Older Workers: Retirement Account Disparities Have Increased by Income and Persisted by Race Over Time – GAO

“Congress is concerned that federal tax incentives for workers to save in tax-preferred retirement accounts are going mostly to higher income workers—and are doing little to help low-income workers save for retirement. We found that: Disparities between low-income and high-income older workers households’ (ages 51-64) retirement accounts were greater in 2019 than in 2007.

“1 in 10 low-income households had a retirement account balance in 2019, compared to 1 in 5 in 2007.

“9 in 10 high-income households had a retirement account balance between 2007-2019.”

GAO investigation confirms what CCSE forecasted 7 years ago in this analysis published by the Society of Actuaries:

“How the American Retirement Savings System Magnifies Wealth Inequality“

CCSE articles on retirement saving/investment and Social Security policy

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