10.19.2011 Policy Points

Saving For Retirement

A new study from the Congressional Budget Office looks at how people save for retirement. While the agency doesn’t offer any opinions in the report, the data point to a retirement system that is not working, especially for people with modest incomes.

Just over half (52 percent) of all workers who filed tax returns in 2006 participated in some form of tax-favored retirement plan, CBO reports—in a study released today. The highest rates of participation were among workers between the ages of 45 and 59; those whose income was $40,000 or more; and those who were the primary (that is, the higher) earner in a two-earner household. The lowest rates were among workers under the age of 30; those whose income was under $20,000; and those who were unmarried.

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