Talking Points
Dismal Outlook for Millennials
Fear they will outlive their savings
Think they will be unable to retire when they would like
Participate in a retirement plan
Have no retirement savings
Say eligibility requirements exclude them from a retirement plan
Are worried about their retirement security
Focused on Retirement
Workers with access to an employer-sponsored retirement plan were more apt to report (41%) that, in the previous 2 years, they had tried to figure out how much retirement income they would need, compared with those without access (16%).
Moving the Goal Post
Fifty-three percent of women plan to retire after the age of 65; 13% plan never to retire.
Missing Out
In 2009 through 2014, notes a recent study, just 13% of participants sought out advice.
Tax Break
In a survey of 1,000 Americans, 35.7% of respondents said they will use the additional money in their paychecks due to the tax reform legislation to pay down their debt faster; 12.8% will put more toward retirement saving; and 3.5% will invest the money in the stock market.
Reaching a Milestone
The average 401(k) balance was $104,300 at the end of 2017—up 13% from the close of 2016. The average individual retirement account (IRA) balance climbed to $106,000, also a 13% year-over-year increase.
Sense of Security
Fifty-eight percent of middle-income workers, defined as those with household incomes between $35,000 and $150,000, say they feel more financially secure because of workplace benefits.
401(k) Strides
The percentage of sponsors that have made improvements to their retirement plan: