The Retirement Crisis: Millions of Americans Face Financial Insecurity
A new study has found that fewer than half of American workers have access to a retirement plan through their job, with some states faring worse than others. Florida has the highest share of workers without access to employer-sponsored plans, while Iowa has the lowest. The lack of access to retirement plans is linked to income, profession, and geography, with workers in the South less likely to have access compared to those in the Midwest. This divide could lead to higher rates of senior poverty in the long term. Low-wage workers are particularly affected, with the majority lacking access to retirement plans. Even when they do have access, they are less likely to participate in saving compared to higher-income workers.