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The U.S. retirement system, and the workers and retirees it was designed to help, face major challenges. Traditional pensions have become much less common, and individuals are increasingly responsible for planning and managing their own retirement savings accounts, such as 401(k) plans.
What GAO Found The decline in marriage, rise in women's labor force participation, and transition away from defined benefit (DB) plans to defined contribution (DC) plans have resulted in changes in the types of retirement benefits households receive and increased vulnerabilities for some.
What GAO FoundAs with many other demographic groups, older workers unemployment overall and long-term unemployment rates have increased dramatically since the recession began in 2007. In December 2011, the unemployment rate for older workers was 6.0 percent, up from 3.
While many factors influence workers' decisions to retire, Social Security, Medicare, and pension laws also play a role, offering incentives to retire earlier and later. Identifying these incentives and how workers respond can help policy makers address the demographic challenges facing the nation.
State vocational rehabilitation (VR) agencies, under the Department of Education (Education), play a crucial role in helping individuals with disabilities prepare for and obtain employment, including individuals receiving disability benefits from the Social Security Administration (SSA).
Pursuant to a congressional request, GAO reviewed the issue of social security reform and women's retirement income, focusing on: (1) why women's benefits are lower than men's under the current social security system; (2) the possible differential effects on women of the new privatization reform proposals;...