More than three-quarter of Americans who contribute to an employer-sponsored retirement plan receive matching contributions from their company, new research shows.
TIAA-CREF releases this finding in a new survey of conducted on behalf of TIAA-CREF by an independent research firm. The survey polled a random sample of more than 1,000 adults nationwide on their retirement plans.
The research shows that 78 percent of the survey respondents, all participants in their companies’ defined contribution plans, receive matching contributions. And 77 percent of those who have matching contributions save enough to receive the full employer match.
However, only 72 percent of women contribute enough to receive the full employer match, compared with 82 percent of men, the report states. And only 64 percent of those earning less than $35,000 a year receive the full match.
What Your Peers Are Reading
“These survey results show that some groups of people in particular aren’t maximizing the full value of their retirement plan,” says Teresa Hassara, executive vice president of TIAA-CREF’s Institutional Business. “When employees don’t get the full match that their employers offer, they are essentially walking away from free money.”
The survey finds that employees would welcome more information from their employers on making the most of their retirement plan match.