ESI worked with the Center for Retirement Initiatives (CRI) at Georgetown University’s McCourt School of Public Policy to update analysis of workers’ access to retirement savings in the United States and in each state. In addition, the study examined the results for “early adopters” of state-facilitated auto-IRA retirement savings programs. CRI and ESI created two-page profiles for the national and all 50 states that provide data on workplace retirement savings access gaps for private sector employees, estimates of the gig economy workforce, and updated scenarios showing potential returns for typical savers.
The study estimates retirement access nationally and state-by-state for private-sector full-time workers older than 18 utilizing a mix of Bureau of Labor Statistics and Census Bureau (Current Population Survey). Financial modeling is also conducted using a variety of inputs to illustrate the return to representative savers with and without the federal Saver’s Match. In addition, program data and academic literature are utilized to estimate the share of retirement access directly and indirectly attributable to state policies in early adopter states.
ESI and CRI estimate that 47 percent, or 59 million, of U.S. private-sector full-time workers over the age of 18 lack access to retirement savings through their workplace. Many of the estimated 23.4 million gig economy workers in the U.S. lack access as well. The research highlights how a higher proportion of workers at small businesses (63 percent) lack access compared to large businesses (34 percent). A small business is defined as having fewer than 50 employees.
The project developed individualized savings scenarios for each state, demonstrating how even modest contributions by a typical food service worker (5-10% of income) could accumulate significant assets over a 40-year career, potentially increasing their annual income due to retirement savings from $11,700 to $16,800, assuming savings and fee defaults.
The study is available through the Center for Retirement Initiatives at Georgetown University:
Interactive Map: https://cri.georgetown.edu/states/50-state-program-benefits/
Report: Who-Lacks-Access-to-Retirement-Savings.pdf
Presentation: 3/27/2025 Webinar: Who Lacks Access to Retirement Savings?