Workers aren’t saving, but those who are, are doing in an employer-sponsored 401(k) plan. In total, 60% of workers report that the total value of their household’s savings and investments, excluding the value of their primary home and any defined benefit plans, is less than $25,000. On the flip side, 81% of eligible workers (38% of all workers surveyed) say they contribute to such a plan with their current employer.
“Workers are falling further behind, and they know it,” said Mathew Greenwald of Greenwald & Associates, which conducted and co-sponsored the annual Retirement Confidence Survey with the Employee Benefit Research Institute, released Tuesday morning. “An increased number are planning on working longer, but many retirees have told us they were forced to retire because of poor health.”
