Welcome to the Employee Benefit Research Institute On-Line EBRI E B R I ------------ ------------ ------------ EMPLOYEE Back Forward Home Reload Images Open Print Find Stop EBRI Issue Brief E MP LO YE E Issue Brief BENEFIT are report that they This is consistent with results from Nevertheless, more likel those receiving educational material for them y than those who retire on A large proportion of workers The majority of American worker and/or their spouse have saved even am to live comfortably in retirement. On th ong those with less than earli time or later t er wa with savings Figure 5 Figure 9 m s from s have ves of t oney for retirem $35,000 in househol not tried h an e an planned to say he RCS. Even m Figure 10 Figure 2 are not investing in the mpl e ot oyer or work-related retir to calculate how her hand, th ent (68 percent) d incom the anyo y with lower household se with higher incom are e one-third are much , and appro stock mark not confi they need to save for emd en ent x et. t plan provider in i ver m Half of workers about ately y e are more apt B E N E F I T Education as Key RCS Meth odology http://www.ebri.org confident the income say 6 in 10 worke having a comfortable retirement or about they who have savings and in the past y to think the retirement. yr can reach their goal (32 percent) and a s say could save m the ear Worker Con y Only 42 y are will need 70 say Knowledge of Eligibility the currently ory e percent of workers report the Worker Con m . Am a fvestm idence in Having Enough Money to de changes in their percent or less of th saving f ong those other financ Total Savings and Investments, by A ents fidence in Financial Aspects of Retir o report having st r retirement (58 percent). Yet these proportions have with nother 37 percent are iAge for Unreduced household inc al aspects of retirement. It is possible th retire eir preretirement income to live com m yock or b e and/ nt planning a or their s ome less than ond m Live somewhat pouse have tr u stual a result (28 percent). These ge $35,000, roughl funds (5 e confide ment ied to calculate how 0 percent) and 4 in 1 nft. at ortably y . 0 No. 268 R ESEARCH R E S E AR C H half of savers (56 percent) so rem ma eined con workers will continue say workers are s m u stant since 2001, despite econom ch the m yoney hold Social Security Retire Comfortably Throughout Their Reti t they will need to save by indivi atistically and nonsaver to find them dual sto as likely (Not Including Value of cs (48 percen ks (41 percent, down selves vulne to change the allo ic men ups and d th t Benefits, b t) report the e time they rable to an unpl owns and fro cation of their mone re r y y Primary Residence) m e ment Y Age Group c tire so that they 48 percent ould save $20 m efforts at educating the anned early ears in 20 re can li tirement for so y03), o (43 percent) as they re for retirem ve com but 4 in 1 fortably m 0 ent in e dicate they in are to Ruth Helman is research director at Mathew Greenwald and Associates. Variny Paladino is Overview ® Retirement educationa These findings are part of the 14th annual Retire l materials and information can be effective in chang ment Confidence Surve ing people’s behavior. y (RCS), a survey that What’s New? What’s Cool? Destinations Net Search People Software EBRI Issue Brief (ISSN 0887 -137X) is published at $300 per year or is included as part of a membership subscription by the INSTITUTE than the of the sam Am Worke erican public about t y do rs have e have neither of these types of investm increase their retirement. This percentage Very reasons in the future. Like now. Furt not given much thought to herm h savings. Four in 10 indicate they e im or portance o e, many would not ha current is basically f saving for r key r retirees who found eetire n unchanged si tve to m s (40 per e m tirement. ent issues. st ake di arted cent). Nearly nce 2001. Just one-third sa fficult sacrifi themselves retiring early to save Somewhat m all ore workers with savings say ces to save th money y they have giv (39 pe Not Too , is $20 a many rcent), 5 percent of en they Not at All communications director f I N S TI TU TE or the American Savings Education Cou April 2004 ncil (ASEC), a program of the ® Doing a retirement savings needs calculation Employee Benefi gauges the vi Some workers may be overly optimistic about t Research Institute, 2121 K Str ews and attitudes of working-age and eet, NW, Suite and educationa 600, Washington, D thei l for retired Am r standard of livi mats that all C 20037- erican 1896. P ow people to a s regarding retirem ng in t eriodicals postage rate paid in he years immediately sk ent, their 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 a lot week. Asked these workers of thought to how to All own bank say what they would may they also find that their re started saving for or thmanage their rift accounts (93 percent). need to the first time, give up, m All Workers tire oney ment planning in mretirem an and 2 pe y Alm cite entertai Confident ent so they do o has been inadequate. st rcent started saving again after they Ages 4 in Ages 25–54 nment or leisure activities 10 own i not Confident ndiv outli Ages idual bo ve their savings nds (3 Confident Ages Age 55+ (21 per- 7 percent), while had stopped. Ages Confident Employee Benefit Research Institute Education and Research Fund (EBRI-ERF). Any views Washington, DC. POSTMASTER: Send address changes to: EBRI Issue Brief, 2121 K Street, NW, Suite 600, Washington, DC after their ret Why aren’t irement. some Americans saving for About two-thirds of workers believe that they will be at least as co retirement? January 2004 Among those who are, are they saving mfortable questions an preparations for retirem d/or are personalized may be most effecti ent, their confidence with re ve. gard to various aspects of retirement, and related Very 4 or m (34 percent). cent of savers, 22 20037-18 ore y 96. Co Having enou one-third ears earlier Another 4 i pypercent of nonsavers), dining right 2 own m 004 b gh m n 10 have gi y oney Emplo oney m to yee Benefi ar t k ven this issue aet accounts (33 percent). ke care of t Research Institute. All rights reserved, No. 26 20% Workers out (28 percent of savers, 18 percent of nonsavers), a littleFigure 6 thou 25–3 ght About one-fourth each own real estate o 4 (40 percent). 20% 35–44 Three in 10 r 8. 45–5 17% e 4 port t55+ her expressed in this report are those of the authors and should not be ascribed to the officers, trustees, or enough? And what can be done about it? Despite recent changes in the economy and efforts to in the years immediately after retirement as they were before retirement. This includes 45 percent issues. The survey was conducted in January 2004 through 20-minute telephone interviews with 4 confident 18% 20% 21% 19% 24% 22% 22% 25% 22% 23% 21% 24% having given or clothin1–3 Some workers are counting on working years gearlier ex Less than $25,000 basic expense than their pri a lot penditures (6 Only a minority say they have rec of thought to how to Workers m s ary percent of savers, 3 pe residence (27 percent) and/or certificates of deposit (24 percent). Two in Having Tried to Calculate How Much Money They Will Need to Save pay longer to ma for health 34 35 30 Figure 1 eived 45% rcent of no re expenses not fully k tirement ed e up for inade th nsavers). Moreover, about 64% 48% 30% 29% ucation quate savings covered at the work place. by Medicare , a soluti 1 in 1 on t Just one-third 0 say hat 1 0 of others sponsors of EBRI, EBRI-ERF, or their staffs. Neither EBRI nor EBRI-ERF lobbies or takes Will Americans Ever Become Savers? educate the population about retirement, the 14 annual wave of the Retirement Confidence Survey Workers are who think the 1,002 indi most likely to find he viduals (783 wor y will have the same for emplo lpf ku ers and 219 l educational formats that all standard of livi y retirees) ee benefits r ag ng as e 25 and right before r ow them to as older i esear n the United etirement and 2 in ch k questions, States. Random 10 who t hink Somewhat The Employee Benefit Research Institute (EBRI) was founded in 1978. Its mission is to they would may not work. (30 percent), Workers report ownin workers report receiving retire no while 4 in 1 Thirteen pe t need to Reporting Have Saved or Currently Saving Money for Retire giv g0 fixed or e rcent of workers age 45 and ove have given it up anyvariable annuities (20 per thing (7 percent of a little ment educ thoug ational materi h savers, 13 percent of nons t (40 r sa percent). Fewer have given cent). Three in 10 workers who have saved for y tha als or se t, in the mpast y inars fro avers). ear, the m me an e a l nt y have o m t ployer or work- Correct $25,000–$41993 38% 9,999 19 15 42 11 17 43%11 9 5 12% 5% positions on specific policy proposals. EBRI invites comment on this research. th (RCS) finds that the proportion of Am they will be able to afford Check Out EBRI’ a more comer foicans savi rtable standard of livi ng for retirem s Web Sit ng t ent han that (19 has remained constant, as have percent). Only e! about provide personalized materials, or consi digit dialing was used to obtain a representative cross section of the U.S. popula contribute to st of materials they can hol , to encourage, and to enhanc d.e the developmen Those workers who rece t of sound empl tion. Starting with ived oyee benefit confident 55 45 51 41 41 45 47 47 41 47 45 44 The 14 Retirement Confidence Survey, 2004 (20 percent) or postponedLater the retire related retirement plan pro $50, age at which they plan to a little000 ment or have other savings or inve –$92001 (39,5 999 percent) thou1994 31% vider in the r ght to etire (down from5 6 2 how to9 pst ast 12 m m pay ents repor f 24 percen oonths (34 percent, r lo37 41 ng-t7 10 t saving cash in a safe plac et in 20 rm care in a nursing 03). down from W hile the 200 hom 47 percent in t e at home or in a safe 9 10 12 10 e or 4 RCS he 2003 programs and sound public policy through objective research and education. EBRI is the only other key indicators of how Americans say they are preparing for retirement. The 2004 RCS Not too one-third think their standard of living will decline in the years immediately after retirement (35 per- educational materials or sem the 2001 wave of the RCS, all data are inars from an employer weighted or work-related retirement plan provider in the by 2age, sex, and education to reflect the actual hom did n e he ot ask fo alth care cost deposit bo RCS). Just 55 percent of these workers r reasons why workers decided to s in retire x (31 percent). ment. The percenta1995 32 Have Saved Mone work ge who participat giving thought to each of these issue longer, the 2 y e in a retire 002 and Currently Sav 200 m 3 ent savings plan at work say the RCS documented e Moneys increases y Don’t Many workers say they are willing to cut know $100,000–$2002 38 249,999 back on 21 23 10 10 their spending so t2 hat they can s46 9 19 13 ave more for 10 6 by Ruth Helman, Greenwald & Associates, and Variny Paladino, EBRI/ASEC private, nonprof Established in 1978, the E it, nonpartisan, Washington, DC-b mplo ased organi yee Benefit R zation comesear mitted exclusivel ch y to Who we are confident provides several reasons wh cent). While so 19 17 19 23 19 18 21 18 18 19 17 18 me workers will be able to m y Americans are not saving enoug aintain their preretirement standard of living in t h for retirement, but at the same h time e past year are m proporti ost likely ons in to say the adult theypo used m pulation. aterials th Data for th at ended up i e previous waves of the RCS have also been n their own hands: retirement Source: Employee Benefit Research Institute, American Savings Education Council, and Mathew Greenwald & with age, but that m retirement. ost of those who m received the Al even am most one-quarter say ong those age 55 and ov ma in the past ke this decision d public the1996 29 poli year. Perhaps becau y are very cy r oe so ser bare majorities say the earch for e willing (23 percent) and nearly 4 in and conom edu se cat ic reasons: havin workers who have higher household income or ion on econyo have gi mic sgecuri to ven work lo ty a a lot nd em 10 sa ® of t nge plo y they r to houg yee b are ® ht enefit issues. $250,001994 57% 02003 or more 8 33 45 3 NA 7 10 13 10 11 Not at all www.ebri.or th g Note: The electronic version of this publication was created using version 6.0 of Adobe Acrobat. points to some potential solutions to th years immediately after their retirement, e Am many erican retirem others will find that ent savings problem their standard of living decl . ines. benefit statements (80 percent), followed b weighted to allow for consistent co y broc mphure arisons; c s (63 percent), and newsletters or onsequently, some data in the 20 magazines 04 RCS may differ Institute (EBRI) is the only nonprofit, nonpartisan Associates, Inc., 2004 • This Issue Br Retireief ment Confiden reports on ce Survey the findin . gs from the 14 annual Retirement Confidence Survey (RCS), EBRI’s membership includes a cross-section of pension funds; businesses; trade associations; ® to how to make up for lost savings, somewhat m willing (38 percent). Unfortunately mDon’t anage their m ore1995 58 educatiknow/2004 36 R on are m o wanting to m efused ney soo the re li1997 33 y kely to have a a dke sure o not ou , di they18 tlive their savings and how to ggi cces are financiall ng deeper into s to a reti8 15 24 30 y secure, the increasing eligibility rewhy ment plan a theyNA 47 are not foll pay t work, those with higher income for health owing care 8 8 1 confident 6 17 8 16 15 13 9 10 17 10 16 13 Those having trouble opening the pdf document will need to upgrade their computer to Adobe (53 percent). • This may slightly More than 4 About 7 i with be especially data publishe n in 10 each say the 10 workers true d in previous for those pl report that the y used s anning waves of em yi and/or their spouse have save nars or group m on the RCS. Data p a low incom eetings (43 percent), e-replacement ratio. While j resented in tables in this report d for retirement (68 ob-related per- labor unions; health care providers and insurers; government organizations; and service firms. a comprehensive study of the attitudes and behaviors of American workers and retirees toward Source: Employee Benefit Research Institute, American Savings Education Council, and Mathew Greenwald & expenses. age for Social Security through suggests that they ® or more educ , and a highe ation are are not really mr than expected cost of living. o1998 42 re likely as willing to than those with cut back as they Figure 8 lower inco However, workers who delay their say m the e oy r less educati are. Asked why the on to report receiving y Doing a go1996 60 od job of preparing organization committed to original public policy NA Source: Employee Benefit Research Institute, American Savings Education Council, and Mathew Greenwald & Reader 6.0, which can be downloaded for free at www.adobe.com/products/acrobat/readstep2.html expenses decline or are eliminated in retirement, other expenses remain constant (such as housing individual access to a fina may not cent). This p total to 10 ncial planner (41 percent) 0 due t roportio o n has roundi rem ng an ained statistically d/ , or m and workbooks or worksheets (41 perce issing categories. unchanged since 2001. nt). saving, retirement planning, and long-term financial security. The 2004 RCS interviewed 1,002 Associates, Inc., 2004 Retirement Confidence Survey. retirement are subject to the Associates, Inc., 1993 are not cutting back, the these educati Types of Savings and Investment Vehi -2004 Retir y onal m respond the ement Confid same stresses that aterial1999 48 s. y c ena ce Survey nnot afford lead to an unplan s. tocles Owne cut back, they ned early d by Those Having Some Type of Savin have retirement as other other priorities, or are gs financially1997 66 for retirement NA EBRI’s work advances knowledge and understanding of employee benefits and their ? About EBRI and living expenses and pr research and education on economic security and operty taxes) and may rise (such as leisure and medical expenses). Those Fewer report using online investment advice services (24 percent), other online services (21 percent), Workers may individuals (783 workers and 219 overestimate the likelihood of recei retirees) age 25 and ving certain retirement benefits from their older in the United States and found that key • Workers appear to have expectations about when they will be able to retire and about working workers. Many already saving enough. T of these w1998 59 1993 ho ose who are not willi rkers ma2000 53 y not be able Figure 7 ng t to omake up for their inadequate savings due to cut back respond with t 21 47 NA he same reasons. 18 12 importance to the nation’s economy among policymakers, the news media, and the public. It software program moIn theor re likely s (13 percent), and vi y t , each sam o think their s ple of 1,002 tandard of living will deos or CD yields a statistical -ROMS (12 percent). When as decli precision of plus ne tend to be those who ha or m ked which for inus three percentage ve househol mats d income attitudes and behavior patterns about retirement have barely changed over the past few years. The employer, and this may hel p to make them overconfident about their retirement prospects. Half of EBRI in retirement that do not match the experience of current retirees. More than half expect to does this b emplo y co ynducting ee benefits. and publishing policy research, analysis, and special reports on poor health Bank or thrift or lack of job Many worke Thought Given to Financi accounts, such as checking or savings accounts opport rs who are offered invest unities.2001 44 al Needs in Retirement, by Age ment advice implement only some of the advice. Among the 93% 1999 73 ?2001 Benefit 27 43 NA 16 13 Employee Benefit Research Institute less than $35,000, who do not own a home, who are not married, who have not saved for retirement, they found most helpful, these work points (with 95 percent certainty ers tend to point to those form ) of what the results would ats in which they be if all Am can interact with ericans age 25 and older workers say RCS was first released in 1991 and is unique in they and/or their spouse expect to employee benefits issues; holding educational br receive money its long-term from a defined benefit plan (52 per- ability to track publi iefings for EBRI members, congressional and c attitudes about What we do work to age 65 or beyond (54 percent), and almost 7 in 10 plan to work in retirement (68 per- Stock or b 21 percent of 2000 78 2002 ondworkers who report the mutual funds 2002 38 Figure 12 y are offered e23 49 mployer-provided accesNA s to invest18 10 ment advice 50 EMPLOYEE Retirement Expectations EBRI’s overall goal is to promote soundly con- who do not expect to receive employer-sponsored health insurance, or who do not expect to receive an expert and have their questions answe were surveyed with com federal agen plete ac red. cycuracy st Two in aff, and th . There ar 10 each indic e news e other possible sources of error in all surve media; and sponsoring public opinion survey ate individual access to a s on emplo ys,y ee Fundamentals cent), making them saving and re as likel tirem y to expect to receive these benefits on a househol ent. d basis as retirees cent). Not all will be able to do so, and many retirees who retire earlier than planned often do Workers who have not saved for retirement are often still confident about their retirement All Many worke Reasons Wh Individ for retire rs2001 69 have unrealistic expectati y Workers D u2003 al sto ment purposes, the ck, includin o Not Cut Back Now 2003 43 g stock of an em large ons about majorityploy say how much of the and Have More to Spend in this er 24 45 advice is offered Ages ir preretir61% in person (78 em Ages ent income they Retirement 15 14 percent). Only Ages 41 BENEFIT benefit issues. EBRI’s Education and Research Fund (EBRI-ERF) performs the charitable, financial planner (23 percent), se however, that may money from an em be m ploy mer- io nars re sponsored retirem serious than theoreti or group meetings (20 ent plan. cal cal percent), and retirem culations of sampling error. These include ent benefit “To contribute to, to encourage, and actually are to have received them (50 percent). In ceived emplo addition, m yee benefit programs. EBRI does not ore than one-third of workers report so involuntarily (for instance, for health reasons) and tend to be worse off financially than other Table of Contents will need when they retire. prospects. A Individ 16 percent in lmost half of workers who have not saved for retireme ual bodicate this advice is offered onli nds, includ One in 10 w in2004 42 g U.S. saving orkers think they Workers s bonds n will e and j need less than 50 ust 15 percen 25–4 nt indicate they 4 t say percent of their 45–5 it is are confident 4 offered over the 55+ 37 2002 72 2004 26 47 61 14 12 educational, and scientific functions of the Institute. EBRI-ERF is a tax-exempt organization RESEARCH ? Fellows • Many M Am any workers appear to erican workers have saved some have optimistic expect money for retire ations about ment, but the retirement and retirement income proportion of Americans statements (20 percent) proved m refusals to be interviewed and ot ost helpful. her forms of nonresponse, the effects of question wording and they and/or their spouse expect to receive retiree health insurance (35 percent), compared with 4 in retirees. they will have enough m Source: oney Emplo for retirement (47 per yee Benefit Research Institute, Americ to enhance the development of sound cent). Asked why an Savings , their responses, taken as a Education Council, and Mathew Greenwald How to manage your m preretirement incom Mone Not outlivi telephone. Of the 43 2003 71 y m ea in order to live comfortably rket accounts noney in retirement so g your retirement savings supported b percent who sa y contributions yWorkers Say they in re and g subsequently requested tirement (10 percent), while al rants. i ng They Workers Say62 and received this advice, 9 most 3 in 10 ing The y Are per- 33 lobby or endorse specific approaches. Rather, it pro- INSTITUTE say that might ing they have saved lead them to be money complacen for retirement h t about tas not increased sin heir retirement savin ce 2001. Moreover, 4 in gs needs. 10 ® question order, and screening. While attempts are made to minimize these factors, it is impossible to 10 retirees (41 percent). Employers have been cutting back on the provision of these types of & Associates, In c., 1994-2004 Retirement Confidence Surveys. ? How to Join EBRI whole, suggest they The majority of workers are imp believe the money will com reci e fro se when it comes to projecting t m someplace. One-third say the heir standard of living y will have over you Overview believe they do not outlive ....................................................................................................................... Cash in a safe place at home or safe deposit box cent im will need 50 t2004 68 y plemented all of the 1993 our savings o 70 percent (28 percent). recommendations, 67 Are Willing to Cut Back Another 3 in NA NA percent im 10 thiple nk t m hen58 eNot Willing t yted some of the reco will need 70 t ........................ oNA NA Cut Back o mmen 3 d 31 - • Few workers have estimated how much it takes to fund a comfortable retirement. Slightly employee benefit programs and workers say they are not currently saving for retirement. Many of those with savings cite low quantify the errors that may result from Figure 11 them. EBRI Issue B vides balanced analysis of alternativ riefs are periodicals providing expert evaluaties based on the ons of employee benefit issues and benefits, and the expectation of receiving these benefits should increase with age. Yet younger Source: Employee Benefit Research Institute, American Savings Education Council, and Mathew m Saving for Re 85 percent (2 oney from Real est ations, and 2 the length of t an em 8 percent) and one in tiremploy ent ate ot .......................................................................................................... er ( 4her than h percent im eir retirement. 34 percent), 1 in 10 say y 10 e our plem primary xpect to n When wo ented none of the residence eed th rkers think ab ey will save later (11 percent) or Social Security 85 to 95 recommendations. This corresponds to fin percent of their preretire out planning for retirem ment inco ................. ent, many me m 3 a dy in fg o 27 s rget Can’t afford to cut back/spend less A lot of thou2001 ght 34% 29% NA NA 25% 39% 41% NA NA 58% more than 4 in 10 have attempted to do a retirement needs calculation (42 percent), and some levels of savings and investments. Workers may be mistaken in thinking they can work long past the normal retirement age. ? Media trends, as well as critical analy sound public policy through ses of employee benefit policies and proposals. EBRI Notes is a Retirement Educational Materials Used and Found Most Helpful workers are as likely as older workers to think they will receive them. Workers who expect to Greenwald & Associates, Inc., 1994-2004 Retirement Confidence Surveys. will be enough (9 percent). Other reaso about the effects of inflation. The onl ns cited include having y sources of regular incom other moneye or inpropert retirem yent t , an hat are likely to Have other priorities now Retirement Expectations (11 percent). A little thought Certificates of deposit from Just 8 percent think their i the 2003 RCS, which foun 2002 ........................................................................................................ facts. ncome in d that Through its activities, EBRI is able to fulfill its m retirem o 40 st workers would prefer to have sug ent will n 26 NA NA eed to be about the sam 44 38 19 gestions from e ............... as right NA NA 26 5 a 24 of these workers may have obtained little value from the process. One-third of those who Certainly, workers are plan monthlyning to retire at a la periodical providing cu ter age rrent information on a variety than current retirees actuall of employ y retired. The ee benefit topics. The RCS was co-sponsored by the Employee Benefit Research Institute (EBRI), a private, receive these benefits may be mistakenly counting on t objective research and education.” hem to help them in retirement. These • Some workers Workers with higher h may have expectations about t ousehold incomes or m heir re ore fo tirem rm ent that cannot be achi al education are more likel eved. The y than those with y expect inheritance, faith, support provide protection against inflation are Social Secur from friends and family, willingness to w ity and the t ork, and even the possibilit ype of defined benefit pension plans y of Already Retirement Preparations before retire savinNo Fixed or vari professional and then m thou mg enoug ent and 7 percent expect ght 2003 h/d able annuities ........................................................................................................ on’t need to cut EBRI’s ake their own de Pension Investment Report to need a hig26 30 h cisions (53 pe er income. Many25 22 20 42 provides detailed finan rcent) or to look into investments on their own financial planners suggest cial in22 16 formation on the universe of ................16 17 8 20 atte ? mp Members Only ted the exercise say they do not know or do not remember the result of the calculation Our average nonretired individual today plans to retire at age 65, while the average retiree retired at age mission to advance the public’s, the media’s, and nonprofit, nonpartisan public policy research organization; the American Savings Education Most Council workers are more likely to be confident about their financial prospects in retirement than are those to be able to lower household incom work until they es or less educat reach the age the ion to repo y want to retire, and rt attempting a retire a majority ment savings needs calcula- expect to be able to defined benefit, defined contribution, and 401(k) plans. EBRI Fundamentals of Employee winning t Retirement Confidence that workers plan for a retire he l Other and m frequently ottery. ake their own decisions (21 offered to public .......................................................................................................... ment income of at l -sector e percent). Fa m east 70 percent of their preretire ployees. Few private-sector e r fewer would prefer to use sugge m mploy ent inco er pensions are inflation .............. me stions from . Four 11 a 10 How to pa back y for health expenses not fully 2004 23 40 20 14 (32 percent), while others report results that are out of line with their household income. 62. Almost 4 in 10 workers plan to retire prior to reaching age 65; 16 percent say they will retire (ASEC), a partnership of private- and public-sector Used institutions dedicated to raisi Helpful ng public awareness who do not expect to receive such benefits. For ? Programs Benefit Programs offers a straightforward, b example, 29 percent of those expecting to receive asic explanation of employee benefit programs in Education an tion. Sim d (not sur ilarly, m prisingl arriy ed workers are ) income tend to mobe the re likely ma than those who are not m jor factors in whether workers save arried to have tried to do for work for pa Source: Emplo y in retirem yee Benefit R ent. esearch Institute, Americ policymakers Some will find that ’ kno an Savings ill wledge and understanding of em- health or job loss Site Map Search Education Council ruins these plans. Workers , and Mathew Greenwald & protected and most people do not purchase annuities with inflation protection. Investments can covered by Will save Education as Key in 10 retirees say m Medicare, such Having enou professional and use their reco ore later their curr ............................................................................................................... gh m ent incom as deductibles oney to t e i ake care of s about th mmendati e same as their prer ons most of 4 the time (16 percent) or have a professional etirement income (39 percent), .................. 2 14 publications before age 60 and 21 percent plan to retire between the ages of 60 and 64. One-fourth of workers • Some Americans may be falsely confident about the adequacy of their retirement planning and Retirement benefit st of what is needed to ensure atements 80% the private and p long-term ublic sectors. personaE l financial independenc BRI Databook on Employee Ben e and part of t efits 20% is a stat he EBRI istical reference benefits froAssociates, Inc., 2004 m a defined benefit plan are Retirement Confiden very confident of havin ce Survey. g enough money for a comfortable retirement. Moreover, married workers are also tend to e one. xpect their financial standard of liv more likely than those ing in retirem who are not ent to be at least as good as bef married, and those ore 13 percent say their current incom manage their provide a cush invest ion against inflation and c ments f e is hi or them gher, and al (7 percent). most half say an also help to defray costs that increase it is lower (45 percent). (Re in retire tirees ment (such and prescription drugs Haven’t thought about Reasons for Opti medical expe mism it/don’t know enough and Pessi nses mism............................................................................................. 3 0 ...15 say they? will Publications retire at age 6 plo 5 (26 yee benefits and their impor percent), and more than 2 in 10 i tance to our nation ntend to retire at age 66 or e ’s ven volume on employee benefit programs and work force related issues. savings. One-quarter of all workers are very confident of having enough money for a Education and Research Fund; and Mathew Greenwald & Associates, Inc., a Washington, DC-based Brochures 63 6 who have attem retirement, comp pt ared with 18 percent of ed a retirement savings needs calcula those who do not expect to receive such tion are more apt than those benefits. Likewise, who have not, to retire ment and to remain at least at that level throughout the length of their retirement. For some, as medical costs), but some people may lack the financial knowledge to manage their investments RCS Methodology were not asked to account f Confidence in other financial aspects of ................................................................................................................ or inflation.) retirement may also bolster feelings about the adeq ............... uacy 17 Don’t want t A lot of th o/ enjo ou y1993 ight ng my money now/not 30 21 33 2 9 20 37 23 20 54 later (22 percent). comfortable retirement (24 percent) and more than 4 in 10 are somewhat confident (44 per- Newsletters/ market remagazine sears 53 ch firm. 7 33 percent of those who think they will economy receive retir . ee health insurance are very confident, compared have saved. this is unlikely, due to increasing The results reported by those who say they have medical costs, declitried ning savings, to do a calculation suggest and inflation. that a of retirement effectively planni ? ng and so that the m What's New savings.oney Workers are lasts their lifeti most likely me. to Yet be 6 in 10 worke very confident about havi rs do not expect their stan ng dard of focused on the future A little thought People are most likely to use invest 2001 Contact EBRI Publications, (2 ment 40 advice when it is provided 02) 659-0670; 20 38 40 fax publication in person. 41 orders to Workers who do 22 19 (2036 2) 775-6312. cent). Almost half of workers who have not saved for retirement are at least somewhat Only a minority of workers take advantage of a tax-qualified retirement savings plans outside of Seminars or group m eetings 43 20 with 19 percent of those who do not think they will receive insurance. substantial proportion have Subscriptions to obtained littl EBRI Issue Bri e value from the process. efs are included as part of Consistent with previo EBRI membership, or as part of us years, a enough money to pa not have access to professional investm living to decli y for b ne during retirem asic expenses dur ent, including ing retirement. Alm Figure 4 ent advice through t 37 percent who expec ost 4 in heir em 10 are ploy t the standard of living the very er say confident they are most likely y will to Other 2 No thought 2002 30 39 20 45 22 10 3 21 14 Since its inception, EBRI’s membership has Figure 3 • Some workers may be counting on employer-provided retirement benefits that they might never confident about having enough money for retirement (47 percent), expecting that money for work to save for retire The 2004 RCS data collection was fund ment. Forty-two percent of workers (61 percent of those ed by grants from 20 public and private organizations, who have saved for Individual access to a financial planner $199 annual subscription to EBRI Notes 41 and EBRI Issue Briefs. Individual 23 copies are available Although some workers report having savings in addition to retirement savings, the total savings 32 percent of workers say they do not know or do not remember the result of the savings need (36 percent), be able to afford to sta while another 47 percent are y the same and 22 percent somewhat confident. who think their s One-quarter are tandard of very confident living will become they more take advantage of such advi Percentage of Prereti ce if it is available in rement Income Needed in R person rather than etirement online or over the telephone. How to pa Don’t know/r y for long-term efused 2003 care in a nursing 10 18 40 5 22 19 Planned and Actual Retirement Age Figures receive. Workers are a retirement will come fro s likely to expect m somewhere. to receive benefits from a defined benefit plan pension retirement) report the with prepa y currently have an yment for $25 each (fo IRA or r printed cop some other tax-qual ies) or for $7.50 (as an e-m ified savings plan outside ailed electronic file of ) Workbooks o with staff time donated b r worksheets ygr EBRI, ASEC, and Green own to represent a cr wald. RCS materials 41 oss section of pension funds; may b 5 e accessed at the O Norders/ w it’s easier than ever to find exactly what you’re looking for with our Many workers expect to work for pay in retirement. Two-thirds of workers say they plan to work and investments of many A calculation. (Just 3 percent report the merican workers are low. y could Half of A not do the calculation.) Other results reported by merican workers say they have other are doing a g Source: Emplo co y ood j ee B mfortable as they eob prepa nefit Research Institute, Americ ring financial age. Likely m ly for their ret an Savings aking a Education Council im rem ore realistic assessment, another 4 i ent, and 47 percent are , and Mathew Gsomewhat reenwald & n 10 think it will hom e or home health care Almost 3 in 10 say2004 costs not covered they are very likely to use in-person investm 21 40 ent advice (28 percent), and 4 i21 17 n 10 by calling EBRI or from www.ebri.org. Change of Address: EBRI, 2121 K Street, NW, Suite and retiree medical insurance as current retirees are to have actually received them. At the same work. This percentage is strongly related to household income and age, increasing as household Online investment advice ASEC and EBRI Web sites: www.asec.org or www.ebri.org/rcs 24 6 Associates, Inc., 2004 savings or in in retirement • vestm (68 percent). Retire Retire ents set aside in addit m ment Confiden ent e Reasons for worki ducation formats that allo ce Survey ion to wh . ng iat t nclu hd ey e various motivations: w people may have i to participate, ask n retirement savings (51 keeping health questions, and/or are per- respondents may also raise some doubts about the results of the savings needs calculations extensive search engine and site map. Just type in the key words confident. Twenty Workers are beco somewhat me-three percent are less c likely omfortable a to use it (40 percent). Fewer are l businesses; trade associations; labor unions; health car ver s the y confident and 40 percent are y age (38 percent). Again, lower income workers ikely to take somewha advantage of t confident that they Retirees investm and nonsavers are e nt advice if e Figure 1, W by Medicare Having enou orkers Reporting Have Saved or gh money 600, Washingto to pay for lo Currentl n, DC 20037, (202) 659-0670; ng- y Saving M oney for Retirement fax number, (202) 775-6 ...................... 312; e-mail: 4 Workers Retirees time, employers are cutting back on the provision of these benefits, making it less likely that future income or age increas e. Other online subscriptions services 21 2 insurance or other benefits (43 percent), personalized appear to be effective in changi wanting money to mang retire ke ends meet (36 percent), wanting ment savings behavior. The RCS finds cent). However, the median assets of American families are low. The 2001 Survey of Consumer performed by workers. Sixteen percent say they need to save less than $250,000, about 1 in 10 each will not outli mve their retirement savings. Workers ore likely to think their s Publications Subscr tandard of living will decli iptions@ebr are least likely i.org. Membe n te over tim o express confidence about having rship Information: e. Inquiries regarding EBRI it is provided online (19 percent very(Income Ne , 25 percent esomewhat ded in ) or by te (Current Income) lephone (12 percent very, Figure 2, T A lot of th o term tal Savings and Investm care ought ents, by Age (Not 20 Including Value of Prim 14 ary Residence) 23 ........ 40 5 and let us do the work for you. Ages 54 or younger 5% 9% retirees will receive them. pr In some cases, worker oviders and insur s who do receive these ty ers; government organizations; and 3 pes of benefits will find Software program s 13 1 money to buy extras (36 percent), and helping su that paper-based information (benefit st membership and/or contributions to EBRI-ERF pport children or ot atements, brochures, newsl her relatives (21 percent), as should be directed to EBRI President/ASEC etters) and group or Finances found that m figure theye ne dian assets of all ed to save between $250,0 American families ar 00 and $49 e only $136,010. 9,999 (7 percent) and between $5 If the value of the 00,000 and enough money for m edical and long-term care expenses in retirement. Two in 10 are very confident Figure 3, Pla A little thought 21 percent nned and Act1993 somewhat ual Retirement Age ). .................................................................................... Retirement) 35 NA NA 33 41 NA NA 34 . 5 Ages 55–59 11 17 that they are not as rich as those received by retirees in the past. Chairman Dallas 2004 Retirem Salisbur ent Confidence Survey y at the above address, (202) 659-0670; Underwriters e-mail: salisbur y@ebri.org Videos or CD-ROMS 12 <0.5 primary well as enjoy Almost half of Americans f home was work and wanting t indivi excluded, the m dual meel the gover eetings with fi o sta edia y i nnvolved value nment or nancial plann of fa (64 mily the percent) and try employer sho assets is ers are f only ar m iu ng a differe o ld shou $47,000. The RCS has re likely lder more of the burden to be nt career (16 per- used than any computer- $999,999 (10 percent), and 2 in service firms, including actuarial firms, emplo 10 say they need to save $1,000,000 or more (22 percent). yee While (21 percent) and 4 i n 10 are somewhat confident (40 percent) about having enough money to pay for Lower (don Figure 4, PerNo ’t thou centage of Preretiremen know percentage) ght 2001 t Income Needed in Retirement 44 53 NA 15 29 ................................................. 35 27 7% 26 28 6 Ages 60–61 9 6 Most workers continue to be unaware of the phased increase in the age at which they can receive None of these NA 8 for retirement security rath cent). However, onl based or Internet resources. y 3 in 10 workers d er than themselves. o not i Doing a retire d When asked who should entify a financial ment s motive as one o avings needs calc be asked to pa f their reasons for ulation appea y for a greater rs to be a similar findings, with 45 percent of all workers reporting total household assets, excluding the value these amounts tend to increase with household income, 7 percent of those with household income of medical expe Source: And, y • Emplo Few workers Retirement Confidence you can order man nses, while 16 percent are ee Benefit Rappear to have an idea of how m esearch Institute, Americ y of our publications online — wit very an Savings confident and 35 percent are Education Council uch it takes to live comfortably , and Mathew G somewhat reenwald confide h deliv in & re ntirement. Onl t about ery within y Less than 50% Figure 5, Knowledge of E2002 ligibility Age for Unreduced Social Security 10% 13 36 Retirement Benefits, 13 28 22 Editorial Board: Dallas L. Salisbury, publisher; Steve Blakely, editor. Any views expressed in this publication and those of the authors should benefit consulting firms, law firms, accounting firms, Ages 62–64 12 29 Social Security retirement benefits without a reduction for early retirement, despite the importance Source: Employee Benefit Research Institute, American Savings Education Council, and Mathew Greenwald & AARP Milliman USA, Inc. Associates, Inc., 2004 working in retire share of financial security m particularly Retire ent (29 percent). Just one-thi ment Confiden in retirem effective actio ce Survey ent than th n to increasing savings . ey rd dof retirees r o now, 3 in e10 s port having actually worked for pay . More than 4 in ay the government should 10 workers who attem be pted to of their hom $75,000 e, of less than or more expect to need less than $250,000, $25,000. One in 10 each report total savings and i while 12 percent of those nvestments of $25,000 with less than $35,000 having en not be ascribed to the officers, oug about 4 i h for lo n 1 ng-ter 0 have taken steps to calculate how m m trust care. ees, members, or other sponsors of the E uch mthey need to s ployee Benefit Research ave by the ti Institute, the EBRI Educ me they retire in ation and 50%by–70% Age 28 Group ................................................................................................................... 2003 14 34 15 .............26 24 8 Associates, Inc., 2004 Age 65 Retirement Confiden 48 hours! It’ ce Survey. s as easy as clicking a butt 26 on! 15 of Social Security to retire Reasons for Optimism an ment income security. d Pessimism More than half of workers believe they will be Center for Retirement Research at Morningstar, Inc. Research Fund, or their staffs. Nothing herein is to be co and investment management firms. nstrued as an attempt to aid or hinder the adoption of any pending legislation, regulation, to $4 at so asked to pa m 9,99 e time 9 (1 y for a greater s 1 percent), $5 during do a needs calculation say their re h 0,00 tirement (32 are (30 percent) and 2 0 to $99, percent). 999 (9 they m percent), $10 Althoug in ade 10 say the employ changes in h work f 0,000 t their retire o or pa $2er shou 49,9 y du99 ( m ring ent planning as a result (43 per- ld be asked to pay 10 percent), and retirement is rising, for say they will need $1,000,000 or more. order live comfortably in retirement, and one-thir d of those say they don’t know or can’t remember 70% Figure 6, W–85% 28 orkers Having Tried to Calculate How Much Mone Many workers have at least some confiden 2004 ce about their finances in retirement and t 16 35 y They Will Need to Save7 ...............26 22 hat 9 Age 66 or older 22 13 or interpretative rule, or as legal, accounting, actuarial, or other such professional advice. eligible for unreduced benefits sooner than they actually will (54 percent). One-third incorrectly Boston College Procter & Gamble it is unlikel a greater share (21 percent). Just 7 percent indi y that all of the cent), and of these, 57 percent started sa workers who would lik cate th e to e individ work in retirement will be able to do so. ving m ual should ore for retire paym a g ent. reater share. $250 ,000 or more (8 percent). (Eighteen percent say they do not know or refuse to provide the the result of the calculation. Source: Employee Benefit Research Institute, American Savings Education Council, and Mathew Greenwald & 85% Figure 7, T–95% 11 h confidence may prevent them from maki ought Given to Financial Needs in Retirement, by Age ng changes to their retire ................................................. ment plans.3 10 Today, EBRI is recognized as one of the most Never retire/Did not expect to retire 6 3 think they will be eligible for unreduced benefits at age 65 (32 percent of all workers), but 2 in 10 EBRI Issue Brief is registered in the U.S. Patent and Trademark Office. ISSN: 0887 -137X/90 0887 -137X/90 $ .50+.50 When people save, they mo Fidelity Investme st nts often save for retirement. Retirement is Nationwide Financial most often cited as people’s Am Many ong those m will find them ore likely selves to unable say the go to work for health reasons. vernment or employer should be asked to pay more are those amount of the Associates, Inc., 1993 iMost of those who have done a retireme r total assets.) In general, -2004 Retirement Confid older workers are ence Survey nt savings mso . re likely to report calculation are hi confiden gher am t they can reach their ounts of EBRI Members — check out the special password-protected area where you Figure 8, T 95%–105%y ( paes of Savings and Investment Vehicles bout the same) Owned by Th 8 ose Having Some Ty 39 pe Source: Employee Benefit Research Institute, American Savings Education Council, and Mathew Greenwald & Doing a retirement savings calculation changes savings behavior. More than 4 in 10 workers think they will be eligible even before age 65 (21 percent). Only 19 percent are able to give the • Al m m oo st im st half of workers who have not portant savings go Financial Engauthoritativ ines, Inc. al. Almost half of saved for re e and objectiv workers with savings either report having tirement feel at l e resources in the world on east so Principal Fin me confidence about their ancial Group only asset with lower household income, those who have less The majority of workers w s. Howe ver, those age 45 to 54 and ho participate in a those ag work-place retir e 55 education, those and over are statistically emen who are not t savings plan say they have equally likely married, those who to goal, possibly engendering an unfounded sense of safety among those workers who have Associates, Inc., 2004 Retirement Confidence Survey. 105% of Savings… or more (higher) While only a …………… small proport …………… ion of American ……………………… 7 workers are very confident they will have a ………………………… 13 ………..11 Saving for Retirement who attem ha pted to do a retirem ve access to hundreds of EBRI publications and researc ent savings calculation report that they made changes to their h online! Did you read this as a pass-along? Stay ahead of employee benefit issues with your own subscription to EBRI correct age at which they will be eligible for full retirement benefits, and 5 percent believe they will abilit retire y to ment sa have a co Hewitt Associates LLC vings or cite retire mfortable retirement. Som ment as their m e of ost i these workers ex mportant goal (48 percent). Far fewer Prudential Fi pect an emplnancial, Inc. oyer to fund t say h their eir not changed the percentage of sa have not saved for retirement, and t lary saved in the past year. hose who are not confident about Social Security. As in previous years, more than 8 in 10 report each as miscalculated their goal set category. As one m or ight suspect the steps they must take to reach it. , total savings and investm Alm ents increas ost 4 in 10 e sharpl are ve y ry confident employee benefit issues—health care, pensions, and Don’t know/ Figure 9, Wcomfortable retirement, close to half a oR rker Confiden efused ce in Having Enough Mo re n somewhat confident they ey t7 o Live Comfortably T will have one. hroughout T 2 h One-quarter of eir Issue Brief for only $49/year electronically e-mailed to you or $99/year printed and mailed. For more information retirement planning as a result of doing the calculation (43 percent, down from 51 percent in 2000). be eligible later than they actually will be. Two in 10 workers say they do not know when they will retirement. Others are planning to save later, to rely on Social Security, to obtain support from most important savings go J.P. Morgan Chase & al is to live com Co. fortably or enjoy life (10 percent) or Putnam Investm their children’ ents s or employed workers report participating in a work-place retirement savings plan, such as a 401(k), with househo (37 percent) and anot ld income. her 4 in 10 are somewhat confident (42 percent) they can reach their savings Source: Emplo about subscri yee Benef ptions, visit our it Research Institute, Americ Web site at an Savings www.ebri.or Education Council g or complete the for , and Mathew G m below and r reenwald eturn it to EBRI. & Retirement Years workers are ............................................................................................................... very confident they will have enough money to live comfortably through their retirem .......... 12 ent Retirement Preparations Fifty-seven percent of these workers say How are American worker the s doing when y started saving m it comes to sa ore for retire ving for retirement? While a majority say ment. Smaller economic security. be eligible to receive full benefits from Social Security (21 percent). These percentages are fam grandchildren’ ily or frie Mellon Hum nds, to work i s education (10 percent). an Resources n retirement, or & Just to m 5 percent say anage throug their h som goal is a hom e other arrangement. The Segal Com e purchase or pany 403(b), or 457 plan (82 per Associates, Inc., 2004 The percenta Retirement Confiden cent). Of these, onl ges that are ce Survey very confident about havi . y 27 percent report having increased the percentage of ng enough money for a comfortable retirement goal by the time they retire. Just 1 in 10 each are not too (10 percent) or not at all (11 percent) EBRI Periodicals subscribers also have a password that allows them to The average age at retirement is increasing, and many workers may work until their planned Figure 10, W years (24 orker Confide percent) and m nce in Financial Aspects of Retirement ore than 4 in 10 are somewhat confident (4 .................................................. 4 percent). Unfortunatel 13 y, even percentages i Namthey have saved some money, many e ndicate they changed the allocation have saved only a small amou of their money (19 percent), research nt. ed other statistically unchanged from when the question was first asked in 2000. Workers age 55 and over renovation and smaller percentag Investor Solutions es cite other savings goals. State Farm Insurance Companies their salary that they contribute to their plan in the past year. Five percent have decreased their and about each of the fi confident. Confidence is related to hous nancial aspects of retiremen ehold incom t increase as household income rises. Savers are e, increasing as household income increases. retirement age. However, the RCS has consistently found that approximately 4 in 10 retirees leave Figure 11, Retirem someone just ent Educational Material somewhat confident m s Used and Found Mos ay have enough confidence to t Helpful................................... keep from feeling to 14 o • Retirement education can lead to changes in savings behavior of a significant proportion of 2 EBRI Issue Briefs and/or Notes! savings methods (13 Few workers OrganizA majority of ation have a good i percent), or access all online worker dea of how much it ta ms repo ade other changes (10 percent). rt they have s kes to fund aved money for retire a comfortable retirement or give ment, but fewer say they are are more likely than younger workers to respond correctly. The addition of the phrase “and/or your spouse” to the question wording for married respondents starting in MetLife TIAA-CREF contribution. The percentage of preretirem When these workers are a ent income that work sked why theers think t y do not contribute, m hey will need is related to hous ore than 4 in 10 say the ehold y also more likely than nonsavers to be very confident. the work force earlier than planned (37 percent in 2004). Many retirees who retired early cite Figure 12,workers. More than 4 in Reasons Why uncomfortable Workers Do Not Cut Back about their r 10 workers who trie etirement finances and, Now and Have More to S d to do a therefore, fro savings needs calculation report changi m taking action pend in Retirem to im entprove them . 16 ng . currently saving and these proportions have not increased in recent years. Roughly 7 in 10 workers thought to key retirement i Address ssues. Even those who save may not be taking advantage of availa ble 1999 is responsible for approximately four to five percentage points of the increase between 1998 and 1999. By their own admission, American work MFS Investment Management ers can do better. More than 7 in The Vanguard Group 10 of workers who save cannot afford to or t income. Those with less t hey neh ed the m an $35,000 in household income are oney for current obligations (42 percent). Other reasons ci more likely than those with higher ted for 3 Fewer than 2 in 10 workers are negative reasons for leaving the work force before not too confident ab they expected, in out having enough m cluding oney health prob to live com lems or fortably in their retirement planning as a result. Similarly, almost 3 in 10 of those who received retirement vehicles to sa Educational ve for retir material received through ement. an employer is slightly less effective in increasing savings EBRI estim ates from the 2001 Su rvey of Consu mer Finances. This includes all family financial and City/State/ZIP for retiremVisit EBRI on-line t ent say they could save an additional $2 oday 0 a : www week for retir .ebri.or ement (72 percent), and m g ore not contri household inc buting inclu ome to think de not being eligi their income b i le n (19 per retiremcent), investing els ent will need to equal their pre ewhere (10 percent), just not retirement income 4 1 disability (35 percent) or changes at their company, such as downsizing or closure (28 percent). The retirement (18 percent) and 13 percent are not at all confident. Confidence about having enough education through the work place changed their retirement planning. no and is as likel nfinancial as I Th n y to result in set the e add s, i RCS, ncl itio ud n of th retiree ing a change i the ph ei refers to indi r pri rase “an mary n allocation resi d/o viduals r dence your b spou who are as i ut en se” t xcl an i uretired or d oi th n ng t crease in savings. e qu he estio vwh aluo a n e o wo rfe a defi rd ging e ne 6 5 d fo Alm o be r m r nefi ol o ader rried st 3 in 10 of t an pensi respo d n oo n tn em pl dans en pl ts starting oy ed full in Mail to: EBRI, 2121 K Street, NW, Suite 600, Washington, DC 20037 or Fax to: (202) 775-6312 than half of those who do not save indicate they could save $20 a week for retirement (54 percent). having done it yet (8 percent), and changing jobs or r Employee B etiring soon ( enefit Resear 7 percent). ch Institute consequences of an unplanned early retirement can be dire. Retirees who retire earlier than planned money to live comfortably in retirement has remained fairly constant over the past few years. and Social Sec 1 ti999 m ue rity. . is Worker responsib refers le fo to r app all ir nox divi im dautal ely 4 s wh to o a 5 p re n ero cen t de tag fine e p d a oin st ret s oifr t ees, he in recr gar ease b dless etof w em een 199 ploym 8 and ent st 19 at99 us. . 2121 K Street, NW
Suite 600
Washington, DC
20037 16 10 12 14 8 4 6 2 15 17 13 11 7 5 9 3 EBRI EBRI EBRI EBRI EBRI EBRI EBRI EBRI Iss Iss Iss Iss Iss Iss Iss Issu u u u u u u ue B e B e B e B e B e B e B e B EBRI EBRI EBRI EBRI EBRI EBRI EBRI EBRI r r r r r r r rief No. ief No. ief No. ief No. ief No. ief No. ief No. ief No. © 2004, Emplo Iss Iss Iss Iss Iss Iss Iss Issu u u u u u u u 268 268 268 268 268 268 268 268 e B e B e B e B e B e B e B e BEBRI r r r r r r r r • • • • • • • •ief No. ief No. ief No. ief No. ief No. ief No. ief No. ief No. Ap Ap Ap Ap Ap Ap Ap April 200 ril 200 ril 200 ril 200 ril 200 ril 200 ril 200 ril 200 Iss yee B 268 268 268 268 268 268 268 268 ue B 4 4 4 4 4 4 4 4 enefit • • • • • • • •r • • • • • • • • Ap Ap Ap Ap Ap Ap Ap Ap ief No. www.eb www.eb www.eb www.eb www.eb www.eb www.eb www.eb Research Institute ril 200 ril 200 ril 200 ril 200 ril 200 ril 200 ril 200 ril 200 268 ri.o ri.o ri.o ri.o ri.o ri.o ri.o ri.o 4 4 4 4 4 4 4 4 • • • • • • • • • rg rg rg rg rg rg rg rg Ap www.eb www.eb www.eb www.eb www.eb www.eb www.eb www.eb ril 200 -Educ ri.o ri.o ri.o ri.o ri.o ri.o ri.o ri.o 4 • rg rg rg rg rg rg rg rg ation and Re © 2004 EBRI sear •c h www.eb Fund. All ri.org rights re served. phone (202) 659-0670
Fax (202) 775-6312 EBRI Notes • October 2003 EBRI Notes • December 2003 15 15 www.ebri.org The premier organization

Volume 268

Pages 20

EBRI Issue Brief

Ruth Helman

Variny Paladino

Retirement