Fact Check: "About 56 million U.S. workers lack access to employer-sponsored retirement plans."
What We Know
Recent research indicates that a significant number of U.S. workers do not have access to employer-sponsored retirement plans. According to a study by the Georgetown University Center for Retirement Initiatives, approximately 47% of U.S. private sector full-time and part-time workers over the age of 18, which translates to about 59 million workers, lack access to such plans (Georgetown CRI). Additionally, a report from The Pew Charitable Trusts corroborates this finding, stating that nearly 56 million workers do not have access to employer-sponsored retirement benefits (Pew). This lack of access is particularly pronounced among small businesses, where 63% of employees do not have retirement plan options (Georgetown CRI).
Analysis
The claim that about 56 million U.S. workers lack access to employer-sponsored retirement plans is supported by multiple credible sources. The Georgetown CRI study provides a comprehensive analysis of retirement savings access, highlighting that the issue is exacerbated for gig economy workers and employees of small businesses (Georgetown CRI). The Pew Charitable Trusts further emphasizes the financial implications of this lack of access, noting that it significantly hampers workers' ability to build wealth and secure their financial futures (Pew).
Both sources are reputable and provide detailed, data-driven insights into the retirement savings landscape in the U.S. The Georgetown CRI is affiliated with Georgetown University, a well-respected institution, and its findings are based on thorough research and analysis. Similarly, The Pew Charitable Trusts is a non-profit organization known for its rigorous research and advocacy on various social issues, including economic security.
While the claim is supported by strong evidence, it is important to note that the specific figure of 56 million is derived from aggregating various worker categories, including gig economy workers, which may vary slightly depending on the definitions used in different studies. However, the consensus across these studies indicates a substantial number of workers lacking access to retirement plans.
Conclusion
Verdict: True
The claim that about 56 million U.S. workers lack access to employer-sponsored retirement plans is accurate, supported by multiple credible studies. The data indicates a significant gap in retirement savings access, particularly affecting private sector workers and those employed by small businesses. This lack of access poses serious challenges for financial security and wealth accumulation among American workers.
