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There are shortcomings in the U.S. approach to retirement saving, such as a lack of 401(k) access. But improvements have been made in the past 15 or so years.
Many Americans don’t have workplace retirement plans The U.S. retirement system is often called a “three-legged stool,” which consists of Social Security, workplace arrangements such as pensions and 401(k) plans, and individual savings. One of the structure’s primary shortfalls is a lack of access to workplace savings plans, according to retirement experts. Just over half — 53% — of U.S. workers had access to an employer-sponsored retirement plan in 2018, according to a recent estimate by John Sabelhaus, a senior fellow at the Brookings Institution and adjunct research professor at the University of Michigan. That’s an improvement from nearly 49% a decade earlier, he found.
