According to the Pew Research Center, nearly 10,000 baby boomers retire each day in the U.S., and about 25% of them leave positions in the insurance and financial services sector. As the retiree demographic grows in the U.S., a little-noticed division is emerging: a split between the states where many households are getting income from private retirement arrangements and that states where getting private retirement income is much less common. The U.S. Census Bureau asks about "retirement income, pensions, survivor or disability insurance," including non-Social Security retirement income, in the American Community Survey (ACS) questionnaire. The bureau runs the ACS program to gather data government officials and others can use to see what communities are like and how communities are changing. One implication of the data is that senators, governors, and other policymakers in the places with the highest percentage of households relying on private sources of retirement income may care more about the 401(k) plan program, individual retirement accounts, and annuities than policymakers in states with few households relying on private sources of retirement income. For the 50 states and the District of Columbia, the percentage of households using private sources of retirement income in 2019 ranges from 17.9%, in D.C., up to 32.9%, with a median of 25%, according to the 2019 ACA data. For a look at the five states with the highest percentage of households using private sources of retirement income, see the slideshow above. Related: |
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Allison Bell
Allison Bell, a senior reporter at ThinkAdvisor and BenefitsPRO, previously was an associate editor at National Underwriter Life & Health. She has a bachelor's degree in economics from Washington University in St. Louis and a master's degree in journalism from the Medill School of Journalism at Northwestern University. She can be reached through X at @Think_Allison.
