Retirement Security in Philadelphia
Posted by City of Philadelphia on July 11, 2016
RETIREMENT SECURITY IN PHILADELPHIA
An Analysis of Current Conditions and Paths to Better Outcomes
The US retirement security system has changed profoundly in recent decades. Broad national trends such as the rise of defined contribution retirement plans and the decline of defined benefit pensions, gains in life expectancy, and the surge of nontraditional work arrangements have shifted much of the responsibility for retirement planning and savings to the individual. In this altered context, many Americans struggle to save enough for retirement. The negative consequences of inadequate
retirement savings will be most severe at the local level. Rising numbers of poor seniors will result in increased demand for public assistance programs and reduced spending in the local economy. In sum, insufficient retirement assets of Philadelphians pose a risk to the fiscal and economic health of the City of Philadelphia.
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