Retirement Saving & Spending Study презентация

Millennial, Gen X, and Baby Boomer Workers and Retirees Millennial, Gen X, and Baby Boomer Workers and Retirees

Table of Contents Methodology Workers with 401(k)s: Millennials, Gen X, and Baby boomers Workers’ 401(k) Accounts Auto-features and Target Date Funds Saving, Spending and Advice Profiles Millennials who are eligible to participate in their employers’ 401(k) but do not (eligible but not contributing or non-savers) Retirees who saved in 401(k)s

Methodology 3,026 working adults 18+ currently contributing to a 401(k) plan or eligible to contribute and having a balance of $1,000+ 1,027 adults retired in the last one to five years with a Rollover IRA or left-in-plan 401(k) balance Active participants and retirees conducted online February 19 through March 3, 2015 255 Millennials (18–33 years old) working and eligible for a 401(k) plan at current employer but not contributing and do not have a balance in that 401(k)—eligible nonparticipants (ENPs) Conducted online March 4 through March 25, 2015

Workers’ 401(k) Accounts

Market Value of 401(k) Plan

Base: Millennial workers Base: Millennial workers

Personal Deferral Rate

401(k) Contribution Compared With Past 12 Months Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved

Recommended Contribution Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved

Increasing Your 401(k) Contribution Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved

Reasons for Contributing Below the Maximum Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved

Major Reasons for Contributing Below the Maximum Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved

Influence of Match on Contribution Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved

Retirement Expectations Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved

Base: Workers Base: Workers

Auto-Features and Target Date FUNDS

True of Target Date Funds Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved

True of Target Date Funds (cont.) Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved

Market Value and Allocation of Assets Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved

Satisfaction with Investments Overall Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved

Automatic Enrollment Summary Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved

Opt Out Rate Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved

Base: Total workers who were enrolled automatically with the choice to opt out Base: Total workers who were enrolled automatically with the choice to opt out

Attitudes About Automatic Enrollment Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved

Automatic Escalation Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved

Spending, saving, and advice

Dealing With Money Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved

Dealing With Money Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved

Dealing With Money (cont.) Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved

Managing Spending Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved

Credit Card Spending Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved

Managing Credit Cards Differently Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved

#1 Funding Financial Priority Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved

#1 Funding Financial Priority (cont.) Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved

Sources of Funds for Emergency Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved

Advised

On Track to Meet Financial Goals

Financial Well-Being Compared With Parents

Perceived Job Security Base: Workers

Profiles of workers with 401(k)s: Millennials, Gen X, and Baby Boomers

Age Q. 2

Size of Organization Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.

Work Status Base: Workers

Level of Qualification for Position Base: Workers

Tenure at Current Employer Base: Millennial workers

Pay Raise Base: Workers

Personal and Household Income and Total Debt

Millennials who are eligible to participate in their employers’ 401(k) but do not (Eligible not contributing or non-savers)

Age

Gender Base: Millennial workers

Education Base: Millennial workers

Marital Status Base: Millennial workers

Tenure at Current Employer Base: Millennial workers

Pay Raise Base: Millennial workers

Student Loan Debt Base: Millennial workers

Direction of Debt Base: Millennial workers, have $1,000 or more in debt

Dealing With Money Base: Millennial workers, describes me “very accurately"

Major Reasons for Contributing Below the Maximum Base: Millennial workers, not contributing or expect to contribute below the maximum allowed to 401(k)

Financial Well-Being Compared With Parents Base: Millennial workers

Retirees who saved in 401(k)s

Age Average Age 63

How Long Ago Retired Base: Retirees; average: 2.7 years, median 3.0 years

Work Status Base: Retirees

Relative Earnings Base: Retirees working full or part-time (22%)

Relative Hours Base: Retirees working full or part-time (22%)

Rejoined the Workforce Because... Base: Retirees working full or part-time (22%)

Looking for Work Because... Base: Retirees looking for work (9%)

Has a Withdrawal Plan Base: Retirees

% Investable Assets Withdrawn Base: Retirees; average 5.5% (excluding none)

Organizing Retirement Income "Very or Somewhat closely" Base: Retirees

Sources of Retirement Income (Mean %) Base: Including none, items sum to 100%

Compared With When Working Base: Retirees

Proportion of Annual Income Replaced Base: Retirees; Average: 67%

True of My Retirement Base: Retirees

Financial Well-Being Compared With Parents Note only asked of retirees in 2014

On Track to Meet Financial Goals

Satisfaction in Retirement Base: Retirees