- 81% of employees 18 or older will not be able to afford to retire by the age of 65
- The leading cause impacting employees’ ability to retire on time is their failure to contribute enough of their income towards retirement
- Employees above the age of 55 will need to contribute more than 45% of pay through the remainder of their career to retire by age 65. Employees age 45-55 must contribute 19% of pay to retire by 65.
- The average participant, relying on their 401(k) as a primary retirement vehicle, will not be able to retire until the age of 73.
- Most employees age 60-64 will likely need to work until the age of 75 to be able to afford to retire at their current levels of contribution to their 401(k).
Comment: Report is downloadable in PDF