A Retirement Security Retrospective: 2007 Versus 2017

The Great Recession officially lasted from December 2007 to June 2009 but its aftereffects continue to linger today. Questions continue to be asked about the status of the recovery among employers and workers. How has retirement security changed? What are areas in need of improvement?

Transamerica Center for Retirement Studies (TCRS) prepared this research report, A Retirement Security Retrospective: 2007 Versus 2017, based on findings from its annual retirement survey of workers and employers to help answer these questions.

Many workers and employers were still recovering from the Great Recession in 2017, according to TCRS’ 18th Annual Retirement Survey. Fifty-eight percent of workers indicated that they are still financially recovering. Almost half of employers said their companies are still recovering (49%). Although discouraging, these findings do not tell the entire story.

The annual retirement survey delves deeply into the topic of employer benefit offerings and workers’ retirement preparations. A comparison of the 2007 and 2017 survey findings illustrates the resilience of the U.S. retirement system, especially with regard to 401(k) or similar plans, and that retirement security among many workers has improved since 2007. However, the research underscores that many workers can do much more to adequately prepare themselves for retirement – even if they have recovered from the Great Recession – and they need support from their employers and policymakers.