Percentage Who Agree That Helping Friends and Family Is More Criteria Important When Looking for a Financial Advisor, Re Re Increa Re Increa Re Redu du du du duction ction ction ction ction se se in in in in in in in Re Re Re Re Re Re Re Conf ti tiremen remen ti ti ti ti tiremen remen remen remen remen idence t t in Sa Sa t t t t t Ha Sa Sa Sa Sa Sa ving ving vving ving ving ving ving ing s s Eno s s s s s Ne Su ug Sh Sh Sh Sh Sh rpluse t h Outcome ortfall ortfall ortfall ortfall ortfall Money s s s s s s to Liv (RS (RS (RS (RS (RS (RS s S+) e (RS S S S S S Comforta - - - - -) b ) for ) for ) ) for by NO) by for tho y ag ag thos thos thos ble and y e and se ag e 35 e 35 e 35 35 e and race race - - - -39 39 39 39 by by by race by after after Number of Fewer Americans Employed in 2020 Compared With 2019 and the Median Pe Median Distribution rcentage Ra Individua ti o of of of Fa Individua Individua mil l Ac ies coun Who l l Ac t Ac (I co A) Ha co un Re ve un t t ti an (I(I remen A) A) Ind Re Re ividual ti t ti rement Plan Plan rement Plan Ac Baco lance un As t As s (I(of T se A) se ts, Re ts ho ti to remen se To tal t Th Upe co Re ming search Even Yo ts u Want, in the Format You Need Labor Force Participation Rates, by Gender, 2019 and 2020 Sp Indeak ividual ers Account (IA) Retirement Plans Locatio In Who, HSA Database S Descriptio Upcom E QLACs: Who, BR um troduci I’ m s What, What, ary in Ret n, repeal ng g Locatio of n ir Research When, When, the of pr em Findi in Updates ent FS g oposal n, ngs the A Where, Where, S Locatio ecuri Dat 25% abase and ty and and li n P m assum roj –itWhy Why Section pendi ption : : Trends Trends ng Mod s Differences el in in (R T TS elem elem PM)edi edi by cin cin Site e e Usage, Usage, of Treatmen 2016 2016- - t2020 2020 Baseline Reti Impo rement rtant Than Sa Savings ving for Sho Retirem rtfall ents , by (RSS Race-/Eth ) by ni city age and Income and race Next steps ImpactT of hrou Guarant gh Retireme eed by Incom nt, Rac by e/Ethn e Rac for e/Et Life icity hnicit on Retirement y and IncomeDeficits Percentage Decline, by Age and Gender race: race: race: modif aft race modif er m and sen sen sen icati icati odifi v sit sit sit ons ons arious scen cations ivi ivi ivity ty ty for Sa for Sa ana ana ana for Sa ly ly ly ver’s ver’s sis sis sis arios ver’s Credit on on on Cred Cred AC w AC it it ith PA PA a a dra nd AC nd AC plan optout w and al PA PA rates des AC rates* ign PA Financ Ha Plan, by ving a Plan), Plan by ial Ty Ra As pe ce sets and of Fa by (of F Ra mil ami Tce hose yly He of Fa Head Having admil Ra y ce/Ethnicit He an IA ad Plan), y by Race of Family Head FOR THOSE WHO UTILIZE THE PROVISION To what extent do you agree or disagree with the following? Q&A Q&A • 3 Addit 0.0%ional breakouts by F2F Visits Per 1,000 Enrollees • Automatic Contribution Plan/Arrangement When (ACy PA) ou look(ed) for a professional financial advisor to work ? Accumulation phase ? Output (Aggregated across all households in a cohort and 7 80 0.0 .0% % • The combinPer atio cent n of ACPA an age Change d e in nh EBRI Retirement anced savers cred Readin its are ess pro Ratin jected gs From to ha Various ve a hug Deferred e impact on Income Overall, how confident are you that you (and your spouse) will have enough Data • Source: For this st Survey udy, wof Con e used a sum da er tab Fin ase ances of (SCF)-triannual survey from the Federal Reserve- *Industry-specific formal November 9 — The World’s Greatest and Percentage Decline in Number Employed Number of Fewer Emplo with, how yed important are/were the following criteria? It is more important to help friends and family now than to save for your own retirement. $ 8 7 8 90 0 0 9 0.0 .0 % 0 .0 ,0 % % % 00 • Employers with more than 5 employees would generally be required to maintain an automatic contribution plan/arrangement 3500 Margi exnal pres sIm ed in pact 2019 in dollars Addi ) tion to ACPA and 3 35 03 .0 .0 0% % .0% • • Wage This iIss s the ue Brie third entry fs in a series of papers Fas exami t F ni ac ng ts Infographics/Interactives Annuity (DIA) Purchases at Retirement, by Age-Specific Wage Quartiles ? • • • •Simulat T Whe T In 2 h o ird es co 0n 2 ret mme T mod 0e irem , le EBR me en mo eli t n d I’s HS inc ra g ici om te the ne e/ the A Da mod w pealt a esta pe h tab a r: to lib ty e ret a lix sh se o irem af mi me ca g ent n re re in n w t age g as a o b the f y fthe or mo f imp all u F n re USA ctio S a tha ct Da no n o f 90 tab f tel a0 e g a,00 me e se , , se 0 dw ici a x e, cco n re va e le u u rio sa n ats u se g s e to tota d h a en ad lth spe l 1 co 1n n .4 mi d din itio gll n io o s, n n e o HS tc the ;As, r Retirement Savings Shortfall Excess Retirement Savings Shortfall reducing retirement deficits when analyzed for households simulated to have a retirement deficit Workmo ers ney and reti to ree livs e w com orking fortabl with or y th thin roug king ho of ut work you ing r 73. w retirement ith a 3% n advisoy r ears n=1,44 ?2 (in millions) health care claims data from a large considered the best source for wealth Total of Amer : Workers ican n=1,507, famR ilies etirees —n2007 =1,510, 2010, 2016, and 2019 (latest) • Sponsors with certain previous plans would be grandfathered 3000 opt-out rates from Average Retirement Deficit Reduc Reti tions by re Age ment at Death From Accounts Assuming 50% and of 401(k) Retirement 70.0% Most Exciting Webinar Tackling the Actuarial household price differences s ages 35-64 from defined contribution, defined ? Retirement Readiness Rating (RRR): Probability that a Percentage Reduction Savers Credit 60.0% Percentage Saying Very or Somewhat Important 25•.0%Gender 68.7% $60thre he an ,000 d ale in th total care au asse gu service ral 1. ts 0% Fast con s, tain Facts aned d u w sag ithi e n an the d se price acco diff un ere ts nce gres w of bycare $4.8 bi sou llgh ion t via to t ota tele l $3 med 2.9 ici ne bill io versu n s $ 80 80 .0 ,0 % 00 Relative to White Cohort Strongly Agree Somewh T at A otal: gree Workers n=1,507, Retirees n=1,510 6.0% 70.0% 30.0% 2500 •705 .0 0 Bas % % eline 25.0% assumptions 67.0% collection of employers containing over Balances Us0ed to .56 Purchase Single Premium Im 16medi -24 ate Annuity at Age 65 at Annuity •60% For those currently ages 35-39 the reductions in retirement deficits vary from 17 to 26 percent, depend Oreg ing on on race Saves data ranged benefit 2, 5 .0 IR % A, Social Security, housing equity household will NOT run short of money in retirement Variable 70% TaaS Visit TAM Visit 16-24 6.5% • EBRI’s most in -depth expert • Provides high-level • Conveys EBRI research and 45.0% 63.0% Jake Spiegel, 16.0% Value of Employment-Based Health 2000 • Famface ily stat -to us-face • Retirement • Auto-IRA faccount or new sponsor assets s. (individual account 61.6%(IA) retirem $25,00ent 0 plans — defined contribution (DC) 0.5% 0.62 Confidence Survey Findings by 61.3% 60. •0% For this paper, we leveraged a commercial claims Craig Copeland, 100% Purchas 61% e Price Based on Historical Average for Discount Rates; Excludes Balances Less 100,000 employees, their spouses, from 32.2 to 57.4 percent $ 70 7.0 0,0 % 00 4• • 5% In t EBRI con he first du yea cts r, yEBRI’s FSA early longitud Da intab al an ase d cross contain -sectio ed ab na ou l an t 50 al0,0 yses 00 of the HSA Database ? 401(k) participant behavior based on individual ? Retirement Savings Shortfall (RSS-) 25.0% $50 2 ,0 00 .0 0 % 1500 50 4.0 0.0 %% • 6% default with escalation to 10%. 57.7% Older •6 patient 0.0T % an his al com yses binati of emp on has an loy ev ee en 57% No pr be larger ne Resear acti fit impac cal di t ch on ftake fer A household ssocia ence awate, y ss who of EBRI are not s rese imulat arch ed t57% o hav No prac e a ret an tiirem c al al y di sis ent fferenc def in ic visu ite ally intuitive, 60.0% 60% 20•.0%Future years of eligibility in a defined contribution plan 14.0% plans, individual retirement accounts (IRAs), and KEOGHs) 6.8%55.9% Insura databas nce e to anal 0.0% yze the waste caused by pricing Than $200,000 14% Senior Resear 14% ch 15% 50% 16% 20.0% 1.15 an adm d the inistir de rative pe rec nd ords ents 1000 25-34 90% for industries with data on 35.0% 52.5%52% ?For those households simulated to experience a • • acco A st 30% ud un opt yts -on out t for he new ge eligibles nerosity of employment-based health plans over the past decade 25-34 Race 51%/Ethnicity and Labor Force EBRI 5.8% 40% issues and trends, including in a condensed format. graphical formats. 50.0% 6 $60 0.0 ,0 % 00 49.8% $20,000 Woman failure in the market for Slight specily alty increases medications likelihoo 1.12 d of TaaS visit Slightly increases likelihood of TAM visit 20.0% Associate, EBRI 48.9% • Retirem • ent T hi Rev s enue year, Rkey aisers findings included: 30% 15.0% -0.5% 31% 500 31% $9,000 12.0% 50% $40,0 46% 00 shortfall 46% • T•he 3R 0ad .0 es % ult dition s depend of emp signif lo icy aer ntlymatch on assum es o ption n stud s for opt en -out t lo and ans wor the ithdrawal beha “skinn vior y 40 as 1(k)” well asfor ACPA can type of plan chosen add up to 50.0% ? Annual linked records dating back to 1996 (27 million at least 500 employees. 50.0% 40.0% 38% • Percentage of families with an IA retirement plan 80% data updates; emerging 42% 0 Nove • Our an mbeal r y 16 sis — findMy s tha stt ery faceno -to-More: face Portfolio 41% 4.6% $8,000 42.4% 15.0% 402 % • •5.0 •%T A st Sens he 15.0ud % ave itiv yit rag ex y analy ami e con sni isng on tribu s the lides tion emp 12 w -14 as loyer $1,17 resp 9onse to an IRS rule change that added preventive care • 3Aggregat 5% e limit on IRAs and defined contribution plans participant-s 1.0 from % 110,000 plans) Participation ? and Present Emp value of sloy imulated m ret ent irementAfte deficits r at 0.72 another 4 percent reductio 50% n in retirement deficits 5 $5 0.0 0,0 % 00 • Become quickly in 351 -44 formed 0.0% on • PowerPoint presentations of 52% 38% (John Chalmers, Olivia S. • This is exacerbated 52% by two additional trends: a trend 40.0% • Average balances increased, 54% but remained relatively modest at $3,622 35-44 15.0% 39.2% 40% 10.0% 36% 36% 3.7% designs, practices, and $15,000 70% •Named Savers 2Pol 0 $ .0 3 C % 0 ivis redit c ,0y 0hol 0its d der ropped $ 7p ,0re 00cip Slight itou 0. sly 66 ly a increases t the likelihood of TaaS visit Slightly increases likelihood of TAM visit 30% 30% 40.0% retirement age Impact of Var 36.3%ious Legislative Proposals on Retirement • be Median amount nefits in HDH Ps held in these accounts Allocation, Income and Spending in 40.0% 32% ? Social Security based on current statutory benefits for -1.5% 31% • tow Will ard update more mproced y analysures is in: tak “The ing pl Impac ac t e ofbe i n hos a R ne etfits irem pital ent top Sav ics. ings Account Cap” , EBRI Ithe ssue se visu Brief (August als are also 30.0% Mitchell, Jonathan Reuter, 30% 8.0% 35% 35% • • Replac Ve e ry the few curre wnt orke saver’s rs – credi only t w 2% ith a s –imple, contribu 50% ted governmen the sttatu mattory ch on max contribu imu tio m ns of up to $1000 per year made t43% o 401(k)-type plans 46% 46% $ 40 41 .0 05 ,0 % .0 0% 0 26% the Pandemic 28% • Both average $6, c00 ont 0ributions ($1,995) and distributions ($1,714) decreased relative to 2019 products; and employee • Whereas auto portability can add 11 to 14 percent, depending on race be 10gi .0nn % ing of the pandemic, and also 46% 33 00 % % 10.0% 60% baseline 5.2% ? Current aggregate of $3.83 trillion 30.0% 5.0% 2013), https://ssrn.com/abstract=2318 0.8 03 0 4 31% 10.0% outpatient departments (HOPDs) and fewer in 24% -2.0% 45-54 Retirement Webinar availab and le to ma Minglke i Zhong it ea,sie "Aut r for o- and IRAs by individuals with income up to $25,000, couples with income up to $50,000 and head of household up to $37,500 45-54 10 $ .02 % 0,000 30.0% Income Adequacy • Median share of total financial assets that IA retirement pl 6.0%an assets represent • Even more HSA Da $5,000 tabase and FSA Database Updates 5.4% Charlson 25%Comorbidity Index Slightly Decreases likelihood of TaaS $10visit ,000 Slightly Decreases likelihood of TAM visit bene30% fit policies and 28% 30.0% 0.90 TaaS and TAM Visits Per 1,000 Enrollees that telemedicine usage increased LABOR RESULTS FORCE FROM PARTICIPATION/EMPLO THE RETIREMENT CONFIDENC YMENT E ? Retirement/decumulation phase phy • sF ic ew ians ac’c offi ount chold es (PO ers (9%) s), and inves pric t se i omnc e port reases ion of for their balances in ? as Rset etirem s other ent tSav han ings cas h Surpluses (RSS+) •$ 30 30 .0 Addit ,0 % 00 ional Roth features to move money inside the budget window 22.9% 50%• • Ne The arl am y ha ount lf of of the all m w atorke ch would rs forfei phase ted out at over letast he nex some t $10,000 of the of ir con income tribu for indiv tion iduals s and $20,000 for couples/head of household 20.0% 22.6% 20% 5.0% you to share with colleagues 5.0% -2.5% Enrollment Retirement Plans • The results are relatively robust to changes in assumptions for withdrawal rate 27% s and opt out rates $4,000 0.0% 30% 44% 46% 47% 20.0% 5.0% 90 4.0% 20% proposals. 28% dramatically, and remained 25% • Refuhos ndapi ble tal-based outpati Aent CPA c aare nd saoutpac vers ACP ing pric A and sa e vers ACPA and savers ACPA and savers ACPA 5 a.0 nd % savers ACPA and savers 20% • Distribution of where IA 0pl .64 an assets are held ? Dece Sim 0 $ .01 % 0ulat ,0mbe 00es 1,000 r 6, alt7, a ernativnd e life9 -pat — hs fWi or eac nte h household r Polic,y 39% 20.0% 80 ? For those households simulated to experience a 5.0% 55-64 15.9% 55-64 and clients. 40% • Will update my $ analy 3,000 sis of the 2017 Rothification proposals for the People: Choices and 20.0% • Accountholde -3.0 rs % who had the benefit of receiving an employer contribution tended to have higher balances and more ACPA and ACPA (all ACPA and Seeki2 $ng 0. 200 ,0 % respi 00 ratorA yCP care A and savers cred Signif it, 1 picant ercently cred Increases it, 10 percen likelihoo t credit, 1 d peof rceT ntaaS credit, 1Incr 0 perce ea nse t cred s like it, 1lihood percent of cred TAM it, 10 v pie srce it nt 10IM APPENDIX SENSI CONDITIONAL % PACT TIVI FOR TY ANALYSIS ALL IMPACT HOUSEHOLDS FOR 70 THOSE $5,000 WHO UTILI 6.4% ZE • Younger workers contributed less 0.tha 91 n older workers, and were less SURVEY (RCS) •• Bas How eline ever as exs trem umpt ely io n large = every annual one — w eligible ithdraw RACE/ETHNICITY wal ill rat tak es e tfhe or eit full her amAC ount PA or enhanced savers DIFFERENCES credit Moderator: s can signifBrett icantly reduce the inc 0.0reases % for physician-based care startpe ingrsisten at 65 tly higher than the pre- 2.0% surplus 29% 11.2% 60 10.0% 11.0% ACPA and savers credit with "skinny savers credit frequent ACP cred ly A inv ait nd es sa ted, vers cr a n sn uggesting u ea dl wi it, 0 thdrawa that A l CP a em nA n u ploy aa nl wi d sa ers thve drawa c rs cr an le play d ait, nn1 u a 0 al wi key th d role A rawa CPin A l a a fn os nd n t u sa erin al wi vers cr g them drawa ed ploy it, l50 a er nnengagem ual wi ACP thA drawa aen ndt lsa w ave it nh nrs cr uH al wi SAs edth it, d1 rawa 00 l $2,000 EBRI Research Round-Up • Foru 10 15 .0% Su % m mmari Web es in are ars incl uded for Outcomes in OregonSaves," • Other analy 33% sis 0.0% -3.5% visit 8.7% 50 30%beneficial impac 34% t of these proposals 10% • The racial/ethnicity categ Jack V ories anDerhei, from SCF are self-identified and include Hamm White, ond, non-Hispanic; 35% 10.0% li $ ke - ly to take a distribution as well • Allow individuals save rs to cr rec edieiv t e aan nd st em udploy ent er 4 5% m 01 at (kc )" h ) a in nd their ret and irem 10 au %to ent plans for pay 15ing % down a student 20% loan 25% 30% pandemic pe tren rce 35 n-39 t d skinny 401 o(k) n ACPA 40-44 perce onn A t skinn CPA y 4 45 0-49 1(k) on savers cred piterce 50o n -54 n t sa skinn very 4 s cre 01d (k) it 55-59 for bo pth ercent skinny 4 6 fo 0r b -64 01o (k) th ? Deterministic modeling of costs for food, apparel and services, 40 10.2% 0% 0.50 ? Present value of surpluses in retirement valued at $ 10 1.0 0,0 % 00 0.0% 10.0% 35-39 $ 40 1, -44 000 45-49 50-54 55-59 60-64 3.8% 65+ 65+ 0.0%• tho Ose n ur analy eedi sng is finds a qui that ck cost savings would be Jack VanDerhei 30 , Ph.D. NBER Working Paper No. Lowest Age-Specific Income Quarti loa le ns* savers credit portability student loans skinny 401(k) auto portability • Expand automatic enrollment in ret0. irem 2% ent plans by enrolling -0.4% employees -0.8 aut % omatically in their -1.7%company’s 401(k -2.7) %plan when a -3.2% Research Director, $- Research o Assumpt • ion Acs countholders with longer tenure – people who have had their HSAs for a while – tended to have higher balances, W Wh h W ite ite hite 5.2% 10% 02 .3 50 .6 2% 5.6 2% 5.6% 23.4%22.7% 9.1 25 % .7% 19.5% 23.9% 14.1% 271 .6 8% .4% 9.4% 23.4% 29.4%5.6 1.2 %% 42% Seeking Black/A tran mental As CP po Art heal a at nfrica d ion sa,th c ve enterta n rs cr are Amer edinm it, en ican; ACP t, Slight rea A aHispanic; ding nd sa ly and veincreases rs cr edu edc it, and atioA n, CP likelihoo othe hou A as ning, r, d sa w ve d hich rs cr of T ed aaS consists it, visit ACPA anof th d sa Incr veose rs cr eae se dra it,s ces/eth likelihood nicities of TAM not d visitefined in 20% age 65 in 2019 dollars 40% 40% October 20 6, 2021 39% White 0 0.0 .0% % $31,084 $25,382 $24,772 $25,553 $27,756 $30,340 35-39 40-44 45-49 50-54 55-59 60-64 $- • APPENDIX: SPIA modifications can be beneficial for those who utilize 17% them 17% Second 0.4% 0.3% 0.6% 0.1% -0.5% -1.0% White White substanti 25.6% al if price di 28.4fferenti %16% al2 s9 for .4%treatments 39.9% based 2.8% 3.8% 14.3% new plan is created; 10 • For 2020 3 35 5, -39 -39 EBRI’s FSA Da 4 40 0 tab -44 -44ase grew to cove 4 45 5-49 -49r 2,000,000 acco 5 50 0-54 -54unts 5 55 5-59 -59 6 60 0-64 -64 0.0% ooveAny 3 rvi 0 phigher e one erce w.neligible t o cpont touribut t bution not s ,c 4 and urrent 0 peinv rce lyes n c t o ont ted pto rib u m tut ore ing, frequen and 50 p tly erce , suggesting nt optout that there 60 pe is rce a nftam opto iliarit ut y effec 28469, t February 2021) B Bla la Bck ck lack 19.1 1% 9.1 1% 9.1% EBRI 17.2%18.5% 7.3 19 % .1% 14.8% 17.3% 9.9% 201 .4 1% .7% Leader 7.1, % 1Capit 7.2% al 22.2%4.5 0.0 %% 0% 0.0% $0 and basic health expenditures. Health Care Research Roundup Black $47,781 $43,330 $41,486 $45,206 $46,037 $51,550 Black 25% $16,697 $17,948 $16,714 $19,653 $18,282 $21,210 0.0% 12%EB 24% RI Resea 0rch Di 12%rector 12% Tthe hird three prior categories, such as Asian Amer 23% icans 23%and those who identify as multiracial. SCF is at 0.5% 0.7% 0.5% ? Retirement Sav 0.4% ings Net Outcom0. es 0% (RSNO) -0.3% 11% 10 0.0 %0 0.20 0.4 $ 0(1,0021% 0) 0.60 0.80 1.00 1.20 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Bla 5% ck 19.1% 22.0% 22.2% 32.6% Black 2.9% 3.1% 13.5% 10% All White, Non-Hispanic Black/African American Hispanic Other W Wh hite ite on site of 4 4A 3. 8. c ll A 9 7are ll A % %ll didn’t exisW tW h W ite h3 3 h ite 2. 0. , ite n , 3 2o , n % % n n o-H o nn -H ispa -H ispa ispa nin cn icic BB la B 2 2 la ck/A 3 2 la ck/A .4 .8 ck/A % % fri fri fri ca ca ca nn A n A A m m m ee ri e ri ca ri ca ca nnn 1 13. 4.9 7% % Hi Hisp Hi sp sp a a a n 9% n n ic iicc 8 8.3 .9% % Ot Ot Oth h he e errr 5 5.3 .7% % White 25.6% 22.9% 20.3% 17.3% oHi Hisp sp Hi Hsp a a av n na iiing c c nic a required 22.1 2% 2.1 2% 2 m .1ont % hly s 2t0 udent .0%20 loan .6% debt 8 pay .2 22 % .2 m% ent 15.2% 20.5% 12.5% 241 .4 5% .2% 8.5% 20.0% 26.0%4.7 0.0 %% 8% 15% Group • Increase the required minimum distribution age to 75; 13% 7% All Research 7%Ro Males und-Up Females • Average retirement deficit reduction of more than $2,000 HighHi essp t Aa ge-Sp nic ec $4 ifi2 c ,8 Inc 6om 0 e Qua $40,0 rti8 le5 $41,27 0. 62% 12% $41,788 $42,080 0.5% $47,047 0.4% Hispanic $11,7750.5% $14,703 $16,503 0.$ 5% 16,235 $14,324 0. $5% 16,708 Most ? other Stoc chas aretic modeling of longevDecrea ity risk, inv ses likelihood estment risk, long of -tT erm aaS visit Decreases likelihood of TAM visit Please visit ebri.org for more information. Hispanic 22.1% 22.8% 26.0% 36.0% Hispanic 0.7% 3.9% 13.9% $(2,000) the family level, so the characteristics of the family head (or the reference person) are used to B Bla lack ck 5 77 4.9 .6% % 3 43 6.0 .0% % 2 25 1.3% .7% ? 1 16 4F .0 .4or % % all households combine 1 13 1.1 .1% % d 6 7.2 .7% % Black 19.1% 17.3%Jake Spiegel, EB 1RI R 5.4% esearch Associate 12.9% Ot OtOt h he eh r rer 16.7 1% 6.7 1% 6.7% 15.2%21.5% 6.4 16 % .7% 20.2% 15.2% 13.8% 171 .7 0% .2% 8.3% 15.2% 19.3%4.7 0.2 %% o Would start making the minimum of the monthly student loan debt payment or the projected contribution rate for their demographics October 6, 2021 0% Defined Cont Females ribution Mal Curren es t Employer Defined Contribution Former Employ Femal er es IRMal A/Keog es h Per 2 2 20 0 0 ce 0 0 0n 7 7 7tage 2 2 2o 0 0 0 f1 1 1 40 0 0 01(k)2 2 2 Bala 0 0 01 1 16 6 6nce at A 2 2 20 0 01 1 1g 9 9 9e 65 Used to Purchase a DIA Deferring 20 Years 65–70 P70 O –75 LLI75 N –80 G Q 80U –85EST 85I –O 90 N 90–95 95–100 100+ Overall 0%Other $42,704 $29,176 $25,422 $26,439 $30,613 $38,934 Other $11,619 $3,794 $650 $886 $2,858 $8,594 care (LT • C $) 14 c.1 os btil slion annually, or about 1.5 percent of all health care • Exemption from required minimum distribution rules for individuals with certain account balances. 2019 2020 Other 16.7% 18.1% 19.3% 27.5% Other 1.4% 2.6% 10.8% AlignWo you rking r wit bra h nd an a – dv Sp isor who onsor hasthe Wo se rking eve witnts: h an a con dviso tact r whoBe is tsy Wor king Jaffe, with ja an ffe@e advisor t bri ha.org t has Working with an advisor that is HispHi Hi an sp sp ica an niic c 6 41 9.2 .3% % 4 33 6.5 .6% % 3 20 5.0% .4% 1 15 8.4 .5% % 1 9 1 .9 .7% % 8 6.1 .8% % 22.1% 20.1% 17.7% 15.9% Care sought during COVID-19 Increases likelihood of TaaS visit Significantly Increases likelihood of TAM All White Black Hispanic All White Black Hispanic All White Black Hispanic categor Alize l the Whifam te ilies. Black Hispanic* All White Black Hisp ? Rani SS+ c* minus Al lRSS- White Black* Hispanic* • APPEN ReDIX tireme : nQLAC t Savings S mod hortfa ifica lls tions can also be beneficial for those in the highest wage quartile who spending by workers and their families in the United States For households currently ages 35–64 who have a 401(k) balance at retirement age (65). had a similar upbringing or life affiliated with your employer in a similar racial/ethnic the same gender as you Note: The numbers are from December of each year an $(d 1no 0)t season$ al(ly 8 3 ad 1j) usted. $(537) $(929) $2,207 $3,612 Taa $5 S,584 TAM $7,651 $2,106 EBRI Webinar •Ot Oth hM e er rodified Catch-up Limits Other 16.7 3 49 5 % .4 .9% % 13 3 52 4 .3 .1 .3 % % % 2 21 1 33 .9% .2% .3% 1 14 3.3 .5 11 % % .5% 9 9.7 .1% % 6 7.5 .1% % Note: The numbers are from December of each year and not seasonally adjusted. (RSS) Reduction pandemic PLEASE SHARE YOUR THOUGHvT isS it Source: EBRI Retirement Security Projection Model® Version 3427 Source: U.S Department of La Less borL , t es B ha ureau s tn han $of 35 $35, La ,0bo 00 000 r Statistics, "Labor Force Statistics from $3 the 5,00 $35 Cur 0r-$ ,en 00 7 t P 0- 4,op $ 974, 9 ul 9 ati 999 on Survey," http://www.bls.gov/data/$75,00 $75 0 or ,00 m 0 o or re more util S S S Sou ou ou ou ize r r r rc c c ce: e: e: e: E E E E the B B B BRI RI RI RI es es es es m ti ti ti tiexper m m m mate ate ate ates s s s of of of of ienc the the the the es 20 20 20 2007 07 19 07 a, , , S s 20 20 20 urv yo 10 10 10 ey u , 2 , 2 , 2 of 01 01 01 Cons 6, 6, 6, an an anum d d d 20 20 20 er 19 19 19 F iS S S na urv urv urv ncey ey ey es .so of of of Cons Cons Cons me wa um um umer er er y F F Fiiina na nanc nc nces es es. .. Note: All doba llar c am kg ou ro nts und are i to n 2 y 01 o 9udollars. Source: U.S Department of Labor, Bureau of Labor Statistics, "Labor Force Statistics from the Current Population Survey," http://www.bls.gov/data/ ® Source: EBRI Retirement Security Projection Model version 3568. October 6, 2021 * This includes the “new” accounts created by ACPA Very Confident Somewhat Confident Not Confident The information contained herein is not to be construed as an attempt to provide legal, accounting, actuarial, or other such professional advice. For a list of approximately 50 studies using RSPM please Sour Sour Sour Sour Sour Sour Sour Sourc c c c c c c ce: e: e: e: e: e: e: e: Author Emplo Author Author Author Author Author Author y’ ’ ’ ’ ’ ’ ’ee s s s s s s s simula simula simula simula simula simula simula Benefit ti ti ti ti ti ti tions ons ons ons ons ons ons Research Institute Retirement © © © © © © © © © © © © © © © © © © © © © © © © © © © © © © Em Em Em Em Em Em Em Em Em Em Em Em Em Em Em Em Em Em Em Em Em Em Em Em Em Em Em Em Em Emp p p p p p p p p p p p p p p p p p p p p p p p p p p p p pllllllllllllllllllllllllllllllo o o o o o o o o o o o o o o o o o o o o o o o o o o o o oy y y y y y y y y y y y y y y y y y y y y y y y y y y y y ye e e e e e e e e e e e e e e e e e e e e e e e e e e e e ee e e e e e e e e e e e e e e e e e e e e e e e e e e e e e Be Be Be Be Be Be Be Be Be Be Be Be Be Be Be Be Be Be Be Be Be Be Be Be Be Be Be Be Be Ben n n n n n n n n n n n n n n n n n n n n n n n n n n n n ne e e e e e e e e e e e e e e e e e e e e e e e e e e e e efi fi fi fi fi fi fi fi fi fi fi fi fi fi fi fi fi fi fi fi fi fi fi fi fi fi fi fi fi fit t t t t t t t t t t t t t t t t t t t t t t t t t t t t t Res Res Res Res Res Res Res Res Res Res Res Res Res Res Res Res Res Res Res Res Res Res Res Res Res Res Res Res Res Rese e e e e e e e e e e e e e e e e e e e e e e e e e e e e ea a a a a a a a a a a a a a a a a a a a a a a a a a a a a arc rc rc rc rc rc rc rc rc rc rc rc rc rc rc rc rc rc rc rc rc rc rc rc rc rc rc rc rc rch h h h h h h h h h h h h h h h h h h h h h h h h h h h h h In In In In In In In In In In In In In In In In In In In In In In In In In In In In In Ins s s s s s s s s s s s s s s s s s s s s s s s s s s s s sti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti titu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tu tute te te te te te te te te te te te te te te te te te te te te te te te te te te te te te 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 20 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 02 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 21 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 25 24 26 31 28 18 43 17 29 15 23 40 21 45 10 30 12 47 22 20 37 16 19 39 11 9 7 2 4 8 Permission to copy or print a personal use copy of this material is hereby granted and brief quotations for the purposes of news reporting and see: bit.ly/ebri-rspm-new Source: Employee Benefit Research Institute and Greenwald Research 2021 Retirement Confidence Survey. Security Projection Model® Version 3670race education are permitted. Otherwise, no part of this material may be used or reproduced without permission in writing from EBRI-ERF. Sou So rcu erc : Em e: Em plop ye loe y e Be e n Be efi nt eRes fit Res earc ea hrc In hs In titu sti te tu a te n d a n Gd re G ere nw ea nlw da Re ld Re sea src ea hrc 2h 0 2 21 0 2 Ret 1 Ret irem ire em nt eCon nt Con fide fin dc ee n Su ce rv Su erv y.ey. © © © © © © © © © © Em Em Em Em Em Em Em Em Em Emp p p p p p p p p pllllllllllo o o o o o o o o oy y y y y y y y y ye e e e e e e e e ee e e e e e e e e e Be Be Be Be Be Be Be Be Be Ben n n n n n n n n ne e e e e e e e e efi fi fi fi fi fi fi fi fi fit t t t t t t t t t Res Res Res Res Res Res Res Res Res Rese e e e e e e e e ea a a a a a a a a arc rc rc rc rc rc rc rc rc rch h h h h h h h h h In In In In In In In In In Ins s s s s s s s s sti ti ti ti ti ti ti ti ti titu tu tu tu tu tu tu tu tu tute te te te te te te te te te 2 2 2 2 2 2 2 2 2 20 0 0 0 0 0 0 0 0 02 2 2 2 2 2 2 2 2 21 1 1 1 1 1 1 1 1 1 3 All 52.6% 64.1% $55,548 50.1% 70.0% White $51,840 52.1% 67.9% $63,816 Black* 50.5% 68.3% $65,000 Hispanic* 58.2% 61.9% $65,423 All 57.8% 67.2% $62,445 60.4% 67.2% $81,897 White 57.2% 66.3% $80,000 Black* 36.8% 75.0% $32,094 Hispanic* 32.7% 74.5% $22,386 All 33.6% 73.2% $26,271 34.9% 80.4% $35,000 White 30.5% Black* 78.3% $20,985 27.8% 83.2% $22,386 Hispanic* 29.7% 72.0% $24,463 All 25.5% 79.1% $31,000 White 50.6% 56.9% $44,438 41.7% 73.6% $47,128 Black* $56 48 6 ,3 2.0 7 .2 1 % % Hispanic* $49,006 00 .8% 52.7%

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