WASHINGTON, D.C. — About six in 10 Americans report that they have money invested in a retirement savings plan such as a 401(k), 403(b) or individual retirement account (IRA), either alone or jointly with a spouse.
Ownership varies most by household income, followed by education and age.
- Eighty-three percent of adults with at least $100,000 in annual household income have a retirement savings plan, 55 percentage points higher than the rate among those in households earning less than $50,000 (28%).
- Similarly, 81% of college graduates versus 39% of adults with no college education have a retirement savings plan.
- The rate jumps from 39% among adults aged 18 to 29 to 63% among those aged 30 to 49 and 70% among those aged 50 to 64. It remains high, at 62%, for those aged 65 and older.
There is also a sizable gap by race/ethnicity, with 68% of non-Hispanic White adults having a retirement savings plan versus 42% of people of color. There is little difference by gender.
Having a retirement savings plan and owning stock generally go hand in hand, reflecting that most retirement accounts invest in stocks or stock mutual funds. Eighty-nine percent of adults who have money invested in a retirement savings plan also say they have money invested in the stock market. Similarly, 86% of adults who own stock have a retirement plan.
Savings Plan Owners Only Modestly More Confident About Retirement Income
The higher plan ownership rates seen among high-income adults than among low-income adults are reflected in the 78% of plan owners versus 50% of non-owners who say they have enough money to live comfortably today.
Nevertheless, there is a relatively modest difference between the two retirement plan groups in their belief that they will have enough money to live comfortably in retirement. Half of nonretirees with a retirement savings plan (50%) expect to live comfortably in retirement, compared with 31% among those without a plan.
One piece of solace for both groups is that large majorities of currently retired adults report that they have enough money to live comfortably, including 94% of those with a retirement savings plan and 70% of those without one. Retirees’ elevated satisfaction may largely reflect the positive impact that Social Security income has on seniors’ financial wellbeing.
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