TRANSAMERICA CENTER FOR RETIREMENT STUDIES


Associated tags: Interest, Retirement, Transamerica Corporation, ERISA, Transamerica, Employment, Social, Health insurance, Health and Retirement Study, Social Security, Life insurance, Workplace, Pension fund, IRA, Workforce, Ageing, Credit, Marital status, Education, Health, Census, COVID-19

Locations: CALIFORNIA, SAVER

More Than Half of U.S. Workers Are Unaware of the IRS Tax Credit for Eligible Retirement Savers

Retrieved on: 
Tuesday, February 27, 2024
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LOS ANGELES, Feb. 27, 2024 /PRNewswire/ -- Fifty-three percent of U.S. workers are unaware of a tax credit that may help them save for retirement and lower their tax bill, according to survey findings from nonprofit Transamerica Center for Retirement Studies®(TCRS). The Saver's Credit, also referred to as the Retirement Savings Contributions Credit by the Internal Revenue Service (IRS), is available to millions of taxpayers who are saving for retirement.

Key Points: 
  • "In addition to the other tax-advantages of saving for retirement in a 401(k), 403(b) or IRA, the Saver's Credit is a benefit that may reduce a person's federal tax bill.
  • In this context, "non-refundable" means the credit cannot exceed a person's federal income tax for the year.
  • Important note: Beginning in 2027, the recently enacted SECURE Act 2.0 of 2022 replaces the Saver's Credit with the Saver's Match, a matching contribution from the federal government for retirement savers meeting income and other eligibility requirements.
  • The Saver's Match will be 50% of a worker's retirement plan or IRA contributions up to $2,000, representing a maximum match of $1,000.

Strengthening the U.S. Retirement System Requires Recognizing and Addressing Demographic Disparities

Retrieved on: 
Friday, December 15, 2023
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LOS ANGELES, Dec. 15, 2023 /PRNewswire/ -- Fewer than one in four Americans (24%) strongly agree they are currently building or have built a large enough retirement nest egg. However, this sentiment varies dramatically across demographic segments, according to A Compendium of Demographic Influences on Retirement Security ("Compendium"), a comprehensive survey report released today by nonprofit Transamerica Center for Retirement Studies® (TCRS) in collaboration with Transamerica Institute®.

Key Points: 
  • "Demographic influences can profoundly affect an individual's and family's ability to prepare for a financially secure retirement.
  • As a result, they often end up relying on Social Security to fund their retirement," said Collinson.
  • Among those not yet retired, individuals with an HHI of less than $50,000 have saved just $1,000 in total household retirement accounts.
  • "Strengthening the U.S. retirement system requires addressing Social Security's funding shortfalls and reinforcing social safety nets.

Twenty-Three Facts That Illustrate Women's Risky Retirement Outlook

Retrieved on: 
Tuesday, November 7, 2023
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LOS ANGELES, Nov. 7, 2023 /PRNewswire/ -- Only 19% of women workers are "very" confident that they will be able to fully retire with a comfortable lifestyle, according to 23 Facts About Women's Retirement Outlook, a survey report released today by nonprofit Transamerica Center for Retirement Studies® (TCRS) in collaboration with Transamerica Institute.

Key Points: 
  • These factors impair a woman's lifetime earnings, retirement savings, and government and employer benefits.
  • These 23 facts illustrate key indicators and contributing factors to the retirement outlook of women workers:
    More than half of women (57%) feel they don't have enough income to save for retirement.
  • "Everyone must play a role in improving women's retirement security so that all women can retire with dignity," said Collinson.
  • 23 Facts About Women's Retirement Outlook is a comprehensive report with detailed survey findings and comparisons with men, and it includes a fact sheet for quick reference.

Longevity Risk: Retirees and Pre-Retirees Fear Declining Finances and Deteriorating Health in Older Age

Retrieved on: 
Thursday, September 28, 2023
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LOS ANGELES, Sept. 28, 2023 /PRNewswire/ -- Fewer than one in four age 50+ workers and retirees are very confident they will be able to maintain a comfortable lifestyle throughout their retirement (17%, 23%, respectively), according to Life in Retirement: Pre-Retiree Expectations and Retiree Realities, a new survey report released by nonprofit Transamerica Center for Retirement Studies® (TCRS) in collaboration with Transamerica Institute®.

Key Points: 
  • The greatest retirement fear among age 50+ workers is outliving their savings and investments (45% age 50+ workers, 32% retirees), while the greatest fear among retirees is that Social Security will be reduced or cease to exist in the future (42% age 50+ workers, 39% retirees).
  • Many age 50+ workers and retirees fear declining health that requires long-term care (41%, 35%, respectively) and possible long-term care costs (35%, 28%).
  • More than seven in 10 age 50+ workers and retirees are concerned about health in older age (73%, 74%, respectively).
  • Fewer than four in 10 retirees and age 50+ workers currently use a professional financial advisor (35%, 37%, respectively).

Retirement Security Across Generations Is Faltering in the Post-Pandemic Environment

Retrieved on: 
Thursday, July 6, 2023
Workforce, Private sector, Baby boomers, Employment, Generation Z, Life, Transamerica, Parent, Global recession, Workplace, Generation, Long-term care, Ageing, Dignity, Millennials, IRA, Hardship, Medicare, Interface (computing), Retirement, Work, Investment, Social Security, Generation X, Great Recession, Social, Health, Nursing, Tourism, Renewable energy, Bank, Financial adviser, Life insurance, Pension fund

LOS ANGELES, July 6, 2023 /PRNewswire/ -- Forty-one percent of workers think that future generations of retirees will be worse off than those currently in retirement, according to Post-Pandemic Realities: The Retirement Outlook of the Multigenerational Workforce, a new survey report released by nonprofit Transamerica Center for Retirement Studies® (TCRS) in collaboration with Transamerica Institute®.

Key Points: 
  • Many have endured employment-related setbacks that negatively impacted their current situation and that could have repercussions for their long-term retirement prospects," said Collinson.
  • Generation Z workers have saved $29,000 (estimated median) in total household retirement accounts and only $1,000 (median) in emergency savings.
  • They have a long time horizon to build and grow their retirement savings, especially if they can quickly recover from recent challenges.
  • "Urgent attention from policymakers, the private sector, and employers is needed to strengthen our retirement system so that workers of current and future generations can retire with dignity.

Less Than Half of U.S. Workers Are Aware of the IRS Tax Credit for Eligible Retirement Savers

Retrieved on: 
Tuesday, February 28, 2023
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LOS ANGELES, Feb. 28, 2023 /PRNewswire/ -- Less than half (49%) of U.S. workers are aware of a tax credit that may help them save for retirement and lower their tax bill, according to survey findings from nonprofit Transamerica Center for Retirement Studies® (TCRS). The Saver's Credit, also referred to as the Retirement Savings Contributions Credit by the Internal Revenue Service (IRS), is available to millions of eligible taxpayers who are saving for retirement.

Key Points: 
  • The Saver's Credit , also referred to as the Retirement Savings Contributions Credit by the Internal Revenue Service (IRS), is available to millions of eligible taxpayers who are saving for retirement.
  • In this context, "non-refundable" means the credit cannot exceed a person's federal income tax for the year.
  • According to TCRS' analysis of the most recently published IRS data, the average amount of the Saver's Credit in 2020 was $186.
  • If you prepare your tax return manually, complete Form 8880 , Credit for Qualified Retirement Savings Contributions, to determine your exact credit rate and amount.

8 Ways the SECURE 2.0 Act of 2022 Enhances Retirement Security

Retrieved on: 
Wednesday, December 28, 2022
ERISA, Longevity, PEP, Marital status, Education, Employment, The Harris Poll, Retirement, Millennials, Reuters, Transamerica Corporation, Social Security (United States), Hardship, National Fire Savers Credit Union, Growth, COVID-19, Life, IRA, Health and Retirement Study, Generation Z, IRS, Failure, Credit, Generation, Government, MEP, RMD, Saver, Pandemic, Census, Transamerica, Investment, Research, Ageing, D&B, Social, Financial adviser, Health insurance, Pension fund

LOS ANGELES, Dec. 28, 2022 /PRNewswire/ -- The SECURE 2.0 Act of 2022, a result of extensive bipartisan collaboration, represents a major milestone in enhancing retirement security. "The passage of SECURE 2.0 will help millions of Americans save and prepare for a financially secure retirement. The bipartisan legislation includes a new government matching contribution for retirement savers, expands access to workplace retirement plans, and provides new ways to facilitate and protect retirement savings," said Catherine Collinson, CEO and president of nonprofit Transamerica Institute and Transamerica Center for Retirement Studies® (TCRS).

Key Points: 
  • LOS ANGELES, Dec. 28, 2022 /PRNewswire/ -- The SECURE 2.0 Act of 2022, a result of extensive bipartisan collaboration, represents a major milestone in enhancing retirement security.
  • "The passage of SECURE 2.0 will help millions of Americans save and prepare for a financially secure retirement.
  • Beginning in 2025, SECURE 2.0 creates more stringent requirements for employers to extend retirement plan eligibility to their long-term part-time employees.
  • TCRS is dedicated to educating the public on trends, issues, and opportunities related to saving and planning for retirement and achieving financial security in retirement.

Future-Proofing the U.S. Retirement System Requires Addressing Demographic Disparities

Retrieved on: 
Friday, December 16, 2022
Social Security, Retirement, HHI, Poverty, The Harris Poll, Compendium, National Fire Savers Credit Union, AAPI, Research, Saver, Employment, Credit, Workplace, Success, ERISA, IRA, Pension, Investment, Love, Government, COVID-19, Caregiver, Interest, Ageing, Marriage, Education, Marital status, Work, Workforce, Compendium of cultural policies and trends in Europe, Social Security (United States), Health and Retirement Study, Census, White, Social, Risk, Health insurance, Pension fund, Consumer electronics, Medicine, Real estate, Residential care, Black

LOS ANGELES, Dec. 16, 2022 /PRNewswire/ -- Almost half of U.S. workers (49 percent) expect their primary source of retirement income to come from self-funded savings such as 401(k)s, 403(b)s, IRAs, and other savings and investments. However, the total household retirement savings among workers is only $67,000 (estimated median), according to Emerging From the COVID-19 Pandemic: A Compendium About U.S. Workers' Retirement Outlook ("Compendium"), a comprehensive study released today by nonprofit Transamerica Center for Retirement Studies® (TCRS) in collaboration with Transamerica Institute®.

Key Points: 
  • "Enhancing retirement security involves addressing demographic disparities, removing structural barriers, and future-proofing the system so everyone can retire with dignity."
  • Part-time workers have saved just $29,000 in total household retirement accounts, while full-time workers have saved $74,000 (estimated medians).
  • "Educational attainment brings career opportunities, higher pay, and better employer benefits which translate to improved retirement confidence," said Collinson.
  • Transamerica Center for Retirement Studies (TCRS)isadivisionof TransamericaInstitute ,anonprofit, privatefoundation.TransamericaInstituteisfundedbycontributionsfromTransamericaLifeInsurance Companyanditsaffiliates.TCRS and its representatives cannot give ERISA, tax, investment, or legal advice.

Societal Headwinds Are Undermining Women's Retirement Security

Retrieved on: 
Thursday, November 17, 2022
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LOS ANGELES, Nov. 17, 2022 /PRNewswire/ -- More than four in 10 working women (41 percent) expect to retire at age 70 or older or do not plan to retire, according to Emerging from the COVID-19 Pandemic: Women's Health, Money, and Retirement Preparations, a study released today by nonprofit Transamerica Center for Retirement Studies® (TCRS) in collaboration with Transamerica Institute®. 

Key Points: 
  • As part of TCRS' 22nd Annual Retirement Survey , the new study examines the retirement outlook of women workers and includes recommendations for women, employers, and policymakers to improve retirement security.
  • Many experienced negative employment impacts that could jeopardize both their short-term finances and future retirement," said Collinson.
  • Additionally, policymakers can implement further reforms to expand access to workplace retirement plans, increase incentives for employers to offer plans, and facilitate retirement savings among women.
  • They can expand their retirement, and health and welfare benefits offerings for all employees, including both full-time and part-time workers.

Four Generations of Workers Are Preparing for Retirement Amid an Uncertain Future

Retrieved on: 
Wednesday, October 12, 2022
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LOS ANGELES, Oct. 12, 2022 /PRNewswire/ -- Seventy-six percent of workers say their life priorities changed as a result of the pandemic, and 56 percent cite saving for retirement as a financial priority, according to Emerging From the COVID-19 Pandemic: Four Generations Prepare for Retirement, a survey report released today by nonprofit Transamerica Center for Retirement Studies® (TCRS) in collaboration with Transamerica Institute®.

Key Points: 
  • "Despite an unclear future, workers of all ages are envisioning and saving for an active and purposeful retirement but are they adequately preparing?"
  • Forty percent of Baby Boomer workers expect Social Security to be their primary source of retirement income.
  • Baby Boomer workers have saved $162,000 (estimated median) in total household retirement accounts but only $15,000 (median) in emergency savings.
  • "As we look toward the future, a future in which all Americans can retire with dignity, policymakers must take center stage in orchestrating ways to strengthen the retirement system for current and future generations.