Out of Work in America: Unemployed and Underemployed Survey

The Great Recession witnessed high levels of unemployment. According to the Bureau of Labor Statistics, in 2010, there were nearly 15,000,000 who were unemployed. They represented an unemployment rate of 9.6 percent. 

To gauge the impact on the retirement outlook on these displaced workers, Transamerica Center for Retirement Studies conducted this 2011 survey among Americans who are either unemployed or underemployed (e.g., accepting a job requiring lesser skills and/or pay to generate income).  

Out of Work in America: Helping Improve the Retirement Outlook of the Unemployed illustrates the survey's findings on how the unemployment or underemployment of these workers may severely undermine their long-term prospects. Many have tapped their savings, gone into debt, and taken withdrawals from their retirement accounts to make ends meet.

The survey yields important insights on how unemployed and underemployed workers can improve their retirement outlook. It provides recommendations for the retirement services industry, media, employers/plan sponsors, and policymakers to help them.

The research report is based on findings from the 12th Annual Transamerica Retirement Survey conducted in 2011. More than 650 unemployed and underemployed were surveyed.