ESI Examines the Impact of Insufficient Retirement Savings on Pennsylvania

The Pennsylvania Treasury released a study performed by Econsult Solutions, Inc. (ESI) on the impact of insufficient retirement savings on the Commonwealth. The study quantified the net impact of savings shortfall on the economic and fiscal health of the state in the form of increased state public assistance costs and reduced tax revenue, household spending, and jobs. Considerable discussion has focused on the financial capacity of elderly households to maintain their living standards during retirement. This issue is increasingly being understood as a public policy challenge, given its significant (and growing) implications for the economy and for public finance. The study was released at a January 25^th hearing of the Treasurer’s Private Sector Retirement Security Task Force, where ESI Director Ethan Conner-Ross testified about the report’s findings and methodology. To read the Pennsylvania Treasury press release, click here. To read the full report, click here.