An overwhelming majority of retirement savers believe they are on track to retire comfortably, according to a new national poll conducted by Kiplinger in partnership with money management firm Empower. Some 40% of savers are very confident that they’re on track for a comfortable retirement, and 44% are somewhat confident. The poll, conducted in November, surveyed individuals with at least $50,000 in retirement savings.
Most survey participants are saving diligently. Nearly 60% are stashing 10% or more of their income toward retirement, and about 30% of respondents are saving at least 15% of income. And 14% are supersavers, putting aside 20% or more of their income toward retirement. The vast majority (81%) say they have a workplace retirement plan, such as a 401(k), 403(b), 457, SEP IRA or solo 401(k). In addition, more than one-third (35%) have a traditional IRA, and 25% own a Roth IRA.
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How confident are you that you will have enough savings to retire comfortably?
How much of your annual income are you currently saving for retirement?
Does your employer offer a matching contribution to your workplace retirement plan?
If your employer offers a matching contribution for your workplace retirement plan, do you contribute enough to get the full amount?*
Does your employer offer a Roth 401(k) or another Roth option in its retirement plan?
Are you currently contributing to a Roth option in your workplace retirement plan?
If given the option to invest in cryptocurrency in your workplace retirement plan, how likely would you be to do so?*
If given the option to invest in a fund with an ESG (environmental, social and governance) focus in your workplace retirement plan, how likely would you be to do so?
Which of the following situations are likely to affect your expected retirement date?
What changes have you made in anticipation that today’s low tax rates are set to expire by the end of 2025 or sooner?†
Do you think that climate change will affect where you choose to live in retirement?
Disclaimer
Methodology
Disclaimer
The survey included 997 respondents ages 25 to 75 with at least $50,000 in retirement savings. We excluded those who were partially or fully retired. Respondents were equally split between males and females. The median age was 43. Median household income before taxes in 2021 was $95,105. Median retirement savings was $122,725, and median household net worth, excluding primary residence, was $232,854. The poll was conducted November 9 to 16, 2021. The margin of error is +/- 3.1%.
Disclaimer
*Figures do not add up to 100% due to rounding.
Disclaimer
†Respondents were asked to select all that apply.
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