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Data & Research April 29, 2009
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).
Reported by Fred Schneyer
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“).
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 |