Are You Saving Enough For Retirement?

1) Most workers who are likely to have the ability to save for retirement and to be focused primarily on saving for retirement participate in an employer-sponsored
retirement plan. In 2016, 78% participated in an employer plan, either directly or through a spouse.
2) Younger and lower-income households are more likely to report that they save primarily for reasons other than retirement—for example, a home purchase, for the
family, or education. Economic analysis suggests that these preferences are rational. Older and higher-earning workers are more likely to save primarily for retirement and
thus are more likely to prefer having a portion of their compensation in the form of retirement benefits rather than fully in cash.
3) Retirement plan participation increases with age and income; consistent with their stated reasons for saving, younger and lower-income workers are less likely to
participate. Among all workers aged 26 to 64 in 2016, 64% participated in a retirement plan either directly or through a spouse. That number ranged, however, from 55% of those aged 26 to 34 to 69% of those aged 45 to 64; and from 24% for those with adjusted gross income (AGI) less than $20,000 per person to 86% for those with AGI of $100,000 per person or more.”


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