Latest TCRS report underscores employee confidence for a comfortable retirement
The latest TCRS study surveyed 1,825 employers at for-profit companies with five or more employees and 6,372 workers who shared that only 62% of employees are confident they will be able to retire with a comfortable lifestyle. That's IF their employer offers a retirement option, only 65% do!
The study is ultimately an interesting comparison of what employers feel their employees perception are around retirement and how the employees actually feel. Personally, I would be thrilled if I were to someday be in that 62% of people who are confident about retiring comfortably.
I'll share a few other insights from the survey below. You can view the entire report on the TCRS website.
- 41% of surveyed employers offer a retirement plan to part-time workers.
- Among employees who do not have access to employer-sponsored retirement plans, only 49% are saving for retirement, compared to 89% of workers who do have access to workplace plans.
- 22% of the employers surveyed said they offer automatic enrollment for newly eligible employees, although 42% have adopted automatic escalation.
- 85% of employers offer matching contributions and 45% offer a Roth option.
- 83% of surveyed employers offer managed and/or asset allocation suites such as target-date or target-risk funds.
- 51% of employers offer online tools and calculators that project participants' retirement income.
- 22% of employers responded that they do "nothing" to help their employees transition their savings and finances into retirement.
- 39% of employers believe financial wellness programs are important, while only 12% reported offering them.
Janice James - W+H Community Manager
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