Report: 82 Percent of U.S. Workers Saving for Retirement

Report: 82 Percent of U.S. Workers Saving for Retirement

Despite six in ten employed U.S. workers (60 percent) having made adjustments due to pandemic-related financial strain, 82 percent are still saving for retirement, including 84 percent of Baby Boomers, according to new research from the Transamerica Center for Retirement Studies®.

Titled Living in the COVID-19 Pandemic: The Health, Finances, and Retirement Prospects of Four Generations, the report was published as part of TCRS’ 21st Annual Retirement Survey of Workers, one of the largest and longest-running surveys of its kind.
Other highlights:

  • Almost two-thirds of workers (64 percent) indicate their confidence in their ability to retire comfortably has stayed the same in light of the pandemic, including 76 percent of Baby Boomers;
  • Seventy-three percent of workers are confident that they will be able to fully retire with a comfortable lifestyle, while 24 percent of Baby Boomers are “very” confident;
  • Eighty-two percent of workers expect self-funded savings to be sources of retirement income, including 401(k), 403(b), and IRAs (71 percent) and/or other savings and investments (48 percent). Fewer than one in five workers are expecting retirement income from home equity (18 percent) or an inheritance (14 percent);
  • Baby Boomers (34 percent) are more likely to expect Social Security to be their primary source of income in retirement, compared with Generation X (23 percent), Millennials (14 percent), and Generation Z (12 percent); and
  • Total household retirement savings among all workers is $93,000 (estimated median). Baby Boomer workers have the most retirement savings at $202,000, compared with Generation X ($107,000), Millennials ($68,000), and Generation Z ($26,000) (estimated medians).

Published by

Darryl Hicks

Darryl Hicks is Vice President of Communications for the National Reverse Mortgage Lenders Association. In this capacity, Hicks writes for NRMLA's publications, manages the association's web sites and social media accounts, assists committees and the Board of Directors, and manages the Certified Reverse Mortgage Professional designation. Prior to joining NRMLA in 1999, Hicks spent three years in the Washington, D.C. bureau for National Mortgage News.