No Difference in Savings Among Those in Phased Retirement

Workers who expect to work during retirement and those who do not expect to are equally likely to save for retirement, according to data from the Employee Benefit Research Institute (EBRI).

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 found in 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 Influences Plan Participation).

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Among those with a bachelor’s degree or higher, 92% of workers report they have saved for retirement, compared to 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 to 49% in households with annual income of $35,000 or less.

Workers Who Report Having Saved for Retirement, by Key Characteristics

 

Percentage Who Have Saved

Education:

 

High school or less

66

Some college

70

Bachelor’s degree or more

92

Household income:

 

Less than $35,000

49

$35,000-$74,999

80

$75,000 or more

93

Marital status:

 

Married

82

Not married

64

Done household needs calculation:

 

Yes, have done calculation

88

No, have not

64

Expecting to work during retirement:

 

Yes, expect to work

75

No, do not expect to work

76

 

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