ERIC Number: ED616789
Record Type: Non-Journal
Publication Date: 2021-Nov
Pages: 52
Abstractor: As Provided
ISBN: N/A
ISSN: N/A
EISSN: N/A
Teachers' Knowledge about and Preparedness for Retirement: Results from a Nationally Representative Teacher Survey. EdWorkingPaper No. 21-489
Fuchsman, Dillon; McGee, Josh B.; Zamarro, Gema
Annenberg Institute for School Reform at Brown University
Adequately saving for retirement requires both planning and knowledge about available retirement savings options. Teachers participate in a complex set of different plan designs and benefit tiers, and many do not participate in Social Security. While teachers represent a large part of the public workforce, relatively little is known regarding their knowledge about and preparation for retirement. We administered a survey to a nationally representative sample of teachers through RAND's American Teacher Panel and asked teachers about their retirement planning and their employer-sponsored retirement plans. We find that while most teachers are taking steps to prepare for retirement, many teachers lack the basic retirement knowledge necessary to plan effectively. Teachers struggled to identify their plan type, how much they are contributing to their plans, retirement eligibility ages, and who contributes to Social Security. These results suggest that teacher retirement reform may not be disruptive for teachers and that better, simpler, and clearer information about teacher retirement plans would be beneficial.
Descriptors: Teacher Retirement, Readiness, Knowledge Level, Retirement Benefits, Public School Teachers, Elementary Secondary Education
Annenberg Institute for School Reform at Brown University. Brown University Box 1985, Providence, RI 02912. Tel: 401-863-7990; Fax: 401-863-1290; e-mail: AISR_Info@brown.edu; Web site: http://www.annenberginstitute.org
Publication Type: Reports - Research; Tests/Questionnaires
Education Level: Elementary Secondary Education
Audience: N/A
Language: English
Sponsor: Walton Family Foundation; Equable Institute
Authoring Institution: Annenberg Institute for School Reform at Brown University
Identifiers - Laws, Policies, & Programs: Social Security
Grant or Contract Numbers: N/A