Among other key findings available on the EBRI website at www.ebri.org :
- Workers open to automatic enrollment. Among those not participating in a retirement plan, 88 percent of those responding would continue to contribute if automatically enrolled at a three percent deferral rate and 83 percent would continue to contribute if enrolled at six percent.
- Tax incentives matter. Nearly half (45 percent) of workers would stop or reduce the amount they contribute to their employer-sponsored plan if they could no longer do so on a pre-tax basis. Lower income workers ($35,000 or less) would be much more likely to stop contributing if the tax incentive was removed.
- Savings preparations decline despite growing concerns. The percentage of workers reporting they or their spouses had saved for retirement had increased briefly in 2009 to 75 percent but has slowly declined and now stands at 66 percent.
- Many still guess at savings needs. Forty-five percent of workers guess at how much they need to accumulate for retirement rather doing a systematic calculation.
- Low overall savings. More than half of workers report less than $25,000 in total household savings and investments, excluding the value of the primary home or any defined benefit plans.