Private-sector employees offered retirement savings plans to about 63 percent of working-age people in 1999. By 2016, that had only inched up to 66 percent, the report said.
In 2015, defined-contribution plans such as 401(k)s, along with individual retirement accounts, held about $12.6 trillion in assets, compared with the $2.9 trillion in traditional pensions, which have been on the decline for the last few decades. This means individuals are in charge of making their own investment choices.
Also, the bulk of asset growth in IRAs is due to rollovers of funds from 401(k) accounts or pension lump-sum payouts — approximately 92 percent in 2014. This means many of those IRAs exist instead of a workplace plan, rather than supplementing it.
The report also points to economic and social changes that have made it increasingly difficult for Americans to save for retirement.