Sixty-three percent of workers are confident that they will be able to fully retire with a "comfortable lifestyle," according to the latest annual survey from the Transamerica Center for Retirement Studies published Thursday.
Of those 63% of workers, 18% are "very confident" and 45% are "somewhat confident" they will retire comfortably, as defined by respondents' own measures.
Transamerica, which last year surveyed more than 5,100 workers of for-profit companies, found that 65% of workers are offered a 401(k) or similar plan, including 71% of full-time workers and 45% of part-time workers.
Among those currently offered a 401(k) or similar plan by their employer, plan participation rates are lowest among part-time workers (58%) and workers with a household income of less than $50,000 (59%), the survey found.
Transamerica found that workers have saved an estimated median of $50,000 in all household retirement accounts, but savings vary dramatically across demographic segments. Workers with an annual household income of $100,000 or more have saved an estimated median of $222,000, compared with $47,000 among those earning $50,000 to $99,999. Among those earning less than $50,000, the estimated median is $3,000. College graduates have saved $160,000, compared with $23,000 among non-graduates, while men have saved $76,000, compared with $23,000 among women, according to the survey.
"Many U.S. workers are continually at risk for not achieving a financially secure retirement. Policymakers are taking action to strengthen our retirement system, by expanding access to employer-sponsored workplace savings plans and making it easier for workers to plan and save," said Catherine Collinson, CEO and president of Transamerica Institute and TCRS, in a news release.
The full report is available on Transamerica's website.
