CCH
The total aggregate national deficit in U.S. retirement income adequacy is an estimated $4.6 trillion—or about an average of $48,000 per individual, according to congressional testimony by the nonpartisan Employee Benefit Research Institute (EBRI). Reflecting the importance of Social Security, EBRI's analysis finds that if Social Security retirement benefits were eliminated, the aggregate retirement income deficit would almost double—to $8.5 trillion, or an individual average of approximately $89,000.
The estimates are present values (stated in 2010 dollars) at age 65, and represent the additional individual average amount needed at age 65 to eliminate expected deficits in retirement. EBRI notes this aggregate deficit assumed that Americans will receive current-law Social Security benefits.
"These numbers show that the national retirement income deficit—which is already quite large—would almost double without current-level Social Security benefits," said Jack VanDerhei, EBRI research director, testifying at a hearing by the Senate Committee on Health, Education, Labor and Pensions. His full testimony is on EBRI’s website.
