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In the film Nomadland, older Americans roam the western U.S. in campers in search of work and a cheap place to live. One woman, one of the many actual retirees featured in the film, expresses shock that her Social Security benefits weren't enough to live on, despite her having worked "since I was 12."
Could she and others save in a personal IRA? If they had the discretionary funds to do so, maybe. But when you're living one paycheck away from disaster, there's no opportunity to put life on hold so you can play catch-up and start to save.
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Unless an employer helps. "Employers play a highly influential role in facilitating retirement preparations for workers," a Transamerica report says.
But how many people have access to an employer-sponsored retirement plan?
Take a look at this infographic using Bureau of Economic Affairs data:
The report goes on: "When asked what prompted them to start saving for retirement, young adult workers more often cite employer-related reasons (49 percent global, 52 percent U.S.), such as starting a job, the offering of retirement benefits, automatic enrollment, and/or receiving a raise or promotion, than life-stage related reasons (44 percent global and U.S.)."
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