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Diversity + Equity + Inclusion

How retirement anxiety is a DEI issue

December 20, 2023

Diversity + Equity + Inclusion

How retirement anxiety is a DEI issue

December 20, 2023

Photo by Kahar Erbol on Unsplash

As 2023’s undertones of financial stress linger, “retirement anxiety” remains at the forefront. Per the Transamerica Center for Retirement Studies, workers who are making $100,000 or more tend to agree more that they have a comfortable nest egg for retirement, compared to those who are making $50,000 to $99,000, or less. (Worth noting is that $1.27 million was a magic retirement fund number determined in a different 2023 study about financial well-being.)  

In the study, income was a key factor in retirement comfortability, but so was 401(k) access. For example, about 60% of workers in that lower salary range ($50,000 or less) have the opportunity to contribute to an employer-manager 401(k) fund or a similar plan — and only 59% of those workers have taken up their employer on their offer.

The rate of access to a 401(k) plan and participation in it ticks up as the household income range increases. Nearly 3 in 4 of those making $50,000 to $99,999 have access to an employer-offered plan, with 76% participating. Likewise, almost 85% of workers making $100,000 to $199,999 have access to an employer-offered retirement plan, with a similar rate of participation.

Beyond income range and job role seniority status, all kinds of aspects of one’s cultural background affect their retirement fund well-being, according to Transamerica’s researchers.

Salary alone isn’t the sole determinant of 401(k) health

The wage gap rears its head in the retirement conversation: The median household income for women survey-takers was $59,000, compared to the $82,000 reported by men survey-takers. Women who aren’t retired yet have an estimated median of a little more than $20,000 saved, while men in the same position have a little more than $70,000 saved.

Read Full Article Here.

Rural workers and women are less likely to feel secure heading into retirement, data suggests.
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