Retirement Readiness in America
Fewer than half of Americans are financially prepared to maintain their standard of living after they stop working, according to Vanguard's Retirement Outlook.
A recent study by Vanguard found that only 42% of U.S. workers are on pace to sustain their lifestyle in retirement.
Defined contribution plans play a critical role in building a stronger retirement system
The report highlights that workers with such plans are nearly twice as likely to reach their retirement goals as those without them.
If every worker had access to a defined contribution plan, the investment management group estimated that six in 10 Americans would achieve retirement security.
Key factors affecting retirement readiness include access to defined contribution plans.
- 42% of Americans can maintain their lifestyle post-retirement
- Workers with defined contribution plans are nearly twice as likely to reach their retirement goals
Author's summary: Less than half of Americans are ready for retirement.
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