No Difference in Savings among those in Phased Retirement
Married workers and those who have tried to do a retirement savings needs calculation are more likely than their counterparts to have set money aside for retirement, EBRI said, based on data from its 2009 Retirement Confidence Survey.
According to the EBRI data, major drivers of retirement saving are a worker’s education and income levels (see Education Level Affects Retirement Plan Participation ).
Among those with a bachelor’s degree or higher, 92% of workers report they have saved for retirement, compared with 66% of those with a high school education or less.
As income increases, so does the likelihood of workers saving for retirement: 93% of workers in households with $75,000 or more in annual income report saving for retirement, compared with 49% in households with annual income of $35,000 or less.
align="center"> Workers Who Report Having Saved for Retirement, by Key Characteristics
align="center"> Percentage of All Workers Who Have Saved for Retirement | |
Education: | |
High school or less | align="center"> 66% |
Some college | align="center"> 70 |
Bachelors degree or more | align="center"> 92 |
Household Income: | |
Less than $35,000 | align="center"> 49 |
$35,000 - $74,999 | align="center"> 80 |
$75,000 or more | align="center"> 93 |
Marital Status: | |
Married | align="center"> 82 |
Not married | align="center"> 64 |
Done Household Needs Calculation: | |
Yes, have done calculation | align="center"> 88 |
No, have not | align="center"> 64 |
Expecting to Work During Retirement: | |
Yes, expect to work | align="center"> 75 |
No, do not expect to work | align="center"> 76 |
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