Employer Plans a Major Cash Flow Source in Retirement
EBRI said in addition to the 42% pointing to their workplace plan, 32% mention Social Security and 28% expect their defined benefit pension plan will be a major contributor to their post-work cash flow.
Workers who have saved for retirement are more likely than nonsavers to expect major retirement income from workplace savings, pensions, and IRAs. Conversely, nonsavers are more likely to say Social Security and employment will be major sources of retirement income.
More information is available at http://www.ebri.org/pdf/briefspdf/EBRI_IB_4-2009_RCS1.pdf .
align="center"> Have Saved for Retirement | |||
align="center"> All Workers | align="center"> Yes | align="center"> No | |
An employer-sponsored retirement savings plan, such as a 401(k) | align="center"> 42% | align="center"> 49% | align="center"> 20% |
Social Security | align="center"> 32 | align="center"> 26 | align="center"> 51 |
An employer-provided traditional pension or cash balance plan | align="center"> 28 | align="center"> 31 | align="center"> 20 |
Employment | align="center"> 26 | align="center"> 20 | align="center"> 42 |
Other personal savings or investments, not in a work-related retirement plan | align="center"> 25 | align="center"> 27 | align="center"> 20 |
An individual retirement account (IRA) | align="center"> 24 | align="center"> 28 | align="center"> 13 |
Source: Employee Benefit Research Institute and Mathew Greenwald & Associates, Inc., 2009 Retirement Confidence Survey.