Recent HR Dive stories on retirement do not paint a secure picture for workers.
Many workers lack access to employer-provided retirement plans in the first place, which portends financial concern, the National Institute on Retirement Security found.
“The bottom line is that if Americans are not saving for retirement through their employer, then they are probably not saving at all,” NIRS said.
Beyond that, nearly half of workers expect to need at least $1 million to retire, but little more than a quarter expect to reach that goal, according to a report by Betterment at Work, a provider of 401(k) plans.
The problem may be more acute for women; fewer than 1 in 5 women workers say they feel very confident about being able to fully retire with a comfortable lifestyle, per a report from the Transamerica Center for Retirement Studies and the Transamerica Institute.
Employers, for their part, don’t seem to have an accurate impression of workers’ reality, a PNC report showed. While more than three-quarters of companies said they believe their workers are prepared for retirement, not even half of workers think so.
Read on for a broader understanding of the issues workers face regarding retirement.
