US Workers Feel Responsible for RetirementBy Andrew Rickard | July 30 2014 02:29PM
A survey conducted by the Life Insurance Marketing and Research Association (LIMRA) reveals that 78% of workers in the United States feel they have a personal responsibility to save for their retirement. For those who are members of a defined contribution (DC) pension plan, this number increases to 84%.
The results of the survey, conducted in April 2014, also show that 77% of working Americans believe everyone should have access to retirement savings plans through their employers and 60% believe that those who save in a DC retirement plan are likely to achieve a secure retirement.
While 85% of respondents believe DC plans are an effective way to save for retirement, only 30% of DC plan participants think their DC pension will be their primary source of retirement income. Younger workers, however, are more likely to rely on their DC plan, with nearly 4 in 10 participants under the age of 45 indicating that DC plan savings will be their main source of retirement income.
"Our research shows that defined contribution plans provide workers the ability to take responsibility for their retirement security," comments Alison Salka, senior vice president and director at LIMRA Research. "The data suggests that workers who participate are afforded the confidence that they will achieve their chosen retirement lifestyle."