Benefit of pensions shown to be widespread.
Position | News & Numbers - National Institute on Retirement Security |
Defined benefit (DB) pension benefits not only provide a secure source of income for many retired Americans, they also contribute substantially to local, state, and national economies. DB pensions play a vital role in sustaining consumer demand that ultimately supports millions of jobs, according to the National Institute on Retirement Security (NIRS). The organization's new study, Pensionomics 2014, measures the economic impact of pension expenditures.
Most communities across the country benefit from the spending of pension checks. NIRS provides the example of a retired nurse residing in the State of Wisconsin who spends her pension check on goods and services in the local community. These purchases, combined with those of other retirees with pensions, create a steady economic ripple effect. In short, pension spending supports the economy and supports jobs where retirees reside and spend their benefits. Pension expenditures may be especially vital to small or rural communities, where other steady sources of income may not be readily found if the local economy lacks diversity.
NIRS also makes the point that reliable pension income can be especially important not only in providing retirees with peace of mind, but in stabilizing local economies during economic downturns. Retirees with DB pensions know they will receive a steady check despite economic conditions, while retirees with only defined contribution (DC) retirement plans may be reluctant to spend money from their accounts if their savings are negatively affected by market downturns. To the extent that DB pensions provide retirees with steady income available for spending regardless of fluctuations in the stock market, DB pensions may play a stabilizing role in the economy like Social Security, the study suggests.
Pensionomics analyzes data on DB pension plans in both...
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