Key Findings
- Only 32% of surveyed low- and moderate-income households reported owning a retirement account.
- Thirty percent of respondents said that they either did not plan to retire or did not know whether they plan to retire. Over half of those planning to retire did not plan to do so until after they reach the full retirement age of 67.
- Regardless of age group, very few respondents (10% to 15%) felt on track to retire comfortably.
- Respondents reported on their interest in new retirement-savings products.
- Respondents also reported on their interest in myRAs.
- Experimental tests of myRA messaging approaches at tax time indicated that a simple, direct, informational approach may be more effective than personalized messaging.
Project: Refund to Savings (R2S)
Citation
Roll, S. P., Oliphant, J. E., Perantie, D. C., Grinstein-Weiss, M., & Davison, G. (2017). Assessing retirement needs and interest in myRA: Findings from the Refund to Savings Initiative(CSD Research Report No. 17-16). St. Louis, MO: Washington University, Center for Social Development.