allegretto 2015
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Retirees in California
▪ 57% are women ▪ Of retirees in the bottom 25%—70% are women
Of those in the Top 25%
▪ 80% are men—even as they are just 43% of retirees. ▪ 81% are white
Minority retirees
▪ Blacks & Hispanics more likely to be in the bottom 25% ▪ Poverty rates are elevated for minorities & women
Allegretto 2015
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10.3% 7.4% 15.7% 15.5% 13.4% 8.2% 11.9% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% ALL White Hispanic Black Asian Male Female
Source: U.S. Census Bureau, American Community Survey, 2011-2013 Allegretto 2015
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- 5%
- 10%
- 10%
- 4%
- 4%
- 1%
6% 17% 35%
- 1%
- 7%
- 6%
- 6%
- 7%
- 8%
- 6%
- 3%
4%
- 15%
- 10%
- 5%
0% 5% 10% 15% 20% 25% 30% 35% 40% 10th 20th 30th 40th Median 60th 70th 80th 90th
1979 to 2014 2007 to 2014
Source: SA Allegretto’s analysis of Current Population Survey data, 1979-2014 Allegretto 2015
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Allegretto 2015
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+
Additional layer of secure retirement income
Allegretto 2015
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51.4% 44.7% 42.5% 37.0%
0% 10% 20% 30% 40% 50% 60% United States California Access Participation
Source: Analysis of 2012-2014 CPS ASEC. Private sector workers 25-64. Allegretto 2015
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18.3% 35.6% 50.7% 62.2% 68.2% 74.6% 15.0% 27.6% 40.7% 51.6% 55.4% 67.5%
0% 10% 20% 30% 40% 50% 60% 70% 80% 1 to 10 11 to 49 50 to 99 101 to 499 501 to 999 1000+ United States California
Source: Analysis of 2012-2014 CPS ASEC. Private sector workers 25-64. Allegretto 2015
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52.3% 50.9% 48.4% 33.1% 44.5% 44.2% 37.5% 25.7%
0% 10% 20% 30% 40% 50% 60% White Asian Black Latino Access Participation
Source: Analysis of 2012-2014 CPS ASEC. Private sector workers 25-64. Allegretto 2015
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Under 11 30% 11 to 49 25% 50 to 99 9% 100 to 499 12% 500 to 999 4% 1000+ 21%
Source: CPS ASEC Allegretto 2015
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White 35% Black 4% Latino 45% Asian 14% Other/mult. 2%
Source: CPS ASEC Allegretto 2015
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6.4 million workers age 25-64 in the private sector lack
access to a job-based retirement plan.
▪ 7.6 million including self-employed workers
Large majority of small business and low wage workers
lack access.
Profile of the underserved:
▪ 2/3 workers of color ▪ 2/3 small business employees ▪ $25,000 median full-time earnings
Allegretto 2015
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44
44th
th among
g sta tates tes in private vate sector ctor retire tirement ment plan particip ticipat ation ion
45
45th
th in DC accou
count nt balance ance amo mong ng working king particip ticipan ants ts – $23 23,3 ,381 81 in n 2012 2012
Source: Weller & Rhee, 2013 Allegretto 2015
NIRS Financial Security Scorecard
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55% 39% 33% 47% 0% 10% 20% 30% 40% 50% 60% 25-44 45-54 55-64 All
Source: Projections using SIPP 2008 in Allegretto, Rhee, Saad-Lesser, & Schmidt, 2011
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