Retiree spending powered by U.S. private and public sector defined benefit pensions contributed significantly to the economy in 2022, according to a new report from the National Institute on Retirement Security (NIRS). Retiree spending of public and private sector pension benefits in 2022 generated $1.5 trillion in total economic output, supporting 7.1 million jobs across the nation.
Pensionomics 2025: Measuring the Economic Impact of Defined Benefit Pension Expenditures calculates the national economic impacts of U.S pension plans, as well as the impact of state and local plans on a state-by-state basis.
NOTE: The original published report of Pensionomics 2025 and webinar slides contained formatting errors in Figures 4 and 5, which resulted in some column totals being incorrect. Those errors have been corrected in the current posted version of the report. Please note that the overall totals displayed in Figures 4 and 5 were not affected.