Source: Benefits Canada
Public defined benefit pension plans can play a critical role in delivering adequate retirement income for U.S. retirees, while providing a key buffer against economic hardship for women, the Black, Indigenous and people of colour communities and workers without a college degree, according to a new report by the National Institute on Retirement Security and the UC Berkeley Labor Center.
The report, which analyzed pension data collected by the U.S. Census Bureau between 2019 and 2021, found just a third (35 per cent) of individuals aged 65 and older reported receiving pension benefits. Among these individuals, white men (43 per cent) were most likely to do so, followed by Black men (35 per cent), white women (34 per cent) and Black women (33 per cent). Latino men and women (25 per cent and 18 per cent, respectively) were least likely to receive pension benefits.