Majority of Workers Feel Responsible To Save for Their Retirement

Seventy-eight percent of workers say it’s their responsibility to save for their retirement. Also, 84% of defined contribution plan participants say it’s their responsibility to save for their retirement, according to a LIMRA survey. The survey also found the following:

  • 77% say that all workers should have access to a retirement savings plan at work and that these plans offer an effective way to save for retirement.
  • 60% say that those who save in a defined contribution retirement plan are likely to achieve a secure retirement.
  • 85% of defined contribution plan participants say these plans provide an effective way to save for retirement. Thirty percent say that their defined contribution plan savings will represent the primary source of retirement income.
  • 50%  of defined contribution plan participants and nearly 40% of plan participants under 45 say that savings in their defined contribution plans will be their primary source of retirement income.
  • 45% of workers who participate in their defined contribution retirement plan are more confident that they will realize their chosen retirement lifestyle compared to 32% of non-participating workers.

Last Updated 09/16/2020

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