This document provides a summary of key findings from the 14th Annual Transamerica Retirement Survey. It finds that retirement confidence among American workers rose in 2013 but is still below pre-recession levels. Most workers now expect to work past age 65 and in retirement due to financial needs. The survey aims to identify "Power Planners" who are better prepared for retirement through their savings and planning habits to serve as an example for others.
The document is a report from the Transamerica Center for Retirement Studies that examines the retirement outlook of unemployed and underemployed workers. Some key findings are that over half of those displaced less than a year are unemployed, while over half displaced over a year are underemployed. Nearly one in five of those unemployed over a year have dropped out of the workforce. The report provides recommendations to help improve the retirement readiness of unemployed and underemployed individuals.
Global retirement research: women balancing family, career, & financial securityAegon
Aegon's new report – Women: balancing family, career & financial security is based on findings from the 2014 global Aegon Retirement Readiness Survey. This is one of the largest global retirement surveys of its kind.
AEGON Retirement Readiness Survey conducted in 2012, where participants from Netherlands were surveyed to find out what their retirement preparedness is.
This document announces the Aegon Center for Longevity and Retirement and presents findings from the 4th Annual Aegon Retirement Readiness Survey of 16,000 people across 15 countries. Key findings include that while retirement readiness has improved slightly, many still lack a written retirement plan. Habitual savers are healthier and more confident in retirement than non-savers. Governments, employers, and individuals all have a role to play in encouraging habitual saving and making retirement security a shared responsibility.
Aegon Fact Sheet Flexible Retirement in the United StatesAegon
Most Baby Boomers in the United States expect a flexible retirement, either working past 65 or part-time during retirement, however available jobs may be limited. A federal law allows employees to shift to part-time work and receive partial retirement benefits while accruing future benefits by mentoring younger workers. While seen as a best practice, few government agencies currently offer phased retirement to employees.
Retiree Research: The Current State of Retirement (April 2016)Aegon
This report, based on TCRS’ first-ever survey of retirees, provides in-depth perspectives on retirees including attitudes about life in retirement, time commitments, living arrangements, and personal finances. The Compendium offers more than 50 indicators of retirees’ health and wealth by age range.
Key highlights include:
Just getting by and/or covering basic living expenses is retirees’ most frequently cited financial priority.
Social Security is the cornerstone of retirement income.
Retirees’ confidence about maintaining their lifestyle exceeds the size of their retirement nest eggs.
Most retirees are happy and enjoying life.
TCRS is a division of Transamerica Institute® (The Institute), a nonprofit, private foundation. TCRS is dedicated to educating the public on emerging trends surrounding retirement security in the United States.
Aegon Fact Sheet Flexible Retirement in AustraliaAegon
Australia has many programs that support flexible retirement, including increasing the retirement age and providing tax incentives to work longer. The government allows older workers to earn income from pensions while working. There are also incentives for part-time or casual work after retirement age. Workers can transition to part-time work while withdrawing retirement funds in a tax-favored way. About 20% of Australians over 55 have participated in this transition program. In a survey, 70% of Australians envision a flexible retirement, and most employers support options for part-time work after retirement age.
The document is a report from the Transamerica Center for Retirement Studies that examines the retirement outlook of unemployed and underemployed workers. Some key findings are that over half of those displaced less than a year are unemployed, while over half displaced over a year are underemployed. Nearly one in five of those unemployed over a year have dropped out of the workforce. The report provides recommendations to help improve the retirement readiness of unemployed and underemployed individuals.
Global retirement research: women balancing family, career, & financial securityAegon
Aegon's new report – Women: balancing family, career & financial security is based on findings from the 2014 global Aegon Retirement Readiness Survey. This is one of the largest global retirement surveys of its kind.
AEGON Retirement Readiness Survey conducted in 2012, where participants from Netherlands were surveyed to find out what their retirement preparedness is.
This document announces the Aegon Center for Longevity and Retirement and presents findings from the 4th Annual Aegon Retirement Readiness Survey of 16,000 people across 15 countries. Key findings include that while retirement readiness has improved slightly, many still lack a written retirement plan. Habitual savers are healthier and more confident in retirement than non-savers. Governments, employers, and individuals all have a role to play in encouraging habitual saving and making retirement security a shared responsibility.
Aegon Fact Sheet Flexible Retirement in the United StatesAegon
Most Baby Boomers in the United States expect a flexible retirement, either working past 65 or part-time during retirement, however available jobs may be limited. A federal law allows employees to shift to part-time work and receive partial retirement benefits while accruing future benefits by mentoring younger workers. While seen as a best practice, few government agencies currently offer phased retirement to employees.
Retiree Research: The Current State of Retirement (April 2016)Aegon
This report, based on TCRS’ first-ever survey of retirees, provides in-depth perspectives on retirees including attitudes about life in retirement, time commitments, living arrangements, and personal finances. The Compendium offers more than 50 indicators of retirees’ health and wealth by age range.
Key highlights include:
Just getting by and/or covering basic living expenses is retirees’ most frequently cited financial priority.
Social Security is the cornerstone of retirement income.
Retirees’ confidence about maintaining their lifestyle exceeds the size of their retirement nest eggs.
Most retirees are happy and enjoying life.
TCRS is a division of Transamerica Institute® (The Institute), a nonprofit, private foundation. TCRS is dedicated to educating the public on emerging trends surrounding retirement security in the United States.
Aegon Fact Sheet Flexible Retirement in AustraliaAegon
Australia has many programs that support flexible retirement, including increasing the retirement age and providing tax incentives to work longer. The government allows older workers to earn income from pensions while working. There are also incentives for part-time or casual work after retirement age. Workers can transition to part-time work while withdrawing retirement funds in a tax-favored way. About 20% of Australians over 55 have participated in this transition program. In a survey, 70% of Australians envision a flexible retirement, and most employers support options for part-time work after retirement age.
The document discusses findings from the 2013 Aegon Retirement Readiness Survey, which examined retirement preparedness across 12 countries. The survey found low overall retirement readiness based on a Retirement Readiness Index score of 4.89 out of 10. Most employees expect future generations will be worse off in retirement and believe government and employer benefits will be reduced. While many aspire to leisure and freedom in retirement, concerns about insecurity, poverty, and ill health were also commonly associated with retirement.
Aegon Fact Sheet Flexible Retirement in ChinaAegon
This document provides an overview of retirement in China, including:
- Traditionally, retirement age was 50 for women and 60 for men, but it is gradually increasing to 65 to address aging population issues.
- China's working population shrank for the first time in 2012 due to lower birth rates, forcing plans to delay retirement.
- There is debate around increasing retirement age and its impact on job opportunities for youth. While most support increasing age, 39% want it unchanged.
- The profile examines Chinese workers' retirement expectations and whether employers support flexible retirement options.
The document summarizes the key findings of a survey conducted by the Gandalf Group for the Healthcare of Ontario Pension Plan regarding Canadians' views on retirement security. The survey found that most respondents are concerned about a potential retirement income crisis due to a lack of adequate workplace pensions and government support. Respondents believe this could increase senior poverty and burden taxpayers. They prefer pensions that guarantee income and most support expanding the Canada Pension Plan or implementing the proposed Ontario Retirement Pension Plan.
Aegon Fact sheet flexible retirement in TurkeyAegon
Turkey has strengthened its public finances over the past decade, allowing increases in pension spending. While Turkey abolished a fixed retirement age in 1969, using a combination of age and years of contributions instead, many Turkish workers still envision a flexible transition to retirement due to concerns about retirement savings lasting. Cultural reasons also explain early retirement expectations, as 40% of respondents expect financial family support. While over half of Turkish workers envision a flexible retirement, only 13% say employers offer part-time work opportunities in retirement.
This general financial strategies seminar is designed to empower women to excel in managing their finances. It discusses issues specific to women\'s personal and financial concerns for each stage of life.
Interactive Symposium on "Corporate Savings & Retirement Schemes"Sohail Jaffer
The document discusses retirement planning and savings schemes. It notes that retirement is no longer a fixed age but a flexible period requiring financial planning. People are living longer so retirement savings must be optimized through saving more and working longer. Several myths about retirement are addressed, such as the idea that retirement means ending work, and that new careers are only for the young. Flexibility is becoming the new model for retirement. The document also provides an overview of corporate savings plans and their benefits for both employees and employers.
Successful Financial Planning for RetirementSohail Jaffer
The document discusses retirement planning and savings schemes. It notes that retirement is no longer a single event at a preset age, but a longer phase that requires financial planning. People are living longer but often leave the workforce at a standard pension age, wasting resources. Successful retirement planning needs to encompass both saving more and working longer to optimize finances and human capital. The document also discusses challenges like inadequate retirement savings, rising life expectancies, and shifting responsibilities from employers to employees. It provides an overview of corporate savings plans and their benefits for both employees and employers.
The document discusses budget pressures facing Australian governments. It finds that if current spending and revenue trends continue, the projected budget surplus of 1% of GDP could turn into a deficit of over 4% of GDP by 2023, requiring $60 billion in savings or tax increases. Persistent deficits are problematic as they incur interest costs, limit future borrowing, and unfairly shift costs between generations. Balanced budgets over the economic cycle are preferable to deficits.
Aegon Fact Sheet Flexible Retirement in CanadaAegon
Canada has implemented policies since the 1990s to promote more flexible and transitional retirements. These policies were driven by labor shortages due to falling birth rates and the need to keep experienced employees in the workforce longer. The Canada Pension Plan removed mandatory retirement provisions to provide flexibility. Additionally, the rising costs of pensions are leading to reforms like increasing the eligibility age for Old Age Security benefits from 65 to 67 starting in 2023. However, questions remain about whether employers can adapt to an aging workforce and align private and public pension plans. Survey data shows most Canadian workers envision a flexible retirement transition but there are gaps in retraining opportunities from employers.
People who want to make a difference are often attracted to public service, where a willingness to meet the challenges facing society is a critical competency. One leading reward for their dedication has typically been a stable pension. But the 2008 financial crisis derailed expected growth in government pension funds, leaving pensions in a state of crisis.
Retirement Savings Challenges for WomenBobby Cherry
When it comes to saving for retirement and planning for retirement income, women face a number of unique challenges, which we’ll be discussing in more detail.
First of all, women generally live longer than men, which means they may need to plan for more years in retirement.
Because of their longer life expectancies, women should also consider that they may spend some of their retirement years living on their own.
Women often interrupt their careers to care for children and aging parents.
Because of these career interruptions, women may spend less time in the workforce and earn less money than men in the same age group, which could result in saving less for retirement and having a lower Social Security benefit.
It’s important to recognize these challenges and plan accordingly. Let’s look at each challenge a little more closely.
This document provides an overview of retirement planning and factors to consider when preparing for retirement. It discusses estimating future earning potential and life expectancy, sources of retirement income like Social Security and employer plans, estimating retirement savings needs, and the power of tax-advantaged retirement accounts. Key points made include that most people will live to retirement age and beyond, the average Social Security benefit replaces about 40% of pre-retirement income, and personal savings are needed to bridge the gap between expenses and other income sources in retirement. Delaying retirement planning can significantly reduce the amount saved.
The document summarizes key findings from the 2014 Retirement Confidence Survey conducted by the Employee Benefit Research Institute. Some key points from the summary:
- Worker and retiree confidence in having enough money for a comfortable retirement increased from 2013 levels, though nearly a quarter of workers remain not at all confident.
- Confidence was strongly correlated with having a retirement plan, with nearly half of workers without a plan not feeling confident compared to about 1 in 10 with a plan.
- Over half of workers and two-fifths of retirees report problems with debt levels, and some report higher debt than five years ago.
- While confidence in affording basic retirement expenses increased, many workers lack confidence
SEIU Healthcare is launching a new retirement plan called My65+ to address the lack of retirement savings options for its lower-income members who earn less than $50,000 annually and have no employer pension plan. My65+ will have very low fees of 0.22% for investments and $7 per month for administration. It uses a TFSA structure to avoid the "clawback" of government benefits that occurs with RRSPs for lower-income seniors. Modeling shows My65+ can deliver 3-4 times more retirement income than a typical RRSP due to lower fees and preserving benefits. The plan will be governed by a non-profit board and use low-cost index funds from Vanguard for investments
This document provides information about retirement planning and financial independence. It discusses how few Americans have pensions today compared to the past and how 401(k) plans have replaced pensions. It also summarizes statistics showing that most Americans are not saving enough for retirement and will not have enough income to maintain their standard of living. The document then discusses strategies like fixed indexed annuities and life insurance to help provide downside protection, upside potential, and guaranteed lifetime income in retirement.
The document discusses various financial strategies for women, including funding a child's education, planning for retirement, concerns related to widowhood or divorce, and estate planning. It provides information on topics like saving for college, social security benefits, life insurance, wills, trusts, and business continuation planning. Key financial goals for women include preparing for longevity in retirement, maintaining assets, and passing wealth to future generations.
Workers remain uneasy about their financial security and retirement. While employee satisfaction with finances has increased since the financial crisis, retirement confidence remains below pre-crisis levels. Many workers worry about affording healthcare costs in retirement. Defined benefit plan participants are more secure about retirement income than those with only defined contribution plans. Despite economic recovery, employees have prioritized reducing debt and spending less.
20151105 Retirement Funding Report commissioned by SMF finalSarah Luheshi
The document summarizes findings from modeling the potential retirement incomes and outcomes for five hypothetical individuals under different pension decumulation patterns. Key findings include:
- Individuals risk exhausting their pension pot during their lifetime if they withdraw funds at an unsustainable rate, leaving them reliant on the state pension for income. Higher withdrawal rates and lower investment returns increase this risk.
- Withdrawing funds too conservatively could leave individuals with a residual pension pot at death, missing an opportunity to maintain a higher quality of life during retirement.
- The risk to the government is greater when individuals exhaust their pension pot quickly and rely more on means-tested benefits later in life.
20151105 Retirement Funding Report commissioned by SMF finalSarah Luheshi
The document summarizes findings from modeling the potential retirement incomes and outcomes for five hypothetical individuals under different decumulation patterns. Key findings include:
- Individuals risk exhausting their pension pot during their lifetime if they withdraw unsustainably high amounts, becoming reliant on the state pension for income. Higher withdrawal rates and lower returns increase this risk.
- Individuals may have residual pension funds left at death if they withdraw too low amounts, missing an opportunity to maintain a higher quality of life during retirement.
- The risk to the government is greater when individuals exhaust their pension pot quickly and rely more on means-tested benefits, increasing long-term benefit costs to the state.
This document discusses factors that determine how prepared households are for retirement. It introduces the Putnam Lifetime Income Score (LIS), which estimates the percentage of pre-retirement income a household is likely to replace during retirement. The document then outlines three key characteristics of households most prepared for retirement according to their LIS: having access to an employer retirement plan, saving at least 10% of income, and working with a financial advisor. It also notes the importance of planning for healthcare costs in retirement.
20th Annual Transamerica Retirement Survey of Retirees - Transamerica Center for Retirement Studies® (TCRS) is a division of Transamerica Institute® (The Institute),
a nonprofit, private foundation. The overall goals for the study
are to illuminate emerging trends, promote awareness, and help educate the public. It has grown to be one
of the longest running and largest national surveys of its kind.
This document summarizes the key findings of a survey examining how retirees have been impacted by the COVID-19 pandemic. The survey found that while most retirees reported their retirement confidence remained unchanged during the pandemic, few were very confident to begin with. Additionally, the survey found indicators that many retirees may be unable to withstand financial difficulties due to living on fixed incomes and having limited savings. The report provides recommendations to help current and future retirees better prepare for challenges like the pandemic.
The document discusses findings from the 2013 Aegon Retirement Readiness Survey, which examined retirement preparedness across 12 countries. The survey found low overall retirement readiness based on a Retirement Readiness Index score of 4.89 out of 10. Most employees expect future generations will be worse off in retirement and believe government and employer benefits will be reduced. While many aspire to leisure and freedom in retirement, concerns about insecurity, poverty, and ill health were also commonly associated with retirement.
Aegon Fact Sheet Flexible Retirement in ChinaAegon
This document provides an overview of retirement in China, including:
- Traditionally, retirement age was 50 for women and 60 for men, but it is gradually increasing to 65 to address aging population issues.
- China's working population shrank for the first time in 2012 due to lower birth rates, forcing plans to delay retirement.
- There is debate around increasing retirement age and its impact on job opportunities for youth. While most support increasing age, 39% want it unchanged.
- The profile examines Chinese workers' retirement expectations and whether employers support flexible retirement options.
The document summarizes the key findings of a survey conducted by the Gandalf Group for the Healthcare of Ontario Pension Plan regarding Canadians' views on retirement security. The survey found that most respondents are concerned about a potential retirement income crisis due to a lack of adequate workplace pensions and government support. Respondents believe this could increase senior poverty and burden taxpayers. They prefer pensions that guarantee income and most support expanding the Canada Pension Plan or implementing the proposed Ontario Retirement Pension Plan.
Aegon Fact sheet flexible retirement in TurkeyAegon
Turkey has strengthened its public finances over the past decade, allowing increases in pension spending. While Turkey abolished a fixed retirement age in 1969, using a combination of age and years of contributions instead, many Turkish workers still envision a flexible transition to retirement due to concerns about retirement savings lasting. Cultural reasons also explain early retirement expectations, as 40% of respondents expect financial family support. While over half of Turkish workers envision a flexible retirement, only 13% say employers offer part-time work opportunities in retirement.
This general financial strategies seminar is designed to empower women to excel in managing their finances. It discusses issues specific to women\'s personal and financial concerns for each stage of life.
Interactive Symposium on "Corporate Savings & Retirement Schemes"Sohail Jaffer
The document discusses retirement planning and savings schemes. It notes that retirement is no longer a fixed age but a flexible period requiring financial planning. People are living longer so retirement savings must be optimized through saving more and working longer. Several myths about retirement are addressed, such as the idea that retirement means ending work, and that new careers are only for the young. Flexibility is becoming the new model for retirement. The document also provides an overview of corporate savings plans and their benefits for both employees and employers.
Successful Financial Planning for RetirementSohail Jaffer
The document discusses retirement planning and savings schemes. It notes that retirement is no longer a single event at a preset age, but a longer phase that requires financial planning. People are living longer but often leave the workforce at a standard pension age, wasting resources. Successful retirement planning needs to encompass both saving more and working longer to optimize finances and human capital. The document also discusses challenges like inadequate retirement savings, rising life expectancies, and shifting responsibilities from employers to employees. It provides an overview of corporate savings plans and their benefits for both employees and employers.
The document discusses budget pressures facing Australian governments. It finds that if current spending and revenue trends continue, the projected budget surplus of 1% of GDP could turn into a deficit of over 4% of GDP by 2023, requiring $60 billion in savings or tax increases. Persistent deficits are problematic as they incur interest costs, limit future borrowing, and unfairly shift costs between generations. Balanced budgets over the economic cycle are preferable to deficits.
Aegon Fact Sheet Flexible Retirement in CanadaAegon
Canada has implemented policies since the 1990s to promote more flexible and transitional retirements. These policies were driven by labor shortages due to falling birth rates and the need to keep experienced employees in the workforce longer. The Canada Pension Plan removed mandatory retirement provisions to provide flexibility. Additionally, the rising costs of pensions are leading to reforms like increasing the eligibility age for Old Age Security benefits from 65 to 67 starting in 2023. However, questions remain about whether employers can adapt to an aging workforce and align private and public pension plans. Survey data shows most Canadian workers envision a flexible retirement transition but there are gaps in retraining opportunities from employers.
People who want to make a difference are often attracted to public service, where a willingness to meet the challenges facing society is a critical competency. One leading reward for their dedication has typically been a stable pension. But the 2008 financial crisis derailed expected growth in government pension funds, leaving pensions in a state of crisis.
Retirement Savings Challenges for WomenBobby Cherry
When it comes to saving for retirement and planning for retirement income, women face a number of unique challenges, which we’ll be discussing in more detail.
First of all, women generally live longer than men, which means they may need to plan for more years in retirement.
Because of their longer life expectancies, women should also consider that they may spend some of their retirement years living on their own.
Women often interrupt their careers to care for children and aging parents.
Because of these career interruptions, women may spend less time in the workforce and earn less money than men in the same age group, which could result in saving less for retirement and having a lower Social Security benefit.
It’s important to recognize these challenges and plan accordingly. Let’s look at each challenge a little more closely.
This document provides an overview of retirement planning and factors to consider when preparing for retirement. It discusses estimating future earning potential and life expectancy, sources of retirement income like Social Security and employer plans, estimating retirement savings needs, and the power of tax-advantaged retirement accounts. Key points made include that most people will live to retirement age and beyond, the average Social Security benefit replaces about 40% of pre-retirement income, and personal savings are needed to bridge the gap between expenses and other income sources in retirement. Delaying retirement planning can significantly reduce the amount saved.
The document summarizes key findings from the 2014 Retirement Confidence Survey conducted by the Employee Benefit Research Institute. Some key points from the summary:
- Worker and retiree confidence in having enough money for a comfortable retirement increased from 2013 levels, though nearly a quarter of workers remain not at all confident.
- Confidence was strongly correlated with having a retirement plan, with nearly half of workers without a plan not feeling confident compared to about 1 in 10 with a plan.
- Over half of workers and two-fifths of retirees report problems with debt levels, and some report higher debt than five years ago.
- While confidence in affording basic retirement expenses increased, many workers lack confidence
SEIU Healthcare is launching a new retirement plan called My65+ to address the lack of retirement savings options for its lower-income members who earn less than $50,000 annually and have no employer pension plan. My65+ will have very low fees of 0.22% for investments and $7 per month for administration. It uses a TFSA structure to avoid the "clawback" of government benefits that occurs with RRSPs for lower-income seniors. Modeling shows My65+ can deliver 3-4 times more retirement income than a typical RRSP due to lower fees and preserving benefits. The plan will be governed by a non-profit board and use low-cost index funds from Vanguard for investments
This document provides information about retirement planning and financial independence. It discusses how few Americans have pensions today compared to the past and how 401(k) plans have replaced pensions. It also summarizes statistics showing that most Americans are not saving enough for retirement and will not have enough income to maintain their standard of living. The document then discusses strategies like fixed indexed annuities and life insurance to help provide downside protection, upside potential, and guaranteed lifetime income in retirement.
The document discusses various financial strategies for women, including funding a child's education, planning for retirement, concerns related to widowhood or divorce, and estate planning. It provides information on topics like saving for college, social security benefits, life insurance, wills, trusts, and business continuation planning. Key financial goals for women include preparing for longevity in retirement, maintaining assets, and passing wealth to future generations.
Workers remain uneasy about their financial security and retirement. While employee satisfaction with finances has increased since the financial crisis, retirement confidence remains below pre-crisis levels. Many workers worry about affording healthcare costs in retirement. Defined benefit plan participants are more secure about retirement income than those with only defined contribution plans. Despite economic recovery, employees have prioritized reducing debt and spending less.
20151105 Retirement Funding Report commissioned by SMF finalSarah Luheshi
The document summarizes findings from modeling the potential retirement incomes and outcomes for five hypothetical individuals under different pension decumulation patterns. Key findings include:
- Individuals risk exhausting their pension pot during their lifetime if they withdraw funds at an unsustainable rate, leaving them reliant on the state pension for income. Higher withdrawal rates and lower investment returns increase this risk.
- Withdrawing funds too conservatively could leave individuals with a residual pension pot at death, missing an opportunity to maintain a higher quality of life during retirement.
- The risk to the government is greater when individuals exhaust their pension pot quickly and rely more on means-tested benefits later in life.
20151105 Retirement Funding Report commissioned by SMF finalSarah Luheshi
The document summarizes findings from modeling the potential retirement incomes and outcomes for five hypothetical individuals under different decumulation patterns. Key findings include:
- Individuals risk exhausting their pension pot during their lifetime if they withdraw unsustainably high amounts, becoming reliant on the state pension for income. Higher withdrawal rates and lower returns increase this risk.
- Individuals may have residual pension funds left at death if they withdraw too low amounts, missing an opportunity to maintain a higher quality of life during retirement.
- The risk to the government is greater when individuals exhaust their pension pot quickly and rely more on means-tested benefits, increasing long-term benefit costs to the state.
This document discusses factors that determine how prepared households are for retirement. It introduces the Putnam Lifetime Income Score (LIS), which estimates the percentage of pre-retirement income a household is likely to replace during retirement. The document then outlines three key characteristics of households most prepared for retirement according to their LIS: having access to an employer retirement plan, saving at least 10% of income, and working with a financial advisor. It also notes the importance of planning for healthcare costs in retirement.
20th Annual Transamerica Retirement Survey of Retirees - Transamerica Center for Retirement Studies® (TCRS) is a division of Transamerica Institute® (The Institute),
a nonprofit, private foundation. The overall goals for the study
are to illuminate emerging trends, promote awareness, and help educate the public. It has grown to be one
of the longest running and largest national surveys of its kind.
This document summarizes the key findings of a survey examining how retirees have been impacted by the COVID-19 pandemic. The survey found that while most retirees reported their retirement confidence remained unchanged during the pandemic, few were very confident to begin with. Additionally, the survey found indicators that many retirees may be unable to withstand financial difficulties due to living on fixed incomes and having limited savings. The report provides recommendations to help current and future retirees better prepare for challenges like the pandemic.
12th Annual Worker New Retirement Final05162011ROCKYBORIS
The 12th Annual Transamerica Retirement Survey of 4,080 American workers found that for many, not retiring or working longer is their primary retirement strategy due to lack of savings and confidence in having enough money to retire comfortably. While working longer provides opportunity to save more for retirement, simply planning to not retire is not a viable strategy. Setting retirement savings goals, creating a strategy, and planning for contingencies are important to help ensure financial security in retirement.
Chepenik Financial 3rd Quarter (2018) Plan Sponsor UpdateCourtney Gladden
This document discusses trends in 401(k) plans based on a survey. Key findings include:
- Participant contribution rates increased in 2016, with lower-paid employees contributing 6.1% and higher-paid contributing 7% on average.
- Company contribution rates have also increased steadily over time, reaching 4.8% of payroll in 2016. The majority (82%) of companies offered matching contributions.
- The most popular investment options continued to be actively managed domestic equity and target date funds, which held 22.9% and 22.2% of assets respectively.
Chepenik Financial 3rd Quarter (2018) Plan Sponsor UpdateCourtney Gladden
This document discusses trends in 401(k) plans based on a survey. Key findings include:
- Participant contribution rates increased in 2016, with lower-paid employees contributing 6.1% and higher-paid contributing 7% on average.
- Company contribution rates have also increased steadily over time, reaching 4.8% of payroll in 2016. The majority (82%) of companies offered matching contributions.
- The most popular investment options continued to be actively managed domestic equity and target date funds, which held 22.9% and 22.2% of assets respectively.
This document discusses barriers that prevent many Americans from adequately preparing for retirement. It summarizes the key findings of a survey of nearly 4,500 consumers conducted by Deloitte's Center for Financial Services. The survey found that 58% of Americans do not have a formal retirement savings and income plan. It identified five main barriers: 1) conflicting financial priorities, 2) failure of financial institutions to effectively communicate, 3) lack of awareness of retirement products, 4) mistrust of financial institutions, and 5) consumers' preference to manage retirement planning themselves. The document suggests that financial institutions should address retirement needs earlier and in conjunction with other financial goals in order to help consumers overcome these barriers.
Chepenik Financial 1st Quarter (2019) Plan Sponsor UpdateCourtney Gladden
- Employees have unrealistic expectations about retirement that differ from reality, such as when they will retire and how much income they will need. This can cause difficulties in transitioning to retirement.
- There are key differences in what workers expect versus reality, such as relying more on social security than retirees do and claiming benefits earlier than maximizes payouts.
- Employers can help by communicating effectively with employees to address these perception vs reality gaps and help smooth the transition to retirement.
The document discusses the decline of retirement security for American workers and analyzes the shift from traditional pensions to individual retirement plans like 401(k)s. It finds that this shift has exposed workers to greater risks and costs, undermining retirement outcomes. Specifically, it notes that Generation X workers can expect to receive just 65% of their pre-retirement income in retirement, compared to 77% for early Baby Boomers. This is due to factors like stagnant wages, rising costs of living, and the replacement of traditional pensions by individual plans that place more risks and burdens on workers. The report examines problems with the current system and considers policy proposals to better ensure retirement security.
Aegon Fact Sheet Flexible Retirement in BrazilAegon
- Over-generous pensions introduced in Brazil in 1988 placed pressure on government budgets, leading reforms since the 1990s including a minimum retirement age and improved portability between pension plans.
- The high contribution levels under Brazil's mandatory pension system have been criticized for reducing incentives to work, though many Brazilian workers formally retire but remain employed, earning two incomes.
- 67% of Brazilian workers envision continuing to work past retirement in some form, and recent reforms have made retiring early more difficult. Longevity and population aging are increasing concerns in Brazil as employers and policymakers discuss initiatives to create work for older people and flexible retirement transitions.
This document discusses retirement readiness challenges and opportunities for plan sponsors and employees. A key point is that 32 million Americans may never be ready to retire due to challenges in saving enough. The document outlines retirement trends, the impact of financial stress on employees and employers, and strategies plan sponsors can adopt to help improve participant outcomes, such as providing retirement readiness assessments and financial wellness programs.
The document discusses the growing retirement assets of baby boomers and the opportunity this presents for financial professionals. It notes that pre-retirees aged 55-64 currently possess 25% of US investable assets and are more open to advice than retirees. As the baby boom generation reaches retirement, over $1 trillion per year is expected to move from pensions to other retirement accounts. Financial professionals need to position themselves as retirement planning experts to attract these assets. The document promotes a program from Dreyfus that provides education, tools and resources to help financial professionals serve pre-retiree and retiree clients and their transition to retirement.
New "flip book" eMagazine is available for you right here. The value of insurance is front and center in this new publication which features an easy to use flip book feature. VantagePoint magazine is an independently produced quarterly publication that offers valuable information for mature adults (55+).
The sixth annual Aegon Retirement Readiness Survey confirms that the gap between people’s expectations for retirement and the reality remains stark. What’s more, it illustrates that health and wealth in retirement are closely linked.
Enroll America aims to enroll more than 16 million uninsured Americans in new health coverage options made available by the Affordable Care Act. It will execute a national enrollment campaign using various engagement strategies and sharing best practices. Research shows many uninsured Americans are unaware of the new options or skeptical they can afford coverage. Enroll America's messaging will focus on financial security, affordability when tax credits are considered, and the benefits of preventing financial ruin from medical costs. It will target key demographic groups and work with partners at the national, state, and local levels to maximize enrollment.
6 Retirement Questions Government Employees Should Be AskingBravias Financial
There are emotions and worries tied into retirement. When it comes to government workers, they have additional challenges to consider when evaluating their benefits and options. As financial professionals who specialize in helping government employees transition from work to
retirement, Bravias Financial understands that you may have questions about when and how you can retire. This special
report addresses some common questions and presents some strategies to help you prepare for a more
comfortable retirement.
20150921 PPI State Street myths and rules of thumb in retirement incomeSarah Luheshi
This document summarizes research on how "rules of thumb" could help individuals manage their defined contribution pension pots under the new UK pension flexibilities. It discusses two potential rules of thumb - the "4% rule" where individuals withdraw 4% of their pot annually adjusted for inflation, and securing a "basic income to meet essential needs." The research found that while received wisdom may be true for some, rules of thumb phrased in clear, easy to understand language could help guide retirement income decisions for many by addressing risks like drawing down pensions too quickly. Financial education is still needed to ensure rules of thumb benefit individuals.
Employee Health & Financial Wellness approachWarren Handsor
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2. Introduction
About the Transamerica Center for Retirement Studies Page 3
About the Survey Page 4
About the Author Page 5
Methodology Page 6
Terminology Page 7
Unlocking Secrets of Retirement Readiness:
Meet the Everyday People Who Are Power Planners Page 8
Foreword Page 8
Key Highlights Page 9
Detailed Findings Page 17
Recommendations Page 50
Table of Contents
2
3. • The Transamerica Center for Retirement Studies® (TCRS) is a nonprofit, private foundation
dedicated to educating the public on emerging trends surrounding retirement security in the United
States. TCRS‟ research emphasizes employer-sponsored retirement plans, including companies
and their employees, and the implications of legislative and regulatory changes.
• TCRS is funded by contributions from Transamerica Life Insurance Company and its affiliates and
may receive funds from unaffiliated third parties. For more information about TCRS, please refer to
www.transamericacenter.org.
• TCRS and its representatives cannot give ERISA, tax, investment or legal advice. This material is
provided for informational purposes only and should not be construed as ERISA, tax, investment or
legal advice. Interested parties must consult and rely solely upon their own independent advisors
regarding their particular situation and the concepts presented here.
• Although care has been taken in preparing this material and presenting it accurately, TCRS
disclaims any express or implied warranty as to the accuracy of any material contained herein and
any liability with respect to it.
About the Transamerica Center for Retirement Studies®
3
4. • Since 1998, the Transamerica Center for Retirement Studies® has conducted a
national survey of U.S. business employers and workers regarding their attitudes
toward retirement. The overall goals for the study are to illuminate emerging trends,
promote awareness, and help educate the public.
• Harris Interactive was commissioned to conduct the 14th Annual Retirement Survey
for Transamerica Center for Retirement Studies. Transamerica Center for Retirement
Studies is not affiliated with Harris Interactive.
About the Survey
4
5. Catherine Collinson serves as President of the Transamerica Center for Retirement Studies®, and is
a retirement and market trends expert and champion for Americans who are at risk of not achieving a
financially secure retirement. Catherine oversees all research and outreach initiatives, including the
Annual Transamerica Retirement Survey.
With over 15 years of retirement services experience, Catherine has become a nationally recognized
voice on retirement trends for the industry. She has testified before Congress on matters related to
employer-sponsored retirement plans among small business, which featured the need to raise
awareness of the Saver‟s Credit among those who would benefit most from the important tax credit.
Catherine is regularly cited by top media outlets on retirement-related topics. Her expert commentary
has appeared in major publications, including: The Wall Street Journal, U.S. News & World Report,
USA Today, Money, The New York Times, The Huffington Post, Kiplinger‟s, CBS MoneyWatch, Los
Angeles Times, Chicago Tribune, Employee Benefits News and HR Magazine. She has also appeared
on PBS‟ “Nightly Business Report,” NPR‟s “Marketplace” and CBS affiliates throughout the country.
Catherine speaks at major industry conferences each year, having appeared at events hosted by
organizations including PSCA, LIMRA and PLANSPONSOR. She also authors articles published in
leading industry journals, such as ASPPA, SPARK and PSCA.
Catherine is currently employed by Transamerica Retirement Solutions and serves as Senior Vice
President of Strategic Planning. Since joining the organization in 1995, she has been instrumental in
identifying and evaluating short- and long-term strategic growth initiatives, developing business plans
and building infrastructure to support the company‟s high-growth strategy.
About the Author
5
6. • A 22-minute, online survey was conducted between January 21 - February 21, 2013
among a nationally representative sample of 3,651 workers using the Harris online
panel. Respondents met the following criteria:
– U.S. residents, age 18 or older
– Full-time or part-time workers in a for-profit company employing 10 or more people
• Data were weighted as follows:
– To account for differences between the population available via the Internet versus
by telephone.
– To ensure that each quota group had a representative sample based on the
number of employees at companies in each employee size range.
• Percentages are rounded to the nearest whole percent. Differences in the sums of
combined categories/answers are due to rounding.
• This report focuses on full-time and part-time workers combined.
Methodology: Worker Survey
6
7. This report uses the following terminology:
Generation
• Millennial: Born 1979 – present
• Generation Xer: Born 1965 - 1978
• Baby Boomer: Born 1946 - 1964
• Mature: Born before 1946
Power Planners
• Future Early Retirees: Plan to retire before age 65
• Strategists: Have a written strategy for retirement
• 10 Percenters: Contribute 10 percent or more of annual income to 401(k) or similar plan
• Knowledgeables: Disagree that they don‟t know as much as they should about retirement investing
• Conversationalists: Frequently discuss retirement with family and friends
All Workers
• All survey respondents including Power Planners
Terminology
7
8. Foreword
„Retirement readiness‟ is widely used in today‟s vernacular. The term was inspired by the imperative for
Americans to take an even greater role in funding their retirement due to increases in life expectancies,
insecurities about the future of Social Security, and the shift from traditional defined benefit pension plans
to self-funded 401(k) and other defined contribution plans.
In recent years, a myriad of definitions for „retirement readiness‟ emerged, most of which refer to it as a
gauge to determine whether a worker‟s nest egg is adequate to retire at age 65 and to generate sufficient
income to last throughout his/her retirement years.
In 2012, the Transamerica Center for Retirement Studies® (TCRS) asserted that these definitions of
„retirement readiness‟ have become outdated and no longer fully reflect today‟s realities given its research
findings that most workers plan to work past age 65 and most plan to continue working in retirement. In
response, TCRS introduced a new definition of „retirement readiness‟:
„Retirement readiness‟ refers to a state in which an individual is well-prepared for retirement, should it happen as
planned or unexpectedly, and can continue generating adequate income to cover living expenses throughout his/her
lifetime through retirement savings and investments, employer pension benefits, government benefits, and/or continuing
to work in some manner while allowing for leisure time to enjoy life.
Further, TCRS identified the five key elements of „retirement readiness‟:
– A clear vision of retirement including retirement dreams, expected retirement age, and any plans to continue
working in retirement
– A retirement strategy that incorporates savings needs, potential risks, and a back-up plan if forced into retirement
sooner than expected
– Retirement income including savings and investments, pension benefits, and government benefits
– Knowledge to make informed decisions about retirement investments, government benefits, and healthcare
– A family understanding including an open dialogue about finances and agreement on any expectations of support
The 14th Annual Transamerica Retirement Survey further examines the current state of retirement
confidence among American workers in search of those who are ready for retirement in order to illuminate
their savings and planning habits habits and inspire others.
8
9. Key Highlights
“Unlocking Secrets of Retirement Readiness: Meet the Everyday People Who Are Power Planners,” a
study based on findings from the 14th Annual Transamerica Retirement Survey, examines the current
state of retirement confidence among American workers and identifies those who are likely to be ready
for retirement, in order to illuminate their savings and planning habits and inspire others.
The Current State of Retirement Readiness
Retirement confidence is on the rise in 2013 amidst signs of economic recovery. Fifty-five percent of
workers are “somewhat” or “very confident” about retirement, representing an increase from 51 percent
reported in 2012. This is still, however, four points below the 2007 level of 59 percent.
Despite this increase in confidence, the recent years of what is often referred to as the Great Recession
have impacted Americans‟ retirement outlook. The majority of American workers (62 percent) said they
are less confident about retirement since the recession began and many Baby Boomers (43 percent) now
expect to work longer and retire later.
American workers‟ views of retirement have changed dramatically from the long held notions of fully
retiring at age 65 with many years of leisure to follow. Retirement dreams of traveling, spending time with
family and friends, and pursuing hobbies are still alive; however, most workers (57 percent) now plan on
working past age 65 and most also plan to continue working (54 percent) at least part-time in retirement.
Most plan to continue working for financial reasons or healthcare benefits (66 percent) yet three in 10 plan
to do so for enjoyment.
Working longer and delaying full retirement is an important means for generating income and bridging a
retirement savings shortfall, as well as an opportunity to stay active and involved. However, the survey
found that only 22 percent of Baby Boomers have a backup plan if retirement happens unexpectedly.
Additionally, TCRS‟ recent research on global retirement readiness found that 49 percent of retirees
retired sooner than expected and most did so for reasons such as ill health or job loss.
Retirement confidence may be on the rise but retirement readiness is lacking.
9
10. Key Highlights
Who Is More Ready for Retirement?
Drawing on TCRS‟ five key elements of retirement readiness, the survey data were segmented to
analyze and create categories of those who proactively engage in certain aspects of retirement
planning. Monikers assigned to each category of these “Power Planners,” and percentages were
calculated to determine prevalence in the workforce.
Power Planners Really Do Exist
Power Planners belong to one or more of the following categories:
• 21 percent of workers are Future Early Retirees – workers who plan to retire sooner than age 65.
• 10 Percenters are the 22 percent of workers who save 10 percent or more of their annual salary
through company-sponsored plans, such as a 401(k) plan.
• Strategists make up 12 percent of workers. Members of this group have a written retirement plan.
• Those who are identified as the Knowledgeables, 31 percent of workers, believe they know what
they should about retirement investing.
• 9 percent of workers fall into the category of Conversationalists. These workers frequently discuss
saving, investing and planning for retirement with family and friends.
10
11. Key Highlights
Power Planners Are Surprisingly Prevalent
The survey analyzed the prevalence among all workers those who fall into one or more Power Planner
categories, noting that some overlapping exists (e.g., 40 percent of Conversationalists are Strategists).
The survey found:
• 59 percent of workers, a surprisingly high percentage, fall into at least one of the five Power
Planner categories
• Yet only 26 percent fall into two or more of the categories
• Even fewer, 10 percent, fall into three or more of the categories
• Only 2 percent fall into four or more of the categories
• Less than one percent, a surprisingly low percentage, fall into all five of the Power Planner
categories
These percentages illustrate that most workers are on the road to retirement readiness yet they can do
much more to improve their long-term planning and preparations.
Power Planners Are Everyday People
Power Planners are not confined to the privileged or ultra-affluent – they are everyday people. The
survey found that the majority of Power Planners report an annual household income of less than
$100,000 and they span across age ranges. However, it should be noted that they are somewhat more
likely to be men than women (for more information on women‟s unique challenges, please see TCRS‟
most recent research on the topic).
11
12. Key Highlights
Retirement Outlook of Power Planners
Retirement confidence among the categories of Power Planners is higher than for all workers*. Future
Early Retirees (73 percent), Strategists (81 percent), 10 Percenters (72 percent), Knowledgeables (73
percent), and Conversationalists (74 percent) are „somewhat‟ or „very confident‟ they will be able to fully
retire with a comfortable lifestyle – compared to just 55 percent of all workers.
Most of the Power Planners expect to retire at age 65 or sooner. By definition, all Future Early Retirees
expect to retire before age 65. The majority of Strategists (54 percent), 10 Percenters (54 percent), and
Conversationalists (53 percent) expect to retire at age 65 or sooner. In contrast, only 42 percent of all
workers plan to retire by age 65, with the majority (58 percent) planning to retire after age 65 or not
planning to retire.
Even these Power Planners plan to work after they retire, sharing similar expectations of all workers (54
percent). Such expectations are highest among Conversationalists (58 percent) and Strategists (56
percent). However, more of the Power Planners plan to do so for enjoyment rather than necessity, a
sentiment which is highest among Future Early Retirees (44 percent) compared to all workers (30 percent).
* “All Workers” refers to all survey respondents including Power Planners.
12
Retirement Outlook
All
Workers
Future
Early
Retirees
Strategists
10
Percenters
Knowledge-
ables
Conversation-
alists
Retirement Confidence
(Net “Somewhat” and “Very” Confident)
55% 73% 81% 72% 73% 74%
Expect to Retire at Age 65 or Sooner 42% 100% 54% 54% 50% 53%
Plan to Continue Working in Retirement 54% 42% 56% 47% 51% 58%
Of Those Who Plan to Work in Retirement
– Those Who Plan to Do So for Enjoyment
30% 44% 43% 41% 42% 33%
13. Key Highlights
Savings Habits of Power Planners
The majority of all workers (57 percent) expects to self-fund their future retirement income through
401(k)s, 403(b)s, IRAs or other savings and investments. Of the Power Planners, the 10 Percenters
(70 percent) are most likely to self-fund their retirement.
Sixty-eight percent of all workers are offered a 401(k) or similar plan by their employer. Among them,
the plan participation rate is 78 percent with an annual deferral rate as a percentage of salary of 7
percent (median). All categories of Power Planners reported higher participation rates and deferral
rates. The Power Planners are also more likely to be saving for retirement outside of work.
One of the ultimate measures of how the Power Planners compare to all workers is level of household
savings in all retirement accounts. Household retirement savings is highest among 10 Percenters
($161,000) which is more than triple that of all workers ($53,000).
A hypothetical illustration using survey data and assumptions about the Power Planners reveals that
many are possibly on track to have saved enough to retire at 65. However, achieving retirement
readiness is more than just saving enough. It involves careful planning for both the expected and, more
importantly, unexpected life events.
13
Savings Activity
All
Workers
Future
Early
Retirees
Strategists 10
Percenters
Knowledge-
ables
Conversation-
alists
Participate in Employer‟s 401(k) or Similar
Plan (Base: Those offered a plan)
78% 79% 92% 100% 83% 92%
Deferral Percentage of Salary in 401(k) or
Similar Plan (Median)
7% 10% 10% 12% 9% 10%
Saving for Retirement Outside of Work 61% 70% 86% 79% 69% 76%
Household Savings in All Retirement
Accounts (Estimated Median)
$53,000 $92,000 $147,000 $161,000 $111,000 $102,000
14. Key Highlights
Unlocking Secrets of Retirement Readiness
Many of the secrets for retirement readiness may seem like common sense. Yet the survey findings
illustrate that Power Planners‟ taking time to engage in these savings and planning activities can make
a meaningful, positive impact on their retirement readiness, especially when comparing their survey
responses to those of all workers. It should also be noted that when analyzing such comparisons, the
survey found opportunities for improvement among all workers including the Power Planners.
One of the most important secrets to attaining retirement readiness is having a well-defined written
strategy about retirement income needs, costs and expenses, and risk factors. Only 12 percent of all
workers have a written strategy. Significantly more Power Planners including 100 of Strategists (by
definition) followed by Conversationalists at 40 percent have a written strategy.
Of workers having any sort of retirement strategy (written or unwritten), the survey found that many are
overlooking key factors that could impact their income and expenses such as investment returns,
healthcare costs, inflation, taxes, long-term care, and a backup plan if retirement comes sooner than
expected. This is an opportunity for improvement for all workers including the Power Planners.
Knowledge to make informed decisions largely impacts retirement readiness. Although the Power
Planners scored higher on key measures regarding retirement and investing knowledge than all
workers, increasing knowledge is an opportunity for improvement for all.
A secret to retirement investing is asset allocation. Only 6 percent of all workers say they know “a great
deal” regarding asset allocation principles. The Power Planners are more likely to know a great deal;
however, even among them, the Conversationalists had the most at only 23 percent.
14
15. Key Highlights
Another secret is knowledge about Social Security benefits. Only 15 percent of all workers have “a great
deal” of knowledge about their future Social Security benefits. Conversationalists (38 percent) are most
likely to know a great deal and Future Early Retirees (13 percent) are least likely.
Professional advisors can play an important role in achieving retirement readiness. Strategists (65
percent) are most likely to use the services of a professional financial advisor compared to just 36
percent of all workers. The Strategists‟ usage of an advisor may be their secret to having a written
strategy and a more deliberate approach to saving, investing, and planning.
Conversation can be a catalyst for retirement readiness. However, only 9 percent of all workers
frequently discuss saving, investing, and planning for retirement with their family and friends. The
Conversationalists highlighted in this report showed higher levels of engagement, knowledge,
awareness, and preparedness. Moreover, family discussions are essential for setting any expectations
about retirement as well as the need to provide or receive financial support.
Level of Knowledge All Workers
Future
Early
Retirees
Strategists
10
Percenters
Knowledge-
ables
Conversation-
alists
Asset Allocation Principles Re:
Retirement Investing (% Know „A
Great Deal‟)
6% 9% 15% 10% 14% 23%
Social Security Benefits (% Know „A
Great Deal‟)
15% 13% 32% 19% 25% 38%
15
16. Key Highlights
Seven Tips Towards Becoming a Power Planner and Retirement Ready
How a person ultimately plans on spending his or her retirement is unique, but the proactive tactics to
help prepare for retirement are common to all.
Seven tips to get started include:
1. Calculate retirement savings needs. Factor in living expenses, healthcare needs,
government benefits and long-term care.
2. Develop a retirement strategy and write it down. Envision future retirement, formulate a
goal, and have a backup plan in case retirement comes early due to an unforeseen
circumstance.
3. Get educated about retirement investing. Learn about Social Security and government
benefits.
4. Participate in employer-sponsored retirement plans, if available. Take full advantage of
matching employer contributions, and defer as much as possible.
5. Consider retirement benefits as part of a total compensation. Ask an employer for a plan
if they don‟t offer one.
6. Take advantage of the Saver‟s Credit. Make catch-up contributions if available.
7. Talk about retirement with family and close friends, and seek the services of a
professional if needed.
16
17. Unlocking Secrets of Retirement Readiness:
Meet the Everyday People Who Are ‘Power Planners’
Detailed Findings
17
18. Retirement Confidence Is on the Rise
Retirement confidence is on the rise in 2013 amidst signs of economic recovery. Fifty-five
percent of workers are “somewhat” or “very confident” about retirement, which represents
an increase over 2012 and 2009/10. It is still, however, four points below the 2007
confidence level of 59 percent.
BASE: All Qualified Respondents
Q880. How confident are you that you will be able to fully retire with a lifestyle you consider comfortable?
How confident are you that you will be able to fully retire with a lifestyle you consider comfortable?
46% 44% 42% 41% 42% 45%
13%
10%
8% 10% 9%
10%
59%
53%
50% 51% 51%
55%
2007 2008/09 2009/10 2011 2012 2013
Somewhat confident Very confident
Top 2 Box Responses: (Very/Somewhat Confident)
18
All Workers
19. The Great Recession Reset Expectations About Retirement
The Great Recession reset expectations about retirement for many American workers. In
2013, the majority of workers (62 percent) said they are less confident about their ability to
achieve a financially secure retirement since 2008. Many Baby Boomers (43 percent), the
generation closest to retirement, now expect to work longer and retire at an older age.
43%
39%
33%
39%
7%
5%
9%
7%
50%
55%
58%
54%
Baby Boomer
GenX
Millennial
All Workers
Yes - Work Longer & Retire at Older Age
Yes - Stop Working Sooner and Retire at Younger Age
No - Expect to Retire at Same Age
Responses by Generation
1%
6%
30%
33%
30%
A Lot More Confident A Little More Confident
Neither Less Nor More Confident A Little Less Confident
A Lot Less Confident
How has your confidence in your ability to achieve a
financially secure retirement changed?
All Workers
Net: Less
Confident =
63%
Has the age that you expect to retire changed?
Since the recession began in 2008 …
BASE: All Qualified Respondents
Q1435. Since the recession began in 2008, how has your confidence in your ability to achieve a financially secure retirement changed?
Q1480. How has the age that you expect to retire changed since the recession began in 2008?
19
20. Retirement Dreams Are Alive
Retirement dreams are still alive. Workers most frequently cite traveling (40 percent),
spending more time with family and friends (23 percent), and pursuing hobbies (16
percent) as their single greatest dream for their future retirement.
BASE: All Qualified Respondents
Q1419. Which one of the following best describes how you dream of spending your retirement?
40%
23%
16%
7%
5%
4%
5%
Traveling
Spending more time
with family and friends
Pursuing hobbies
Continue working in
same field
Switching careers /
starting a business
Getting involved in the
community
None of the above
Which one of the following best describes how you dream of
spending your retirement?
20
All Workers
21. Retirement Expectations Include… Working
Workers‟ expectations to work past age 65 and even into retirement represent a dramatic
change in the long-standing vision of fully retiring at age 65. The majority of workers (57
percent) expect to retire after age 65 or do not plan to retire. Moreover, 42 percent plan to
retire after age 70 or do not plan to retire. The majority of workers (54 percent) plan to work
after they retire including 44 percent who plan to work part-time and 10 percent full-time.
Among them, most will do so for financial reasons or access to healthcare benefits.
21%
21%
16%
26%
16%
Before Age 65 At Age 65 Age 66 to 69
Age 70+ Do Not Plan to Retire
At what age do you expect to retire?
After Age 65 or
Don‟t Plan to
Retire
(Net) = 58%
10%
44%
19%
27%
Yes - Full-Time Yes - Part-Time No - Do Not Plan to Work Not Sure
Do you plan to work after you retire?
Plan to Work
in Retirement
(Net) = 54%
BASE: All Qualified Respondents
Q910. At what age do you plan to retire?; Q1525. Do you plan to work after you retire?
After Age 70 or
Don‟t Plan to
Retire
(Net) = 42%
21
All Workers All Workers
22. Most Expect to Retire After Age 65 or Never Retire
Expectations of working past age 65 are prevalent across demographic segments. The
majority of workers plan to work past age 65 or do not plan to retire with the exception of
Millennials (44 percent) and those with a household income of more than $100,000 (50
percent). Baby Boomers and those with a household income of less than $50,000 are most
likely expect to work past age 65 or never retire (both 62 percent).
61%
56% 55%
10 to 99 EEs 100 to 499 EEs 500+ EEs
Employer Size
62% 59%
50%
< $50k $50k-$99k $100k+
Household Income
61%
55%
High
School/Some
College
College Degree
or More
Level of Education
59% 56%
Single Married
Marital Status
BASE: All Qualified Respondents:
Q910. At what age do you expect to retire?
58% 57%
Women Men
Gender
Percentage of Workers Who Expect to Work Past Age 65 or Do Not Plan to Retire
44%
57%
62%
Millennial GenX Baby Boomer
Generation
22
23. Most Expect to Work During Retirement
Most workers across demographic segments plan to work after they retire. Baby Boomers
and those with a household income of less than $50,000 (both 58 percent) are most likely
expect to work in retirement. Millennials and GenXers are the least likely to work in
retirement (both 50 percent). Among workers expecting to work during retirement, most
plan to do so on a part-time basis.
55% 57%
52%
10 to 99 EEs 100 to 499 EEs 500+ EEs
Employer Size
58%
52% 52%
< $50k $50k-$99k $100k+
Household Income
55% 54%
High
School/Some
College
College Degree
or More
Level of Education
55% 52%
Single Married
Marital Status
BASE: All Qualified Respondents:
Q1525. Do you plan to work after you retire?
52% 55%
Women Men
Gender
Percentage of Workers Who Plan to Work After they Retire
50% 50%
58%
Millennial GenX Baby Boomer
Generation
23
24. Extended Working Years Prompted by Inadequate Savings
Household retirement savings have increased between 2007 to 2013. However, for many,
the growth in savings is still inadequate to fully fund an individual or family‟s retirement
income needs. Notably, Baby Boomers have saved $104,000 (estimated median) in
household retirement accounts thereby necessitating the need for many to work longer
and retire later. Younger generations with more years to save have a greater ability to
change their retirement destiny and the potential need to continue working in retirement.
24
WORKER BASE: All Qualified Respondents
Q1300. Approximately how much money does your household have saved in all of your retirement accounts? Please include IRAs,
401(k)s, 403(b)s, and any other savings for retirement to which you and/or your spouse or partner have contributed funds.
15 12 11
7
7 4
7 9
6
7 11
7
6
12
8
1
14
14
3
7
22
Millennial GenX Baby Boomer
$250k or more
$100k to less than
$250k
$50k to less than $100k
$25k to less than $50k
$10k to less than $25k
$5k to less than $10k
Less than $5k
2007
Not sure 30 11 11
Decline to answer 24 17 16
Note: The median is estimated based on the approximate midpoint of the range of each response
category. Non-responses are excluded from the estimate.
17 16 11
8 5
4
10
7
5
10
10
6
13
14
10
9 16
17
5
13
28
Millennial GenX Baby Boomer
2013
19 8 6
9 11 13
Total Household Retirement Savings by Generation (%)
Estimated Median $9,000 $32,000 $75,000 $19,000 $45,000 $104,000
24
25. Few Have a Backup Plan if Retirement Happens Unexpectedly
Delaying retirement and/or continuing to work in retirement is an important way to
continue generating income, bridge savings shortfalls, and stay active and involved. An
alarmingly few Baby Boomers (22 percent), the generation closest to retirement age,
have a backup plan if retirement happens unexpectedly due to health issues, job loss, or
other unforeseen circumstances.
BASE: All Qualified Respondents
Q1535. In the event you are unable to work before your planned retirement, do you have a back-up plan for
retirement income?
14%
60%
26%
Millennials
16%
70%
14%
GenX
22%
62%
17%
Baby Boomers
Have a Backup Plan if Retire Sooner than Expected
Yes No Not Sure
25
26. Who Is Confident About Retirement?
Survey respondents with a household income (HHI) of $100,000+ (69 percent) and with a
college degree (67 percent) had the highest levels of retirement confidence (net „somewhat‟
and „very‟ confident). The lowest levels were found in HHI of <$50,000 (42 percent) and
without a college degree (44 percent). Men (60 percent) are more confident than women (50
percent). Millennials (62 percent) are more confident than GenXers (50 percent) and Baby
Boomers (53 percent).
52%
60%
55%
10 to 99 EEs 100 to 499 EEs 500+ EEs
Employer Size
42%
53%
69%
< $50k $50k-$99k $100k+
Household Income (HHI)
44%
67%
High
School/Some
College
College Degree
or More
Level of Education
53% 56%
Single Married
Marital Status
BASE: All Qualified Respondents
Q880. How confident are you that you will be able to fully retire with a lifestyle you consider comfortable?
50%
60%
Women Men
Gender
How confident are you that you will be able to fully retire with a lifestyle you consider comfortable?
Top 2 Box Responses: (Very/Somewhat Confident)
62%
50% 53%
Millennial GenX Baby Boomer
Generation
26
27. Who Believes They Can Work Until 65 and Not Save Enough?
The survey compared responses of those who agreed (net „somewhat‟ and „strongly‟) with
the statement, “I could work until age 65 and still not have saved enough money to meet
my retirement needs.” It is striking that the vast majority of workers agree with this
statement across all demographic segments with relatively small differences among them.
72% 69% 66%
10 to 99 EEs 100 to 499 EEs 500+ EEs
Employer Size
75%
70%
63%
< $50k $50k-$99k $100k+
Household Income
74%
63%
High
School/Some
College
College Degree
or More
Level of Education
71% 67%
Single Married
Marital Status
BASE: All Qualified Respondents
Q931. I could work until age 65 and still not have enough money saved to meet my retirement needs (level of agreement).
71%
65%
Women Men
Gender
I could work until age 65 and still not have enough money saved to meet my retirement needs.
Top 2 Box Responses: (Strongly/Somewhat Agree)
68%
73% 69%
Millennial GenX Baby Boomer
Generation
27
28. Who Is More Likely to Be Ready for Retirement?
Drawing on TCRS‟ five key elements of retirement readiness, the survey data was segmented to create
categories of those who proactively engage in certain aspects of retirement planning. Monikers were
assigned to each category of these Power Planners, and percentages were then calculated to
determine prevalence in the workforce.
TCRS‟ Five Key Elements of Retirement Readiness Power Planners
A clear vision of retirement including retirement dreams,
expected retirement age, and any plans to continue working in
retirement
Future Early Retirees
Q. At what age do you expect to retire?
A. Sooner than 65
Retirement income including savings and investments, pension
benefits, and government benefits
10 Percenters
Q. What percentage of your salary are you saving for retirement
through your company-sponsored this year? (e.g., 401(k) or
similar plan)
A. 10 percent or more
A retirement strategy that incorporates savings needs,
potential risks, and a back-up plan if forced into retirement
sooner than expected
Strategists
Q. Which of the following best describes your retirement
strategy?
A. A written plan
Knowledge to make informed decisions about retirement
investments, government benefits, and healthcare
Knowledgeables
Q. “I do not know as much as I should about retirement
investing.” State level of agreement.
A. Disagree
A family understanding including an open dialogue about
finances and agreement on any expectations of support
Conversationalists
Q. How frequently do you discuss saving, investing, and
planning for retirement with family and friends?
A. Frequently
28
29. Power Planners Really Do Exist
Power Planners fall into one or more of these categories: Future Early Retirees, Strategists,
10 Percenters, Knowledgeables, or Conversationalists. Important note: overlapping exists
between categories (e.g., 40 percent of Conversationalists are Strategists).
BASE: All Respondents
Q910. At what age do you expect to retire? Percent expect to retire sooner than 65
Q1155. Which of the following best describes your retirement strategy? Percent written strategy
Q601. What percentage of your salary are you saving for retirement through your company-sponsored plan this year? Percent 10% or more
Q931. “I do not know as much as I should about retirement investing.” Percent - disagree
Q1515. How frequently do you discuss saving, investing, and planning for retirement with family and friends? Percent - frequently
Future Early Retirees
21%
Strategists
12%
10 Percenters
22%
Knowledgeables
31%
Conversationalists
9%
29
Percentage of All Workers
30. Power Planners Are Surprisingly Prevalent
The majority of all workers are on the road to retirement readiness yet they can do much
more to improve their long-term planning and preparations. Fifty-nine percent, a
surprisingly high percentage, of all workers fall into one or more of the Power Planner
categories. However, relatively few fall into two or more Power Planner categories. Even
more surprising: less one percent fall into all five Power Planner categories.
59%
26%
10%
2%
<1%
One or More Categories Two or More Categories Three or More Categories Four or More Categories All Five Categories
Prevalence of Power Planners
By Number of Power Planning Categories
PercentageofAllWorkers
30
31. Power Planners Are Everyday People
The Power Planners are also everyday people. Most reported an annual household income
of less than $100,000 and they span across age ranges. One observation: they are more
likely to be men than women (see TCRS‟ research on women and retirement).
54%
46%
21%
35%
38%
6%
22%
27%
48%
3% 11%
36%46%
7%
23%
34%
37%
6%
21%
34%
41%
4%
19%
17%
24%
20%
20%
10%
23%
27%
25%
15% 17%
21%
23%
21%
19%
24%
27%
18%
24%
7%
22%
28%
19%
15%
15%
64%
36%
63%
37%
61%
39%
57%
43%
< $50k
$50k to $99k
$100k+
Not Sure
Household
Income
Men
Women
Gender
Under 30
Thirties
Forties
Fifties
Sixties Plus
Age Range
Future Early
Retirees
Strategists 10 Percenters Knowledgeables Conversationalists
31
BASE: All Qualified Respondents
Q1280. Which of the following best represents your household income last year before taxes?; Q 268. Are you …?; Q 280. Respondent age
32. Power Planners Share Higher Levels of Confidence
The vast majority of Power Planners identified in the survey results as Future Early
Retirees, Strategists, 10 Percenters, Knowledgeables, or Conversationalists are confident
they will be able to fully retire with a comfortable lifestyle – compared to only 55 percent of
all workers.
73%
62%
50%
35%
Before 65 At 65 After 65 Never
Future Early Retirees
Plan to Retire Before 65
BASE: All Qualified Respondents
Q880. How confident are you that you will be able to fully retire with a lifestyle you consider comfortable?
How confident are you that you will be able to fully retire with a lifestyle you consider comfortable?
Top 2 Box Responses: (Very/Somewhat Confident)
81%
68%
34%
Written Strategy Unwritten
Strategy
No Strategy
Strategists
Have a Written Strategy for
Retirement
32
72%
58%
41%
10% + 4 to 9% 1 to 4%
10 Percenters
Contribute 10% or More to 401(k)
or Similar Plan
74%
60%
39%
Frequently Occasionally Never
Conversationalists
Talk Frequently About Retirement
with Family & Friends
73%
47%
Knowledgeable Not
Knowledgeable
Knowledgeables
Knowledgeable About Retirement
Saving and Investing
All Workers
55%
33. Most Power Planners Expect to Retire by Age 65
Most Power Planners expect to retire at age 65 or sooner. Future Early Retirees by
definition are expected to retire sooner than age 65. The majority of Strategists (54
percent), 10 Percenters (54 percent), and Conversationalists (53 percent) expect to retire
at age 65 or sooner. Half of Knowledgeables (50 percent) plan to do so, too. In contrast,
only 42 percent of all workers plan to retire by age 65, while the majority (58 percent) plan
retire after age 65 or do not plan to retire.
BASE: All Qualified Respondents
Q910. At what age do you expect to retire?
21%
21%
42%
16%
At what age do you expect to retire?
All Workers
Age 65 or Sooner
(Net) = 42%
Before Age 65 At Age 65 After Age 65 Do Not Plan to Retire
Responses by Power Planners
31%
28%
27%
34%
100%
21%
22%
27%
20%
38%
37%
37%
38%
10%
13%
9%
8%
Conversation-
alists
Knowledge-
ables
10 Percenters
Strategists
Future Early
Retirees
Net Age 65 or Sooner = 100%
Net Age 65 or Sooner = 54%
Net Age 65 or Sooner = 54%
Net Age 65 or Sooner = 50%
Net Age 65 or Sooner = 53%
33
34. Many Power Planners Plan to Work in Retirement
Even these Power Planners plan to work after they retire. Their expectations of continuing
to work retirement are similar to those of all workers. Expectations of continued working
are highest among Conversationalists (59 percent) and Strategists (56 percent). Future
Early Retirees (42 percent) are less likely to share such expectations.
BASE: All Qualified Respondents
Q1525. Do you plan to work after you retire?
10%
44%
19%
27%
Do you plan to work after you retire?
All Workers
Plan to Work
(Net) = 54%
Yes – Full-Time Yes – Part-Time No – Do Not Plan to Work Not Sure
Responses by Power Planners
12%
10%
7%
12%
6%
47%
42%
40%
44%
36%
20%
27%
25%
25%
30%
22%
22%
28%
19%
27%
Conversation-
alists
Knowledge-
ables
10 Percenters
Strategists
Future Early
Retirees
Net Yes = 42%
Net Yes = 56%
Net Yes = 47%
Net Yes = 52%
Net Yes = 59%
34
35. 28%
25%
17%
19%
12%
36%
26%
19%
24%
21%
28%
22%
10%
9%
13%
11%
12%
8%
14%
20%
21%
17%
25%
15%
20%
22%
20%
26%
19%
15%
3%
5%
5%
5%
4%
4%
Conversationalists
Knowledgeables
10 Percenters
Strategists
Future Early Retirees
All Workers
Main Reason for Working Past Age 65 and/or After Retirement
Can't Afford to Retire /
Haven't Saved Enough
Want the Income
Need Health Benefits
Want to Stay Involved
Enjoy What I Do
None of the Above
Main Reason for Working in Retirement
Most Power Planners plan to work in retirement for reasons of income or health benefits;
however, many plan to do so for enjoyment. For example, 51 percent of Strategists plan
to work for income or benefits and 43 percent of them plan to do so for enjoyment – which
is in stark contrast to 66 percent of all workers planning to work for income or benefits and
only 30 percent for enjoyment.
BASE: Plan on Retiring After Age 65 or Working After Retirement
Q1530. What is your main reason for working after retirement or the normal retirement age of 65?
ResponsesbyPowerPlanners
Net Income & Benefits = 66%
Net Income & Benefits = 52%
Net Income & Benefits = 51%
Net Income & Benefits = 54%
Net Income & Benefits = 53%
Net Income & Benefits = 65%
Net Enjoyment = 30%
Net Enjoyment = 44%
Net Enjoyment = 43%
Net Enjoyment = 41%
Net Enjoyment = 42%
Net Enjoyment = 33%
35
36. Most Expect to Self-Fund Their Retirement
The majority of all workers (57 percent) expect to self-fund their future retirement income
through 401(k)s, 403(b)s, IRAs or other savings and investments. Of the Power Planners,
the 10 Percenters (70 percent) are most likely to self-fund their retirement including 59
percent of them who plan to do so through their 401(k), 403(b) and/or IRAs. A notable
contrast exists between Strategists (12 percent) who expect to rely on Social Security
compared to 27 percent of all workers.
BASE: All Qualified Respondents
Q1150. Which one of the following do you expect to be your primary source of income to cover your living expenses after you retire?
45%
42%
59%
44%
46%
41%
22%
19%
11%
22%
16%
16%
13%
21%
15%
12%
15%
27%
10%
10%
12%
13%
14%
8%
4%
2%
1%
4%
4%
2%
3%
2%
1%
1%
2%
1%
4%
4%
1%
3%
3%
5%
Conversationalists
Knowledgeables
10 Percenters
Strategists
Future Early Retirees
All Workers
What Do You Expect to be Your Primary Source of Income in Retirement?
401(k), 403(b), IRAs Other Savings & Investments Social Security Company Funded Pension Inheritance Home Equity Other
ResponsesbyPowerPlanners
Net Self-Funded = 57%
Net Self-Funded = 66%
Net Self-Funded = 70%
Net Self-Funded = 61%
Net Self-Funded = 67%
Net Self-Funded = 62%
36
37. YES
78%
NO
22%
All Workers
Plan Participation Rate
Higher Plan Savings Rates Drive Retirement Readiness
Sixty-eight percent of all workers are offered a 401(k) or similar plan by their employer.
Among them, the participation rate is 78 percent and their annual deferral rate as a
percentage of salary is 7 percent (median). Among the Power Planners, in addition to
the 10 Percenters, who by definition are participating in their plan and have a high
deferral rate, all have higher participation and deferral rates.
Annual
Deferral
Rate
10% (mean)
7% (median)
BASE: Those with qualified plans offered to them
Q1190. Do you currently participate in, or have money invested in your company‟s employee-funded retirement plan?
BASE: Those currently participating in their qualified plan
Q601. What percentage of your salary are you saving for retirement through your company-sponsored plan this year?
Power Planners
Participation
Rate
Deferral Rate
Median Mean
Future Early Retirees 79% 10% 11%
Strategists 92% 10% 14%
10 Percenters 100% 12% 16%
Knowledgeables 83% 9% 10%
Conversationalists 92% 10% 14%
37
38. YES
61%
NO
39%
All Workers
Saving for Retirement Outside of Work
Higher Personal Savings Rates Drive Retirement Readiness
The Power Planners are also more likely than all workers to save for retirement
outside of work. Strategists (86 percent) are the most likely to be doing so while only
61 percent of all workers are saving for retirement outside of work.
BASE: All Qualified Respondents
Q740. Are you currently saving for retirement outside of work …?
Saving Outside
of Work
% YesPower Planners
Future Early Retirees 70%
Strategists 86%
10 Percenters 79%
Knowledgeables 69%
Conversationalists 76%
38
39. Power Planners Have Saved More
One of the ultimate measures of how the Power Planners compare to all workers is by
their level of household savings in all retirement accounts. Household retirement savings
is highest among 10 Percenters ($161,000), which is more than triple that of all workers
($53,000). Strategists (38 percent) and 10 Percenters (37 percent) were more than twice
as likely to report household retirement savings of $250,000 or more compared to only 18
percent of all workers.
39
BASE: All Qualified Respondents
Q1300. Approximately how much money does your household have saved in all of your retirement accounts? Please include IRAs,
401(k)s, 403(b)s, and any other savings for retirement to which you and/or your spouse or partner have contributed funds.
14
9
2 1
10 8
5
4
4 3
4 5
7
6
6
3
5 4
8
11
9
12
6 9
12
14
9 12
9
16
14
1
20 19 17
14
18
26
38 37 31
35
All Workers Future Early
Retirees
Strategists 10 Percenters Knowledgeables Conversationalists
$250k or more
$100k to less than $250k
$50k to less than $100k
$25k to less than $50k
$10k to less than $25k
$5k to less than $10k
Less than $5k
Not sure 10 10 3 8 6 3
Decline to answer 11 9 9 12 11 6
Note: The median is estimated based on the approximate midpoint of the range of each response
category. Non-responses are excluded from the estimate.
Total Household Retirement Savings (%)
Median $53,000 $92,000 $147,000 $161,000 $111,000 $102,000
39
40. Are the Power Planners Saving Enough to Retire at 65?
Yes, many Power Planners are quite possibly on track to have saved enough to retire at
65. It is often recommended that people assume they will need 80% of their current income
in retirement. This hypothetical illustration uses that target figure, combined with data
learned about the Power Planners, to determine if Power Players are on track for
retirement savings.
Basic Assumptions:
• Married
• Retirement age - 65 years old
• Life expectancy - 90 years old
• Current age - 45 years old
• Current household retirement savings - $125,000
• Annual household income (HHI) - $80,000
• Retirement income replacement ratio - 80%
• Annual HHI increases - 3%
• Annual inflation rate - 3%
• Participates in 401(k) plan
• 401(k) pre-tax contribution rate - 10% of salary
• Company match - 3%
• Work part-time in retirement: 10 years @ $30,000/year
• Investment growth rate (pre-retirement) - 6%
• Investment growth rate (in retirement) - 3%
Additional Assumptions:
• Expectations of receiving Social Security benefits
• No breaks or gaps in employment
• No breaks in savings
• No hardship withdrawals
• No early distributions from 401(k)
Estimated Target Retirement
Goal:
• Less: Income from outside
sources including Social Security,
income earned from working part-
time in retirement:
• Less: Projected value of 401(k)
account and outside savings:
• Surplus
$1,553,398
$490,878
$1,063,277
$757
40
41. A Written Strategy Is Essential for Success
Achieving retirement readiness is more than just saving enough, it involves planning for
both the expected and, moreover, the unexpected. One of the most important secrets to
attaining retirement readiness is having a well-defined written strategy about retirement
income needs, costs and expenses, and risk factors. Only 12 percent of all workers have
a written strategy. This proportion is significantly higher for the Power Planners including
all Strategists (by definition) followed by Conversationalists at 40 percent.
40%
22%
21%
100%
19%
44%
54%
56%
55%
15%
24%
24%
26%
Conversationalists
Knowledgeables
10 Percenters
Srategists
Future Early
Retirees
Responses by Power Planners
12%
46%
42%
How would you describe your retirement strategy?
All Workers
BASE: All Qualified Respondents
Q1155. Which of the following best describes your retirement strategy?
Have a Written Plan Have a Plan but Not Written Down Do Not Have a Plan
Have a Plan (Net) = 58%
Have a Plan (Net) = 74%
Have a Plan (Net) = 100%
Have a Plan (Net) = 77%
Have a Plan (Net) = 76%
Have a Plan (Net) = 85%
41
42. A Retirement Strategy Should Take Many Factors Into Account
A retirement strategy generally should consider a broad range of factors. Of workers having
any sort of retirement strategy (written or unwritten), many are overlooking key factors that
could impact their income and expenses such as investment returns, healthcare costs,
inflation, taxes, and long-term care. This is an opportunity for improvement for all workers
even the Power Planners.
Note: Components of retirement strategy selected by 50% or more of the subgroup are highlighted
Components of Strategy
All
Workers
Future Early
Retirees Strategists
10
Percenters
Knowledge
-ables
Conversation
-alists
On-Going Living Expenses 65% 68% 71% 66% 71% 71%
Total Retirement Savings & Income Needs 60% 64% 62% 64% 64% 60%
Social Security & Medicare Benefits 59% 57% 59% 60% 63% 56%
Investment Returns 48% 51% 63% 56% 60% 55%
Healthcare Costs 49% 49% 50% 57% 55% 56%
Inflation 39% 38% 55% 46% 46% 46%
Tax Planning 27% 24% 41% 32% 35% 38%
Long-Term Care Insurance 22% 22% 32% 23% 25% 31%
Estate Planning 20% 22% 37% 20% 26% 27%
Contingency Plans for Retiring Sooner than
Expected or Savings Shortfalls
15% 22% 21% 16% 18% 18%
Other 6% 8% 7% 5% 8% 5%
Not Sure 8% 6% 3% 6% 4% 2%
BASE: Has Retirement Strategy
Q1510. Which of the following have you factored into your retirement strategy?
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43. Few Have a Backup Plan if Retirement Happens Unexpectedly
An essential component of every retirement strategy should be a backup plan if
retirement happens sooner than expected due to life‟s unforeseen circumstances.
Relatively few workers including the Power Planners have a backup plan, making it a
notable opportunity to increase retirement readiness. TCRS‟ recent research on global
retirement readiness found that a full 49 percent of retirees retired sooner than expected
and most did so for reasons such as ill health or job loss.
BASE: All Qualified Respondents
Q1535. In the event you are unable to work before your planned retirement, do you have a back-up plan for retirement
income?
26%
54%
21%
Future Early Retirees
Have a Backup Plan if Retire Sooner than Expected
Yes No Not Sure
49%
36%
15%
Strategists
27%
54%
19%
10 Percenters
35%
50%
15%
Knowledgeables
35%
46%
18%
Conversationalists
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44. It’s Time to Take the Guesswork Out of the Savings Goal
A good starting point for a retirement strategy is estimating a retirement savings goal.
Nearly half (49 percent) of all workers said they “guessed” when asked how they arrived
at their retirement savings goal. Strategists (17 percent) were least likely to have guessed
while Future Early Retirees were more likely to have guessed (43 percent). A tip for
estimating a savings goal is to use online calculators available through retirement
providers and financial websites or a professional financial advisor.
BASE: All Qualified Respondents.
Q890. Thinking in terms of what money can buy today, how much money do you believe you will need to
have saved by the time you retire in order to feel financially secure?
BASE: Those Who Provided Estimates
Q900. How did you arrive at that number?
Retirement Savings
Goal
(Median)
% Who Guessed
All Workers $500k 49%
Future Early
Retirees
$500k 43%
Strategists $750k 17%
10 Percenters $800k 35%
Knowledgeables $750k 32%
Conversationalists $800k 29%
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45. Knowledge of Asset Allocation Remains an Opportunity for All
An underlying secret to retirement investing is asset allocation. Only 6 percent of all
workers say they know “a great deal” regarding asset allocation principles related to
retirement investing. While the Power Planners are more likely to know a great deal, they
too have an opportunity for learning; Conversationalists are the most knowledgeable with
23 percent saying they know a great deal.
BASE: All Qualified Respondents
Q760. How good of an understanding do you have regarding asset allocation principles as they relate to retirement
investing.
23%
14%
10%
15%
9%
26%
32%
26%
35%
24%
35%
41%
49%
43%
44%
16%
12%
16%
7%
23%
Conversationalists
Knowledgeables
10 Percenters
Strategists
Future Early Retirees
Responses by Power Planners
6%
18%
45%
31%
Level of Understanding Regarding Asset Allocation Principles
All Workers
A Great Deal Quite a Bit Some None
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46. Knowledge About Social Security Benefits
Only 15 percent of all workers have “a great deal” of knowledge about their future Social
Security benefits when compared with Power Planners. Conversationalists (38 percent)
are most likely to know a great deal while Future Early Retirees (13 percent) were least
likely.
BASE: All Qualified Respondents
Q1541. How good of an understanding do you have of the following government benefits? Social Security.
38%
25%
19%
32%
13%
29%
33%
29%
33%
27%
28%
36%
46%
32%
51%
4%
6%
5%
2%
9%
Conversationalists
Knowledgeables
10 Percenters
Strategists
Future Early Retirees
Responses by Power Planners
15%
26%
49%
10%
Level of Knowledge About Social Security Benefits
All Workers
A Great Deal Quite a Bit Some None
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47. Awareness of Savings Incentives
Incentives can be powerful motivators for people to save for retirement – but only if they
know about them. Among all workers, awareness is relatively low for both the Saver‟s
Credit (24 percent) and Catch-Up Contributions (50 percent). Awareness is higher among
the Power Planners, but nonetheless presents an opportunity for those who may be
unaware, particularly regarding the Saver‟s Credit.
24%
26%
46%
30%
34%
49%50%
56%
72%
68%
65%
67%
All Workers Future Early Retirees Strategists 10 Percenters Knowledgeables Conversationalists
Awareness of Savings Incentives
Saver's Credit
Catch-Up
Contributions
Percentage“Yes”
BASE: All Qualified Respondents
Q1120. Are you aware of a tax credit called the ‟‟Saver‟s Credit,‟‟ which is available to individuals and households, who meet certain
income requirements, for making contributions to an IRA or a company-sponsored retirement plan such as a 401(k) plan or 403(b) plan?
Q1000. Are you aware that people age 50 and older may be allowed to make catch-up contributions to their 401(k)/403(b)/457(b) plan or
IRA?
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48. Professional Advisors Can Play an Important Role
Strategists (65 percent) are most likely to use the services of a professional financial
advisor compared to just 36 percent of all workers. Strategists‟ usage of an advisor
may partially explain their secret to having a written strategy and a more deliberate
approach to saving and planning for retirement.
36%
64%
Percent
Yes No
BASE: Investing for Retirement
Q860. Do you use a professional financial advisor to help manage your retirement savings or investments?
Do you use a professional financial advisor to help manage your retirement savings or investments?
39%
65%
41% 40%
46%
Percentage “Yes”All Workers
48
49. Conversations Can Be a Catalyst for Retirement Readiness
Only 9 percent of all workers frequently discuss saving, investing, and planning for
retirement with their family and friends. The Conversationalists, who by definition
frequently discuss saving and planning, show high levels of engagement, knowledge,
awareness – and, ultimately, retirement readiness. Moreover, family discussions are
essential for setting any expectations about retirement, particularly the need to provide
or receive financial support in retirement.
100%
14%
16%
31%
14%
64%
64%
58%
64%
22%
19%
11%
23%
Conversationalists
Knowledgeables
10 Percenters
Strategists
Future Early
Retirees
Responses by Power Planners
BASE: All Qualified Respondents
Q1515. How frequently do you discuss saving, investing, and planning for retirement with your family and friends?
9%
63%
28%
How Frequently Do You Discuss Saving, Investing, and Planning for Retirement with
Your Family and Friends?
All Workers
49
Frequently Occasionally Never
50. Recommendations for Workers
Seven Tips to Get Started
How a person ultimately plans on spending his or her retirement is unique, but the proactive tactics to
help prepare for retirement are common to all.
Seven tips to get towards joining the Power Planners and achieving retirement readiness:
1. Calculate retirement savings needs. Factor in living expenses, healthcare needs,
government benefits and long-term care.
2. Develop a retirement strategy and write it down. Envision future retirement, formulate a
goal, and have a backup plan in case retirement comes early due to an unforeseen
circumstance.
3. Get educated about retirement investing. Learn about Social Security and government
benefits.
4. Participate in employer-sponsored retirement plans, if available. Take full advantage of
matching employer contributions, and defer as much as possible.
5. Consider retirement benefits as part of a total compensation. Ask an employer for a plan
if they don‟t offer one.
6. Take advantage of the Saver‟s Credit. Make catch-up contributions if available.
7. Talk about retirement with family and close friends, and seek the services of a
professional if needed.
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51. Recommendations for Employers & Retirement Plan Advisors
Seven opportunities in which employers, working with their retirement plan advisors and
providers, can help workers to improve their retirement readiness include:
1. Offering a retirement plan along with other health & welfare benefits if not already in place.
2. Proactively encouraging participation in existing retirement plans. Consider adding automatic
enrollment and automatic escalation features to increase participation rates and salary
deferral rates.
3. Adding, increasing and/or reinstating matching contributions to 401(k) plans. Consider
structuring match to promote higher salary deferrals (for example, instead of matching 100%
of the first 3% of deferrals change the match to 50% of the first 6% of deferrals).
4. Assessing educational offerings to determine whether they are meeting the needs of all
employees, especially those employees who may find materials and concepts difficult to
understand and make any necessary changes accordingly.
5. Promoting the educational resources offered by the company‟s retirement plan provider and
encouraging employees to take advantage of them.
6. Offering pre-retirees greater levels of assistance in planning their transition into retirement –
including the need for a backup plan if they find themselves retiring sooner than expected
due to unforeseen circumstances.
7. Promoting awareness of the Saver‟s Credit, Catch-Up Contributions, and Roth 401(k).
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52. Recommendations for Policymakers
Policymakers also should consider the following to help employers and their employees to
increase retirement readiness:
1. Pursuing legislative and regulatory initiatives to expand retirement plan coverage for all
workers including part-time workers:
a. Additional safe harbors for 401(k) and similar plans for purposes of non-discrimination
testing
b. Expanding the tax credit for employers to start a plan and facilitating the opportunity of
employers to participate in existing plans by implementing reforms to multiple employer
plans.
2. Expanding the Saver‟s Credit by raising the income eligibility requirements so that more tax
filers are eligible.
3. Expanding Catch-Up Contributions by raising limits and lowering the eligible age.
4. Extending the 401(k) loan repayment period for terminated plan participants and eliminating
the six-month suspension period following hardship withdrawals.
5. Requiring retirement plan statements to state participant account balances in terms of
lifetime income as well as a lump sum.
52