Older Workers and Retirement Security: a Review

This article documents risks and disparities among older workers in the labor force and
in retirement preparedness and explores the links between labor market challenges facing older
workers and retirement insecurity. We use survey data from the Current Population Survey (CPS),
the Health and Retirement Study (HRS), and the Survey of Consumer Finances (SCF) to update
and expand upon previous research on issues including retirement plan coverage and retirement
account balances, as well as older workers’ labor force participation and employment, job quality,
and job security. We show that while many older workers have little to nothing saved for retirement
and cannot afford to retire, the advances in their employment prospects and job quality have been
slow and unequal. Our findings reframe improving access to decent jobs as a complement to, rather
than substitute for, retirement readiness.