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Retirement Savers Save

LIMRA Secure Retirement Institute looked at workers ages 20 to 59 with incomes of $50,000 and up; they found that over 70% are saving for retirement at work, outside of work or both.

Clearly, for this group, saving for retirement isn’t a one-purpose-only practice. The research reported that the other most popular reasons for saving included emergency funds, taxes, education and vacations. The study reported that one in five workers indicated they do not contribute to their employer’s defined contribution plan because of other priorities. Here is how their savings priorities differ:

 Savings For:  Retirement Savers  Retirement-Savers
 Emergency Fund  39%  20%
 Vacation/Travel  25%  15%
 Taxes  23%  14%
 Education  22%  13%

 

 

 

 

 

 

 

 

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