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Strides Made in Retirement Security, Though Gaps Persists

A Compendium of Findings About American Workers, released in June, draws on the center's late 2017 survey of a nationally representative sample of 6,372 workers. Among the findings: Retirement plan coverage has increased slightly. Seventy-one percent of workers are offered a 401(k) or similar plan by their employers, a finding that is marginally higher than in 2013 (68 percent). Retirement plan coverage varies by employer size. Workers at large companies with 500+ employees are far more likely to be offered a 401(k) or similar plan (82 percent) than those of smaller companies with 5-499 employees (59 percent). Retirement plan participation and contribution rates have increased. Among workers who are offered a 401(k) or similar plan, 81 percent participate (up slightly from 78 percent in 2013), and they contribute 10 percent (median) of their annual salary (up from 7 percent in 2013). Household savings has increased but not enough to last 20 or more years in retirement. American workers' total household retirement savings have grown to $71,000 (estimated median) in 2017, up from $53,000 in 2013. Baby Boomers, who are entering retirement, have saved $164,000 (estimated median) in all household retirement accounts, up from $103,000 in 2013. Lower earners are more reliant on Social Security. Workers with a household income of less than $50,000 most frequently cite Social Security as their expected primary source of income in retirement. Workers with household incomes of at least $50,000 most often expect to rely on 401(k)s, 403(b)s or individual retirement accounts (IRAs). Many want to keep working in retirement. Most workers (56 percent) plan to continue working in retirement, including 14 percent who plan to work full-time and 42 percent who plan to work part-time. These findings are relatively unchanged since 2013.

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