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H2a Debt, Financial Fragility, and Retirement Readiness for Emergent Retirees With Disabilities
Short Description
People with disabilities have, on average, less income, less savings, incur greater expenses, and are less prepared for retirement than people without disabilities. This study compares debt, financial insecurity, and retirement readiness profiles of people with and without disabilities who are nearing retirement age. Using data from the 2021 National Financial Capability Study (NFCS), we examine four different pre-retirement-age cohorts (individuals with/without disabilities aged 45–54; and individuals with/without disabilities aged 55–61) to assess debt management, types of financial liability, financial insecurity, financial stress, and readiness to retire. We show that people with disabilities are more likely to have multiple types of debt, carry significantly more overall debt, are less able to plan for retirement, and experience more financial stress than people without disabilities. These results are explained, in part, by extant literature that shows U.S. adults with disabilities must spend nearly one-third of their income on disability-related expenses, thus leaving them with greater debt and at a disadvantage when it comes to retirement planning. These results have implications for policymakers, who can help mitigate issues of retirement readiness for people with disabilities through targeted social spending.
Type of presentation
Accepted Oral Presentation