Close to half of workers have retirement savings outside of their current employers, according to a new report.
Towers Watson discloses this finding in an analysis of a 2010 Survey of Consumer Finances. Conducted by the Federal Reserve Board, the triennial survey gathers detailed information about the income, savings, benefits, investments and demographic characteristics of a 30- to 60-year olds currently working for companies with more than 100 employees.
Towers Watson estimates that about 45 percent of workers have retirement savings outside of retirement plans established by their employers. On average, such savings account for more than half (55 percent) of the workers’ nest eggs.
Retirement savings varied widely among workers in 2010. The median accumulation was $79,300 and the average $187,100, with a significant number of workers having minimal savings (4,000 and $21,000, respectively, for those in the 5th percentile and 25th percentile).
At the other end of the wealth spectrum, retirement savings were substantial: Those in the 75th percentile and 95th percentile had $231,000 and $733,100 accrued, respectively.