More than three in four workers continue to fund an employer-sponsored retirement plan, according to a new report.
Transamerica Center for Retirement Studies, Los Angeles, disclosed this finding in its 13th Annual Transamerica Retirement Survey. The online survey polled a nationally representative sample of 3,609 full- and part-time workers ages 18 or older using a Harris online panel.
Despite the Great Recession, the report says, workers remain committed to saving for retirement in company-sponsored 401(k) plans and similar arrangements. The participation rate in employee-funded retirement savings plans is 77%, down marginally from the 2011 rate of 78%, but on part with rates in 2007, 2009 and 2010.
The median percentage of salary being saved among employee-participants is 7% in 2012, the survey notes. This is up slightly from 2011 and 2010), but down from the 2007 rate of 8%.
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Relative to the start of recession beginning in 2008, however, worker confidence in their retirement outlook has declined. More than 6 in 10 (64%) are less confident. And 42% of workers expect to work longer and retire at an older agent.