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2023 Annual Conference

du 16 au 18 May 2023

Palace Station Hotel & Casino, Las Vegas, NV, US

IMPORTANT NOTICE: The date, time, and room assignment of YOUR presentation is SUBJECT TO CHANGE.

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Confirm your place in the schedule by following the instructionss that were emailed to you. Each presentation must have a separate paid registration. Contact the ACCI office immedicately by email at admin@consumerinterests.org to report any conflict, all corrections to the details of the presentation (including author names and the order they are listed as this is how it will be in the final program), or if you have any questions. Please be sure to reference the session title(s), date(s), and time(s) when you contact us.

H2a Debt, Financial Fragility, and Retirement Readiness for Emergent Retirees With Disabilities

jeudi 18 mai 2023 à 13:00–14:30 PDT
Room 2
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

Submitter

Stephen McGarity, University of Tennessee

Authors

Stephen McGarity, University of Tennessee
Chargement en cours …