Retirement PlanningStatistic # 337According to a 2002 Watson Wyatt report "...for future retirees, employers on average will contribute slightly more than 40 percent of premium with 10 years of service at retirement; at 25 years of service, it rises to almost 75 percent of premium. This is dramatically lower than employers' contributions in the mid-1980's." (p.19) Roland, D. M., Janemarie, M., & Sylvester, J. S. (2002). Retiree health benefits: Time to resuscitate? (Research Report). Washington, D. C.: Watson Wyatt Worldwide. "This study documents the reasons behind our assessment of the likely evolution of employer-sponsored retiree health insurance and proposes a solution to halt the steady decline in benefits." |
Retirement PlanningStatistic # 1266"In March 2003, just under half of private industry employees participated in an employer provided retirement plan." Bureau of Labor Statistics. (2003, October). Retirement plans in 2003. Retrieved February 2, 2007 from http://www.bls.gov/opud/ted/2003/sept/wk5/art05.htm. "These data are from the BLS National Compensation Survey program. Learn more in Employee Benefits in Private Industry, 2003 (PDF) (TXT), USDL 03-489." |
Retirement PlanningStatistic # 1549According to the “A Work-Filled Retirement” survey, 21% of workers ages 55 and older planned to work part-time for interest or enjoyment, compared to 4% who planned to work part time for needed income. (p.6)  Reynolds, S., Ridley, N., & Van Horn, C. (2005). A work-filled retirement: Workers’ changing views on employment and leisure (Work Trends Survey No. 8.1). “In this report, American workers across the nation describe their expectations of retirement and their views of how older workers are treated in the workplace…A total of 1,232 adults were interviewed for this survey. Respondents who worked full or part time, or who were unemployed and looking for work, received a complete interview. A total of 432 respondents who did not meet these criteria received a short interview that included demographic questions. The results of this report are based on a total of 800 complete interviews with members of the workforce, including 82 people who have retired from their primary job but remain in the workforce. The final results were weighted to match U.S. Census Bureau estimates for age, educational attainment, gender, and race.” |
Retirement PlanningStatistic # 1832According to the 2007 EBRI Retirement Confidence Survey, in regards to employer-sponsored retirement investment advice, "two in 10 workers state they would be very likely to take advantage of such a service if it were available at a modest cost (19 percent). More than one-third report they would be somewhat likely to take advantage of the service (35 percent), while approximately 2 in 10 each would be not too (21 percent) or not at all (22 percent) likely." (p. 7) Helman, R., VanDerhei, J., & Copeland, C. (2007). The retirement system in transition: The 2007 retirement confidence survey (Issue Brief No. 304). Washington, DC: Employee Benefits Research Institute. Retrieved December 8, 2007 from http://www.ebri.org/pdf/briefspdf/EBRI_IB_04a-20075.pdf These findings are part of the 17th annual Retirement Confidence Survey (RCS), a survey that gauges the views and attitudes of working-age and retired Americans regarding retirement, their preparations for retirement, their confidence with regard to various aspects of retirement, and related issues. The survey was conducted in January 2007 through 21-minute telephone interviews with 1,252 individuals (1,001 workers and 251 retirees) age 25 and older in the United States. |
Retirement PlanningStatistic # 1834"Although the majority of Americans appear to be persuaded about the need to set aside money to prepare for retirement, [the 2007 EBRI Retirement Confidence Survey] finds a slight decline in the proportion of workers saying they and/or their spouses have saved money for retirement (66 percent, down from 70 percent in 2006)." (Fig. 5, p. 8) Helman, R., VanDerhei, J., & Copeland, C. (2007). The retirement system in transition: The 2007 retirement confidence survey (Issue Brief No. 304). Washington, DC: Employee Benefits Research Institute. Retrieved December 8, 2007 from http://www.ebri.org/pdf/briefspdf/EBRI_IB_04a-20075.pdf These findings are part of the 17th annual Retirement Confidence Survey (RCS), a survey that gauges the views and attitudes of working-age and retired Americans regarding retirement, their preparations for retirement, their confidence with regard to various aspects of retirement, and related issues. The survey was conducted in January 2007 through 21-minute telephone interviews with 1,252 individuals (1,001 workers and 251 retirees) age 25 and older in the United States. |
Retirement PlanningStatistic # 1836In regard to the amount of money needed to cover costs of health care, prescription drugs and health insurance in retirement, "approximately 1 in 10 workers think they will need to accumulate less than $50,000 (12 percent) and 2 in 10 each think they will need $50,000-$99,999 (20 percent) and $100,000-$249,999 (20 percent). Less than one-quarter think they will need at least $250,000. Almost one-quarter of workers have no idea how much they will need (23 percent)", according to the 2007 EBRI Retirement Confidence Survey. (Fig. 20. p. 18) Helman, R., VanDerhei, J., & Copeland, C. (2007). The retirement system in transition: The 2007 retirement confidence survey (Issue Brief No. 304). Washington, DC: Employee Benefits Research Institute. Retrieved December 8, 2007 from http://www.ebri.org/pdf/briefspdf/EBRI_IB_04a-20075.pdf These findings are part of the 17th annual Retirement Confidence Survey (RCS), a survey that gauges the views and attitudes of working-age and retired Americans regarding retirement, their preparations for retirement, their confidence with regard to various aspects of retirement, and related issues. The survey was conducted in January 2007 through 21-minute telephone interviews with 1,252 individuals (1,001 workers and 251 retirees) age 25 and older in the United States. |
Retirement PlanningStatistic # 1868According to a 2007 study of employee benefits trends, "only 5% of baby boomers (ages 41 to 60) and 11% of pre-retirees (ages 61 and over) say they have reached their goals for retirement savings." (p. 13) Metlife. (2007). Study of employee benefits trends: Findings from the national survey of employers and employees. New York, NY: Metropolitan Life Insurance Company. Retrieved February 13, 2008 from http://www.whymetlife.com/trends/ This study summarizes the results of a national survey of 1,514 benefits decision-makers and 1,202 full-time employees concerning employee benefits, marketplace trends and their overall financial situations. |
Retirement PlanningStatistic # 1871According to a 2007 study of employee benefits trends, "pre-retirees [age 61 and over] are more likely (31%) than any other life-stage group to say they are significantly behind financially where they had hoped to be.... Baby boomers, who as a group are rapidly approaching retirement, express similar concerns. 27% say they are significantly behind in their savings, and only 20% say they are on track." (p. 22) Metlife. (2007). Study of employee benefits trends: Findings from the national survey of employers and employees. New York, NY: Metropolitan Life Insurance Company. Retrieved February 13, 2008 from http://www.whymetlife.com/trends/ This study summarizes the results of a national survey of 1,514 benefits decision-makers and 1,202 full-time employees concerning employee benefits, marketplace trends and their overall financial situations. |
Retirement PlanningStatistic # 1872According to a 2007 study of employee benefits trends, "Women are more concerned about outliving their retirement money -- 62% versus 45% for males." Similarly, 57% of women report concerns about having to work full-time or part-time to live comfortably during retirement. (p. 23) Metlife. (2007). Study of employee benefits trends: Findings from the national survey of employers and employees. New York, NY: Metropolitan Life Insurance Company. Retrieved February 13, 2008 from http://www.whymetlife.com/trends/ This study summarizes the results of a national survey of 1,514 benefits decision-makers and 1,202 full-time employees concerning employee benefits, marketplace trends and their overall financial situations. |
Retirement PlanningStatistic # 1941A 2006 report looking at median wealth among Early Baby Boomers (age 51-56) and adults over 50 in the Health and Retirement Study (HRS) found that people who did not plan for retirement "accumulate from $17,000 to $20,000 less wealth than those who do some (a little or a lot) planning. This corresponds to approximately 20 percent less wealth." (p. 15) Lusardi, A., & Beeler, J. (2006). Savings between cohorts: The role of planning. Ann Arbor, MI: Michigan Retirement Research Center. Retrieved from http://www.dartmouth.edu/~alusardi/Papers/Lusardi_Beeler_MRRC.pdf This article compares the saving behavior of two cohorts: the Early Baby Boomers (EBB, age 51-56 in 2004) and the HRS cohort (age 51-56 in 1992) using data from the Health and Retirement Study (HRS), a nationally representative survey of older Americans over the age of 50 (and their spouses of any age). The sample size was 2,631 for the EBB and 4,577 for the HRS cohort. |
Retirement PlanningStatistic # 1942A 2006 article examining retirement saving behavior found that 27.5% of Early Baby Boomers (age 51-56 in 2004) are non-planners (meaning they have thought about retirement "hardly at all") even though they are only 5 to 10 years away from retirement. (p. 12) Lusardi, A., & Beeler, J. (2006). Savings between cohorts: The role of planning. Ann Arbor, MI: Michigan Retirement Research Center. Retrieved from http://www.dartmouth.edu/~alusardi/Papers/Lusardi_Beeler_MRRC.pdf This article compares the saving behavior of two cohorts: the Early Baby Boomers (EBB, age 51-56 in 2004) and the HRS cohort (age 51-56 in 1992) using data from the Health and Retirement Study (HRS), a nationally representative survey of older Americans over the age of 50 (and their spouses of any age). The sample size was 2,631 for the EBB and 4,577 for the HRS cohort. |
Retirement PlanningStatistic # 1989According to the 2006 Retirement Confidence Survey, participation in employer-sponsored retirement plans could be enhanced by adding automatic options. A majority of employed workers favor automatic enrollment (69 percent), automatically increasing the percentage of salary contributed when an increase in pay is received (65 percent), and automatically investing contributions for the employee (59 percent). Plan participants and nonparticipants are equally likely to favor each of these automatic features. (p. 4) Helman, R., Copeland, C., & VanDerhei, J. (2006). Will more of us be working forever? the 2006 retirement confidence survey. (Issue Brief No. 292). Washington, DC: Employee Benefit Research Institute. Retrieved from http://www.ebri.org/publications/ib/index.cfm?fa=ibdisp&content_id=3630 These findings are part of the 16th annual Retirement Confidence Survey (RCS), a survey that gauges the views and attitudes of working-age and retired Americans regarding retirement, their preparations for retirement, their confidence with regard to various aspects of retirement, and related issues. The survey was conducted in January 2006 through 21-minute telephone interviews with 1,252 individuals (1,000 workers and 252 retirees) age 25 and older in the United States. |
Retirement PlanningStatistic # 1996According to a 2008 survey of small business owners, "68% of the business owners have set up a plan [for their own retirement] or are starting to create one, and seven in 10 already have a savings plan to reach their goal. More than a third (35%) said their own retirement plan is solid, and another 10 percent will have a plan in place by year-end." National Association of Professional Employee Organizations. (2008). Report on the February 2008 survey of small businesses: Small businesses outpace larger ones in planning for impact of aging workforce. Alexandria, VA: NAPEO. Retrieved from http://www.napeo.org/newscenter/research.cfm Approximately 400 small business owners participated voluntarily in the February 2008 survey conducted by the National Association of Professional Employer Organizations [NAPEO]. Three-quarters of the 404 businesses in the NAPEO survey have 50 or fewer workers; of these, 31 percent have 10 or fewer, 24 percent, 11-20 workers, and 21 percent, 21-50. The other quarter have 50 or more, with 11 percent reporting 100 or more. |
Retirement PlanningStatistic # 2032According to a 2008 Pew Research Center survey, three out of every four Americans say they aren't saving enough. By age group, 83% of adults aged 18-29 report that they aren't saving enough, compared to 85% of 30-49 year-olds, 74% of 50-64, and 54% of those 65 and over. "Only a narrow majority (54%) of those ages 65 and older say they aren't saving enough, while more than a third (36%) of seniors say they are saving enough." Morin, R. (2008). Feeling guilty: Americans say they aren't saving enough. Washington, DC: Pew Research Center:. Retrieved from http://pewresearch.org/pubs/837/americans-not-saving-enough This report summarizes a recent Pew Social and Demographic Trends survey, which is a telephone survey of 2,413 adults, conducted from Jan. 24 through Feb. 19, 2008. |
Retirement PlanningStatistic # 2079According to a 2008 survey, "93% of employers offer some type of defined contribution (DC) plan, and only 30% offer a defined benefit (DB) plan. Almost 90% of employers have introduced tools to help employees understand how much they need to save for retirement...and 30% offer automatic enrollment." (p. 1) Aon Consulting. (2008). Aon consulting's 2008 benefits and talent survey. Chicago, IL: Aon Corporation. "More than 1,100 employers participated in the 2008 Benefits and Talent Survey." The participants were primarily senior HR leaders or benefits administrators and managers. 41% of the respondents represented organizations with 501-5,000 employees. 36% were from organizations with fewer than 500, and 22% had 5,001 or more employees. (p.2) |
Retirement PlanningStatistic # 1205"Less than 1 percent of those earning $40-$60,000 contribute the maximum [to a 401(k) plan] compared to 58 percent for those earning $100,000 or more." (p.3) Center for Retirement Research at Boston College. (2006, March). 401(k) Plans are Still Coming Up Short. Chestnut Hill, MA: Munnell, A.H., and Sunden, A. "The release of the Federal Reserve's 2004 Survey of Consumer Finances (SCF) is a(n)…opportunity to reassess the role that 401(k) plans are playing in the provision of retirement income. The SCF is a triennial survey of nationally representative sample of U.S. households' assets, liabilities, and demographic characteristics....The 2001 survey showed that 401(k) accumulations were coming up short. The 2004 survey shows some progress but most of the problems persist." |
Retirement PlanningStatistic # 1140The 2005 Merrill Lynch New Retirement Survey of Baby Boomers found, "More than three-quarters of boomers see work as playing some part in their retirement." (p.6)  Merrill Lynch. (2005, February 22)."The new retirement survey" from Merrill Lynch reveals how baby boomers will transform retirement. New York: Merrill Lynch. Retrieved June 27, 2006, from http://www.ml.com/index.asp?id=7695_7696_8149_46028_46503_46635 "Merrill Lynch, in an effort to better understand baby boomers, their aspirations and the financial implication of those aspirations, has undertaken a major research effort with the help of Harris Interactive and gerontologist Ken Dychtwald, Ph.D., president and CEO of Age Wave. That Work, The New Retirement Survey, is the first of its kind to ask baby boomers where they want to be, their hopes and fears for the future, and how they envision retirement. There were 3,448 U.S. baby boomers surveyed, and the portrait they painted is of retirement redefine." (p.3) |
Retirement PlanningStatistic # 1089The National Study of Employers, which surveyed workplaces with 50 or more employees, found that “employers in 2005 are less likely (81%) than employers in 1998 (91%) to make contributions to employees’ retirement plans.” (Table 19, p. 26) Families and Work Institute. (2005, September).2005 National Study of Employers. New York, NY: Bond, T. J., Galinsky, E., Kim, S. S., & Brownfield, E. Retrieved August 02, 2006, from http://familiesandwork.org/press/2005nserelease.html#nse “Families and Work Institute’s 2005 National Study of Employers (NSE) is one of the most comprehensive and far-reaching study of the practices, policies, programs and benefits provided by U.S. employers to address the changing needs of today’s workforce and workplace…will provide ongoing measurements of employer work life benefits, policies, and practices. In 2005, it was redesigned to include a nationally representative sample of employers with 50 or more employers…The 2005 NSE sample included 1,092 employers with 50 or more employees-66 percent are for-profit companies and 34 percent are nonprofit organizations; 44 percent operate at only one location, while 56 percent have operations at more than one location.” |
Retirement PlanningStatistic # 383According to the survey conducted by AARP, in 2003, "about eight in 10 (79%) Baby Boomers plan to work in some capacity during their retirement years, about the same as in 1998." (p.24) AARP. (2004, May). Baby boomers envision retirement II. Survey of baby boomer’s expectations for retirement. (Table: Work plans during retirement). (Prepared for AARP environmental analysis by Roper ASW). Washington, DC: AARP. “This report presents the results of a major research initiative commissioned by AARP and conducted by Roper ASW aimed at better understanding the Baby Boom generation as it moves into its retirement years. The findings reported here build upon as earlier benchmark study from 1998, Baby Boomers Envision Their Retirement, also collaboration between AARP and Roper. A large-scale quantitative survey, conducted by telephone in 30 minute interviews among a nationally representative sample of 1,200 adult Americans age 38-57.” |
Retirement PlanningStatistic # 850"Few of the workers surveyed for this study moved to warmer climates once they started receiving retirement benefits-an issue of concern for government officials in northern industrial states. Only 15% of 66-70 year-olds moved, while 21% of 60-65 year-olds and 28% of 55-59 year-olds chose to relocate." (p.17) MetLife Mature Market Institute. (2006, April). Living longer, working longer: The changing landscape of the aging workforce- a MetLife Study. New York, NY: MetLife Mature Market Institute, DeLong, D., & Zogby International. Retrieved August 10, 2006, from http://www.metlife.com/WPSAssets/93703586101144176243V1FLivingLonger.pdf "This study describes the decisions that older workers are actually making about work and retirement. It reports on their experiences more than their expectations of the journey into retirement, assuming that life stage is not defined by some date, but is rather an ongoing process… It consisted of an interactive online survey conducted by Zogby with a panel of 2,719 respondents. To qualify for the study, participants had to be between the ages of 55-70. Slight weights were added to region, race and gender to more accurately reflect the population of U.S. adults. A primary focus of the 50-question survey was to better understand the experiences and behaviors of the aging workforce, so the survey included many questions asked only of people who were still working or seeking work, either full- or part-time.” |
Retirement PlanningStatistic # 852"When it comes to having enough money in retirement, aging Boomers (age 55-59) are the least confident of the bunch. About 44% are not confident they will have enough money to live comfortably past age 85. Those age 60-65 and 66-70 are considerably more confident (69%) on the issue of retirement security, although their confidence may be unfounded." (p.18) MetLife Mature Market Institute. (2006, April). Living longer, working longer: The changing landscape of the aging workforce- a MetLife Study. New York, NY: MetLife Mature Market Institute, DeLong, D., & Zogby International. Retrieved August 10, 2006, from http://www.metlife.com/WPSAssets/93703586101144176243V1FLivingLonger.pdf "This study describes the decisions that older workers are actually making about work and retirement. It reports on their experiences more than their expectations of the journey into retirement, assuming that life stage is not defined by some date, but is rather an ongoing process… It consisted of an interactive online survey conducted by Zogby with a panel of 2,719 respondents. To qualify for the study, participants had to be between the ages of 55-70. Slight weights were added to region, race and gender to more accurately reflect the population of U.S. adults. A primary focus of the 50-question survey was to better understand the experiences and behaviors of the aging workforce, so the survey included many questions asked only of people who were still working or seeking work, either full- or part-time.” |
Retirement PlanningStatistic # 855"When asked what they wish they had done differently in preparing for this stage of life, more than 62% of aging Baby Boomers (55-59) suggested better financial and/or retirement planning. That theme was also strong with 60-65 year olds (49%) and 66-70 year-olds (47%)." (p.19) MetLife Mature Market Institute. (2006, April). Living longer, working longer: The changing landscape of the aging workforce- a MetLife Study. New York, NY: MetLife Mature Market Institute, DeLong, D., & Zogby International. Retrieved August 10, 2006, from http://www.metlife.com/WPSAssets/93703586101144176243V1FLivingLonger.pdf "This study describes the decisions that older workers are actually making about work and retirement. It reports on their experiences more than their expectations of the journey into retirement, assuming that life stage is not defined by some date, but is rather an ongoing process… It consisted of an interactive online survey conducted by Zogby with a panel of 2,719 respondents. To qualify for the study, participants had to be between the ages of 55-70. Slight weights were added to region, race and gender to more accurately reflect the population of U.S. adults. A primary focus of the 50-question survey was to better understand the experiences and behaviors of the aging workforce, so the survey included many questions asked only of people who were still working or seeking work, either full- or part-time.” |
Retirement PlanningStatistic # 856"When asked if their concept of 'retirement' had changed, 47% of older Boomers (age 55-59) said 'yes.' Roughly 44% said 'no,' and 8% were "not sure." (p.20) MetLife Mature Market Institute. (2006, April). Living longer, working longer: The changing landscape of the aging workforce- a MetLife Study. New York, NY: MetLife Mature Market Institute, DeLong, D., & Zogby International. Retrieved August 10, 2006, from http://www.metlife.com/WPSAssets/93703586101144176243V1FLivingLonger.pdf "This study describes the decisions that older workers are actually making about work and retirement. It reports on their experiences more than their expectations of the journey into retirement, assuming that life stage is not defined by some date, but is rather an ongoing process… It consisted of an interactive online survey conducted by Zogby with a panel of 2,719 respondents. To qualify for the study, participants had to be between the ages of 55-70. Slight weights were added to region, race and gender to more accurately reflect the population of U.S. adults. A primary focus of the 50-question survey was to better understand the experiences and behaviors of the aging workforce, so the survey included many questions asked only of people who were still working or seeking work, either full- or part-time.” |
Retirement PlanningStatistic # 930According to the "A Work-Filled Retirement survey, "nearly 7 in 10 workers expect to continue to work full time or part time following retirement from their main job, including 15% who expect to start their own business. Only 13% expect to stop working entirely." (p.1) Reynolds, S., Ridley, N., & Van Horn, C., Ph.D. (2005, August). A Work Filled Retirement: Workers Changing Views on Employment and Leisure. Worktrends, 8.1 (Summer '05). “In this report, American workers across the nation describe their expectations of retirement and their views of how older workers are treated in the workplace…A total of 1,232 adults were interviewed for this survey. Respondents who worked full or part time, or who were unemployed and looking for work, received a complete interview. A total of 432 respondents who did not meet these criteria received a short interview that included demographic questions. The results of this report are based on a total of 800 complete interviews with members of the workforce, including 82 people who have retired from their primary job but remain in the workforce. The final results were weighted to match U.S. Census Bureau estimates for age, educational attainment, gender, and race.” |
Retirement PlanningStatistic # 932According to the "A Work-Filled Retirement" survey, "a substantial share of workers (35%) is currently saving nothing to supplement expected Social Security payments. When asked about their savings behavior, 46% agree they are doing a good job of saving for retirement. That response is lower than in 2000, when 52% thought they were doing a good job." (p.3) Reynolds, S., Ridley, N., & Van Horn, C., Ph.D. (2005, August). A Work-Filled Retirement: Workers' Changing Views on Employment and Leisure. Worktrends, 8.1 (Summer '05). “In this report, American workers across the nation describe their expectations of retirement and their views of how older workers are treated in the workplace…A total of 1,232 adults were interviewed for this survey. Respondents who worked full or part time, or who were unemployed and looking for work, received a complete interview. A total of 432 respondents who did not meet these criteria received a short interview that included demographic questions. The results of this report are based on a total of 800 complete interviews with members of the workforce, including 82 people who have retired from their primary job but remain in the workforce. The final results were weighted to match U.S. Census Bureau estimates for age, educational attainment, gender, and race.” |
Retirement PlanningStatistic # 934According to the "A Work-Filled Retirement" survey, "the youngest and oldest worker cohorts--those under 35 and those 55 and older--are more likely than middle-aged workers to believe they will choose to work part time out of interest or for enjoyment following their retirement." Reynolds, S., Ridley, N., & Van Horn, C., Ph.D. (2005, August). A Work-Filled Retirement: Workers' Changing Views on Employment and Leisure. Worktrends, 8.1 (Summer '05). “In this report, American workers across the nation describe their expectations of retirement and their views of how older workers are treated in the workplace…A total of 1,232 adults were interviewed for this survey. Respondents who worked full or part time, or who were unemployed and looking for work, received a complete interview. A total of 432 respondents who did not meet these criteria received a short interview that included demographic questions. The results of this report are based on a total of 800 complete interviews with members of the workforce, including 82 people who have retired from their primary job but remain in the workforce. The final results were weighted to match U.S. Census Bureau estimates for age, educational attainment, gender, and race.” |
Retirement PlanningStatistic # 937According to the "A Work-Filled Retirement" survey, "workers with college degrees (74%) outpace both those with either some college education (59%) and those with no more than a high school degree (61%) in their confidence they will be able to retire when they want. Those earning more than $40,000 per year (71%) are also more confident than those earning below this line (44%)." There is no significant difference between men and women on this issue. (p.9, Figure 1.6) Reynolds, S., Ridley, N., & Van Horn, C., Ph.D. (2005, August). A Work-Filled Retirement: Workers' Changing Views on Employment and Leisure. Worktrends, 8.1 (Summer '05). “In this report, American workers across the nation describe their expectations of retirement and their views of how older workers are treated in the workplace…A total of 1,232 adults were interviewed for this survey. Respondents who worked full or part time, or who were unemployed and looking for work, received a complete interview. A total of 432 respondents who did not meet these criteria received a short interview that included demographic questions. The results of this report are based on a total of 800 complete interviews with members of the workforce, including 82 people who have retired from their primary job but remain in the workforce. The final results were weighted to match U.S. Census Bureau estimates for age, educational attainment, gender, and race.” |
Retirement PlanningStatistic # 941According to the "A Work-Filled Retirement" survey, "older workers were the most likely to feel workers should be primarily responsible for their own retirement (48% of those 55 and older). That sentiment declined with age--45% of 45-to 54-year-olds feel workers should bear the most responsibility, with 36% of 35-to 44-year-olds, and 33% of those under 35 agreeing." (p.17) Reynolds, S., Ridley, N., & Van Horn, C., Ph.D. (2005, August). A Work-Filled Retirement: Workers' Changing Views on Employment and Leisure. Worktrends, 8.1 (Summer '05). “In this report, American workers across the nation describe their expectations of retirement and their views of how older workers are treated in the workplace…A total of 1,232 adults were interviewed for this survey. Respondents who worked full or part time, or who were unemployed and looking for work, received a complete interview. A total of 432 respondents who did not meet these criteria received a short interview that included demographic questions. The results of this report are based on a total of 800 complete interviews with members of the workforce, including 82 people who have retired from their primary job but remain in the workforce. The final results were weighted to match U.S. Census Bureau estimates for age, educational attainment, gender, and race.” |
Retirement PlanningStatistic # 945According to the "A Work-Filled Retirement" survey, "almost 60% of employees still working in their primary job are currently eligible through their employer for a retirement or pension plan, including 401(k)s. Fifty-one percent of workers are very confident that their plan will have the benefits they expect upon retirement. An additional 31% are somewhat confident that their expectations will be met." (p.21) Reynolds, S., Ridley, N., & Van Horn, C., Ph.D. (2005, August). A Work-Filled Retirement: Workers' Changing Views on Employment and Leisure. Worktrends, 8.1 (Summer '05). “In this report, American workers across the nation describe their expectations of retirement and their views of how older workers are treated in the workplace…A total of 1,232 adults were interviewed for this survey. Respondents who worked full or part time, or who were unemployed and looking for work, received a complete interview. A total of 432 respondents who did not meet these criteria received a short interview that included demographic questions. The results of this report are based on a total of 800 complete interviews with members of the workforce, including 82 people who have retired from their primary job but remain in the workforce. The final results were weighted to match U.S. Census Bureau estimates for age, educational attainment, gender, and race.” |
Retirement PlanningStatistic # 962"63 percent [pre-retirees] state that they plan to work at least part-time in retirement, and an additional 5 percent say that they never expected to retire, suggesting that a full 68% percent of pre-retirees plan to work during a time traditionally reserved for activities other than work." (p.5) AARP. (2003, September). Staying Ahead of the Curve 2003: The AARP Working in Retirement Study. Washington, D.C.: Brown, S.K. Retrieved July 25, 2006 from http://www.arp.org/money/careers/employerresourcecenter/researchanddata/a2004-08-02-curve2003.html "AARP conducted a telephone survey of 2,001 individuals between the ages of 50 and 70 years old who are employed on a full-time or part-time basis. Of the individuals interviewed, more than eight in ten (85%) have never retired from a job; and fifteen percent report that they have retired from a job but either remained in the workforce after rehiring or have since returned to the workforce. The phone interviews, which were conducted by RoperASW using random digit dialing, took place from April 9 through June 5, 2003." (p.4) |
Retirement PlanningStatistic # 965In a 2003 survey of workers between the ages of 50 and 70, 68% of the respondents stated they planned to work in retirement or never retire. (p.15) AARP. (2003, September). Staying Ahead of the Curve 2003: The AARP Working in Retirement Study. Washington, D.C.: Brown, S.K. Retrieved July 25, 2006 from http://www.aarp.org/money/careers/employerresourcecenter/researchanddata/a2004-08-02-curve2003.html "In order to better understand the specific types of jobs that workers envision holding in retirement, explore today's definition of retirement, and learn more about the workplace experiences and desires of current woring retirees, AARP recently conducted a nationwide telephone survey of 2,001 individuals between the ages of 50 and 70 years old who are employed on a full-time or part-time basis." |
Retirement PlanningStatistic # 970"In the 2001 Retirement Confidence Survey (RCS), when asked if they had saved for retirement, 69% of working women said yes, compared with 74 percent of working men." (Chart 5, p.4) Employee Benefit Research Institute. (2001, November). Facts from EBRI: Women in retirement. Washington, DC: Employee Benefit Research Institute. Website: http://www.ebri.org/publications/facts/ "The Retirement Confidence Survey (RCS) has tracked Americans' financial preparations for retirement and their attitudes regarding retirement since 1991. The RCS is a random, nationally representative survey of Americans over age 25; both current workers (individuals who are not defined as retirees, regardless of employment status) and current retirees (individuals who are retired or who are 65 or older and not employed full-time) are surveyed, which allows comparisons across generations in terms of attitudes and financial preparations." (Salisbury, D., Turyn, T., & Helman, R. (2001, June). EBRI 2001 Retirement surveys: Retirement Confidence Survey (RCS), Minority RCS, and Small Employer Retirement Survey (SERS) (p.1). Washington, DC: EBRI |
Retirement PlanningStatistic # 2099According to a 2008 report on the impact of a slowing economy by AARP, 25% of workers aged 45-54 have prematurely withdrawn funds from 401(k), IRA, or other investments, as have 24% of workers aged 55-64 and 18% of workers 65+. (Table 2, p. 7) Love, J. (2008). The economic slowdown's impact on middle-aged and older americans. Washington, DC: AARP Knowledge Management. Retrieved from http://assets.aarp.org/rgcenter/econ/economy_survey.pdf This 2008 AARP report sought to understand how the slowing economy is affecting the lives and plans of middle aged and older Americans. This survey was conducted April 12 through April 23 among a nationally representative sample of 1,002 adults aged 45 years and over. |