Millennial, Gen X, and Baby Boomer Workers and Retirees RETIREMENT SAVING & SPENDING STUDY

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1 Millennial, Gen X, and Baby Boomer Workers and Retirees RETIREMENT SAVING & SPENDING STUDY

2 Table of Contents Methodology Workers with 401(k)s: Millennials, Gen X, and Baby boomers Workers 401(k) Accounts Auto-features and Target Date Funds Saving, Spending and Advice Profiles Millennials who are eligible to participate in their employers 401(k) but do not (eligible but not contributing or non-savers) Retirees who saved in 401(k)s Retirement Saving and Spending Study RSS Brightwork Partners LLC. All rights reserved 2

3 Methodology Representative national surveys of: 3,026 working adults 18+ currently contributing to a 401(k) plan or eligible to contribute and having a balance of $1,000+ 1,027 adults retired in the last one to five years with a Rollover IRA or left-in-plan 401(k) balance Active participants and retirees conducted online February 19 through March 3, Millennials (18 33 years old) working and eligible for a 401(k) plan at current employer but not contributing and do not have a balance in that 401(k) eligible nonparticipants (ENPs) Conducted online March 4 through March 25, 2015 Retirement Saving and Spending Study RSS Brightwork Partners LLC. All rights reserved 3

4 WORKERS 401(k) ACCOUNTS

5 Q.7 By Worker Generation Market Value of 401(k) Plan Base: Workers Thinking about your 401(k) plan, what would you say is the current market value of that account? Total Workers Baby Boomer Workers By Generation Gen X Millennial $1 to < $1, $1,000 to < $5, $5,000 to < $15, $15,000 to < $25, $25,000 to < $50, $50,000 to < $100, $100,000 to < $250, $250,000 to < $500, $500,000 or more Average $ in thousands $134 $201 $138 $59 Median $ in thousands $51 $103 $67 $16 Retirement Saving and Spending Study RSS Brightwork Partners LLC. All rights reserved 5

6 Q.7 Total Millennial Workers by Gender Market Value of 401(k) Plan Base: Millennial workers Thinking about your 401(k) plan, what would you say is the current market value of that account? Total Workers Millennial Workers $1 to < $1, $1,000 to < $5, $5,000 to < $15, $15,000 to < $25, $25,000 to < $50, $50,000 to < $100, $100,000 to < $250, $250,000 to < $500, $500,000 or more Male Female Average $ in thousands $59 $74 $38 Median $ in thousands $16 $22 $11 Retirement Saving and Spending Study RSS Brightwork Partners LLC. All rights reserved 6

7 Q.41 By Worker Generation Personal Deferral Rate Base: Workers, expecting to contribute to their 401(k) (96%) About what percentage of your personal income does this contribution represent? Total Workers Baby Boomer Workers by Generation Gen X Millennial 1 2% % % % % % % Average % Median % Retirement Saving and Spending Study RSS Brightwork Partners LLC. All rights reserved 7

8 Q.40 By Worker Generation 401(k) Contribution Compared With Past 12 Months Base: Workers, at employer one year or longer (93%) As a percentage of your income, how does that compare with the past 12 months? Lower Same Higher Total Workers 9% 61% 30% Baby Boomer 6% 73% 21% Gen X 10% 60% 30% Millennial 11% 49% 40% Retirement Saving and Spending Study RSS Brightwork Partners LLC. All rights reserved 8

9 Q.42 By Worker Generation Recommended Contribution Base: Workers As far as you know, what percentage of your income do financial experts typically recommend someone your age save to make sure you have a comfortable retirement? Total Workers Baby Boomer Workers by Generation Gen X Millennial 1 2% % % % % % % Not sure Average % Median % Retirement Saving and Spending Study RSS Brightwork Partners LLC. All rights reserved 9

10 Q.43 By Worker Generation Increasing Your 401(k) Contribution Base: Workers, absolutely certain or very likely" How likely would you be to increase the proportion of your income you contribute to your 401(k) if... Total Workers Baby Boomer Gen X Millennial You got a raise 40% 51% 52% 61% You had to increase your contribution rate to get the maximum matching contribution from your employer 44% 50% 50% 54% You paid down debt you owe 36% 49% 53% 56% You reduced your overall spending 28% 41% 44% 48% You had an emergency fund for unexpected expenses 19% 31% 34% 40% You learned that others of your age and income were saving a bigger proportion of their income than you are 11% 26% 29% 39% Retirement Saving and Spending Study RSS Brightwork Partners LLC. All rights reserved 10

11 Q.44 By Workers Reasons for Contributing Below the Maximum Base: Workers, contributing below the maximum allowed to 401(k) (89%) As you probably know, you are contributing less to your 401(k) than the IRS permits you to defer from income. Please indicate below the extent to which any of the items below are a reason for this. Not a Reason Minor Major You don't need to save for retirement 81% 14% 6% You are paying back college loans 71% 18% 11% You are saving for a child's education 66% 20% 14% You don't want to lock up in a 401(k) money you might need soon 43% 41% 16% You are saving for retirement through other vehicles 48% 34% 18% You are paying back debt other than college loans 53% 27% 21% You're contributing all you can afford 18% 34% 48% Retirement Saving and Spending Study RSS Brightwork Partners LLC. All rights reserved 11

12 Q.44 By Worker Generation Major Reasons for Contributing Below the Maximum Base: Workers, contributing below the maximum allowed to 401(k) (89%) As you probably know, you are contributing less to your 401(k) than the IRS permits you to defer from income. Please indicate below the extent to which any of the items below are a reason for this. Total Workers Baby Boomer Gen X Millennial You're contributing all you can afford You are paying back debt other than college loans You are saving for retirement through other vehicles You don't want to lock up in a 401(k) money you might need soon You are saving for a child's education You are paying back college loans You don't need to save for retirement 21% 13% 23% 27% 18% 22% 16% 15% 16% 8% 15% 24% 14% 4% 17% 19% 11% 3% 10% 23% 6% 4% 5% 9% 48% 46% 52% 45% Retirement Saving and Spending Study RSS Brightwork Partners LLC. All rights reserved 12

13 Q.46 By Worker Generation Influence of Match on Contribution Base: Workers, expecting an employer match (86%) To what extent is your contribution rate determined by this match? You set your contribution rate... On factors other than the match terms To take full advantage of this match To take partial advantage of this match Total Workers 15% 22% 63% Baby Boomer 25% 11% 64% Gen X 11% 23% 66% Millennial 10% 31% 59% Retirement Saving and Spending Study RSS Brightwork Partners LLC. All rights reserved 13

14 Q.53 By Worker Generation Retirement Expectations Base: Workers Given the retirement savings you have in place right now and the rate at which you are adding to those savings, which of the statements below do you expect will be true for you in retirement? Total Workers Baby Boomer Gen X Millennial You will work at least part time in retirement 51% 49% 48% 57% You will have to reduce your standard of living 42% 49% 49% 57% You will have enough money to pay for health care 44% 49% 49% 56% You will live as well or better as you did when you were working 31% 36% 35% 43% You will be able to leave money to family members or charities 24% 29% 29% 36% You will run out of money 26% 27% 28% 22% You will be able to help out younger family members with tuition or housing expenses 13% 24% 24% 36% Retirement Saving and Spending Study RSS Brightwork Partners LLC. All rights reserved 14

15 Q.38 By Worker Generation Social Security Base: Workers To what extent do you agree or disagree with each of the following statements about Social Security? "I expect Social Security to go bankrupt before I retire." Total Workers Baby Boomer Workers By Generation Gen X Millennial Net: Agree Strongly agree Agree Disagree Strongly Disagree Net: Disagree Retirement Saving and Spending Study RSS Brightwork Partners LLC. All rights reserved 15

16 AUTO-FEATURES AND TARGET DATE FUNDS

17 Q.83 By Worker Generation True of Target Date Funds Base: Own target date funds (38%), excluding not applicable As far as you know, which of the following statements are true and which are not true of the target date funds you hold? Total Workers Baby Boomer Gen X Millennial Target date funds are managed by professionals meaning you will potentially get better results than you would on your own 73% 81% 86% 85% These funds hold a mix of asset classes which changes over time so you don't have to make changes to your investments as you get closer to retirement 80% 81% 81% 79% It's better to hold additional funds in your 401(k) than just a target date fund 80% 84% 80% 78% The fees and expenses on target date funds in 401(k)s are about the same as what you would pay for similar funds outside of your 401(k) account 59% 73% 78% 74% These funds are designed as a suitable investment to get you not just to retirement, but through retirement as well 63% 72% 75% 74% Retirement Saving and Spending Study RSS Brightwork Partners LLC. All rights reserved 17

18 Q.83 By Worker Generation True of Target Date Funds (cont.) Base: Own target date funds (38%), excluding not applicable As far as you know, which of the following statements are true and which are not true of the target date funds you hold? Total Workers Baby Boomer Gen X Millennial Because target date funds are approved for your 401(k) by your employer, they are probably of high quality 56% 71% 72% 77% Target date funds are usually less risky than balanced funds 56% 66% 69% 68% These funds are designed as a suitable investment to get you to retirement, but not through retirement 62% 57% 60% 67% If you leave your job you can't take your target date fund with you, you have to sell it and reinvest with your new plan or on your own 36% 50% 47% 59% Retirement Saving and Spending Study RSS Brightwork Partners LLC. All rights reserved 18

19 Q By Worker Generation Market Value and Allocation of Assets Mean values unless otherwise indicated Please indicate the current market value of these assets held by you or by other members of your household. Of this total, please indicate the percentage held in Workers By Generation $ Baby Boomer Gen X Millennial Self $433 $339 $228 Other member of household Total household (mean) $612 $540 $412 Total household (median) $291 $173 $67 % Allocation Baby Boomer Gen X Millennial Stock including employer stock or stock mutual funds excluding asset allocation funds Bond or bond mutual funds excluding asset allocation funds Asset allocation funds Money market mutual funds or checking and savings accounts Total household (mean) $612 $540 $ Retirement Saving and Spending Study RSS Brightwork Partners LLC. All rights reserved 19

20 Q.84 By Workers and Retirees Satisfaction with Investments Overall All things considered, how satisfied are you with: Not satisfied at all Not very satisfied Somewhat satisfied Very satisfied Millennial 5% 16% 53% 26% Gen X 3% 13% 56% 28% Baby Boomer 6% 13% 56% 25% Total Workers 5% 14% 55% 26% Retirees 4% 10% 48% 38% Retirement Saving and Spending Study RSS Brightwork Partners LLC. All rights reserved 20

21 Q.47, 48 By Worker Generation Automatic Enrollment Summary Base: Workers enrolled automatically (15%) As far as you recall, did you make a positive decision to enroll in your current 401(k) plan or were you enrolled automatically with the choice to opt out? As far as you recall, at what contribution rate were you automatically enrolled? Total Workers Baby Boomer Workers By Generation Gen X Millennial Enrolled automatically Rate at which automatically enrolled 1% % % % % % % Over 7% Average % Median % Retirement Saving and Spending Study RSS Brightwork Partners LLC. All rights reserved 21

22 Q.49 By Worker Generation Opt Out Rate Base: Workers enrolled automatically (15%) At what contribution rate do you think you would have opted out instead of enrolling? Total Workers Baby Boomer Workers By Generation Gen X Millennial 1% % % % % % % % % % Average % Median % Retirement Saving and Spending Study RSS Brightwork Partners LLC. All rights reserved 22

23 Q.48 Millennial Workers By Rate Would Have Opted Out Instead of Enrolling Automatic Enrollment Rate by Rate Would Have Opted Out Base: Total workers who were enrolled automatically with the choice to opt out At what contribution rate do you think you would have opted out instead of enrolling? Automatic Enrollment Rate 2% 3% 4% 5% 6% 7% 8% 9% 10%+ Average Median N = % (24%) % (16%) % (21%) % (16%) % (12%) % (3%) % (2%) Over 7% (5%) Note choices in Q49 were limited to 1+ the value provided in Q.48 in increments of 1 up to 10% or more. Retirement Saving and Spending Study RSS Brightwork Partners LLC. All rights reserved 23

24 Q.51 By Worker Generation Attitudes About Automatic Enrollment Base: Workers enrolled automatically (15%), agree completely or somewhat" Please indicate the extent to which you agree or disagree with each of the statements below about automatic enrollment in 401(k) plans. Total Workers Baby Boomer Gen X Millennial I am satisfied that my employer automatically enrolled me 78% 80% 77% 79% Employers who offer a match should set the automatic enrollment contribution rate high enough for participants to take full advantage of the match 78% 80% 74% 80% I am satisfied with the contribution rate at which my employer enrolled me 60% 69% 71% 74% I wish my employer had enrolled me at a higher contribution rate 34% 43% 47% 47% I wish my employer had enrolled me at a lower contribution rate 17% 29% 31% 35% Retirement Saving and Spending Study RSS Brightwork Partners LLC. All rights reserved 24

25 Q.50 By Worker Generation Automatic Escalation Base: Workers Is your contribution rate set at its current level unless you change it, or does it go up automatically each year unless you stop it? Set at current level Goes up automatically each year Millennial 81% 19% Gen X 85% 15% Baby Boomer 90% 10% Total Workers 85% 15% Retirement Saving and Spending Study RSS Brightwork Partners LLC. All rights reserved 25

26 SPENDING, SAVING, AND ADVICE

27 Q.12 By Workers Dealing With Money Please indicate how accurately each of the following statements describes you when it comes to money. Not Accurately At All Not Very Accurately Somewhat Accurately Very Accurately 2% I'm pretty good at living within my means 11% 47% 40% I'm confident that my spending is well within the limits of what I can afford 3% 15% 49% 34% I save money by cutting my flexible expenses, including entertainment, eating out and travel 5% 19% 51% 25% I am more comfortable with saving and investing extra money than with spending it 5% 22% 49% 25% I save by any means necessary 7% 26% 48% 18% I shop by going to the store for pre-selected items that I have researched online 12% 29% 44% 15% I commit to purchasing only what is on my shopping list when I go to the store 9% 30% 47% 14% I would benefit from having someone help me with my spending and debt management 28% 28% 32% 11% I have trouble meeting my monthly expenses 42% 34% 19% 6% I avoid dealing with my financial situation because it is out of control 55% 27% 14% 5% Retirement Saving and Spending Study RSS Brightwork Partners LLC. All rights reserved 27

28 Q.12 By Worker Generation Dealing With Money Describes me very or somewhat accurately" Please indicate how accurately each of the following statements describes you when it comes to money. Total Workers Baby Boomer Gen X Millennial I'm pretty good at living within my means 87% 89% 86% 88% I'm confident that my spending is well within the limits of what I can afford 82% 82% 82% 82% I save money by cutting my flexible expenses, including entertainment, eating out and travel 75% 72% 75% 79% I am more comfortable with saving and investing extra money than with spending it 74% 73% 74% 74% I save by any means necessary 66% 63% 68% 67% Retirement Saving and Spending Study RSS Brightwork Partners LLC. All rights reserved 28

29 Q.12 By Worker Generation Dealing With Money (cont.) Describes me very or somewhat accurately" Please indicate how accurately each of the following statements describes you when it comes to money. Total Workers Baby Boomer Gen X Millennial I commit to purchasing only what is on my shopping list when I go to the store 61% 58% 61% 63% I shop by going to the store for pre-selected items that I have researched online 49% 59% 60% 68% I would benefit from having someone help me with my spending and debt management 24% 43% 47% 58% I have trouble meeting my monthly expenses 17% 25% 27% 29% I avoid dealing with my financial situation because it is out of control 8% 18% 22% 25% Retirement Saving and Spending Study RSS Brightwork Partners LLC. All rights reserved 29

30 Q.15 By Worker Generation Managing Spending "True" When it comes to managing spending, which of the following statements are true or not true for you? Total Workers Baby Boomer Gen X Millennial This year, you plan to make managing your financial situation a higher priority 61% 74% 75% 84% This year, you plan to improve your budgeting process and better manage your spending to a budget 56% 73% 76% 86% You track expenses carefully You stick to a spending budget You have a formal spending budget but it does not use spreadsheets or online applications 55% 47% 41% 49% 51% 71% 64% 73% 75% 62% 64% 67% You have a formal spending budget which uses spreadsheets or online applications 20% 32% 35% 42% Net: Have a written spending budget 57% 67% 69% 75% Retirement Saving and Spending Study RSS Brightwork Partners LLC. All rights reserved 30

31 Q.13 By Worker Generation Credit Card Spending In the year ahead, do you expect to manage your credit card spending and debt about the same way you managed it in the past year, or do you expect do manage your credit cards and credit card debt differently? Manage differently About the same way Total Workers 25% 75% Baby Boomer 19% 81% Gen X 25% 75% Millennial 32% 68% Retirement Saving and Spending Study RSS Brightwork Partners LLC. All rights reserved 31

32 Q.14 By Worker Generation Managing Credit Cards Differently Base: Expect to manage credit cards differently (25%) Please indicate below how you expect to manage your credit card spending and debt in the year ahead. Total Workers Baby Boomer Gen X Millennial Pay down existing credit card debt Decrease your use of credit cards 69% 74% 65% 70% 66% 63% 59% 82% Pay your credit cards in full each month Stop using credit cards for new purchases 21% 32% 26% 37% 29% 38% 42% 44% Refinance credit card debt at a lower interest rate 14% 16% 13% 13% Increase your use of credit cards 1% 10% 9% 16% Increase your credit card debt 4% 2% 5% 4% Retirement Saving and Spending Study RSS Brightwork Partners LLC. All rights reserved 32

33 Q.55 By Worker Generation #1 Funding Financial Priority Base: Workers, ranked at least one item (98%) In terms of how your household is funding financial priorities this year, please rank which of the items below comes first, which comes second, which third and so on until the end of the list. If an item does not apply to you or isn t a priority at all, enter a rank of zero.. Total Workers Baby Boomer Gen X Millennial Paying down debt 27% 26% 27% 28% Contributing to your 401(k) at the level required to take full advantage of a matching contribution your employer may offer but less than the maximum contribution limit 17% 21% 22% 29% Contributing to your 401(k) but below the level required to take full advantage of a matching contribution your employer may offer 11% 21% 23% 27% Contributing to your 401(k) at the maximum contribution limit 12% 15% 16% 15% Retirement Saving and Spending Study RSS Brightwork Partners LLC. All rights reserved 33

34 Q.55 By Worker Generation #1 Funding Financial Priority (cont.) Base: Workers, ranked at least one item (98%) In terms of how your household is funding financial priorities this year, please rank which of the items below comes first, which comes second, which third and so on until the end of the list. If an item does not apply to you or isn t a priority at all, enter a rank of zero.. Total Workers Baby Boomer Gen X Millennial Contributing to an emergency fund 4% 6% 7% 7% Contributing to a Roth IRA 4% 3% 2% 5% Contributing to a traditional IRA Contributing to a health savings account (HSA) to fund some qualified medical expenses on a pre-tax basis Contributing to a 529 college savings account or other educational savings vehicle 4% 3% 4% 3% 2% 2% 1% 2% 1% 1% 2% 1% Retirement Saving and Spending Study RSS Brightwork Partners LLC. All rights reserved 34

35 Q.19 By Worker Generation Sources of Funds for Emergency If you suddenly faced an emergency that required more cash than you had on hand, to which of the following sources of funds would you turn? Total Workers Baby Boomer Workers By Generation Gen X Millennial Credit cards A special emergency fund account you have established for such needs Family members or friends Your after-tax personal savings and investments A special emergency fund you mentally earmark for such needs Home equity loan Other bank loan Your balances in tax-deferred workplace retirement accounts No emergency fund available Retirement Saving and Spending Study RSS Brightwork Partners LLC. All rights reserved 35

36 Q.27, 28 By Worker Generation Advised Do you currently have (In the past five years, have you had) a relationship with a professional financial advisor that's someone you pay either through fees or commissions to assist you in financial decisions, financial product selection, planning your retirement income or in selecting providers of financial services? To be clear, this could be either a traditional advisor or a so-called robo advisor (that s to say an online, algorithm-driven, low-cost advice platform with limited personal interaction such as Betterment or WealthFront) or both? Total Workers Never had a paid financial advisor Ever have both a paid traditional advisor and a paid robo advisor Ever have a paid robo advisor only Ever have a paid traditional advisor only 64% 2% 3% 31% Baby Boomer 64% 2% 35% 1% Gen X 65% 3% 31% Millennial 62% 5% 6% 26% 36

37 Q.31 By Worker Generation On Track to Meet Financial Goals All things considered, how comfortable are you that you are on track to meet your financial goals? Not comfortable at all Not very comfortable Somewhat comfortable Very comfortable Total Workers 7% 22% 53% 17% Baby Boomer 12% 23% 51% 14% Gen X 7% 25% 53% 16% Millennial 4% 18% 57% 20% 37

38 Q.30 By Worker Generation Financial Well-Being Compared With Parents Compared with how your parents lived when they were the age you are now, would you say you are: Much worse off financially Somewhat worse off financially Somewhat better off financially Much better off financially Total Workers 8% 24% 47% 21% Baby Boomer 9% 26% 46% 20% Gen X 8% 26% 48% 19% Millennial 8% 20% 48% 24% 38

39 Q.32 By Worker Generation Perceived Job Security Base: Workers How concerned are you that you may lose your job in the next 12 months: Not concerned at all Not very concerned Somewhat concerned Very concerned Total Workers 36% 35% 21% 8% Baby Boomer 39% 35% 18% 8% Gen X 33% 38% 21% 8% Millennial 38% 32% 22% 7% 39

40 PROFILES OF WORKERS WITH 401(k)S: MILLENNIALS, GEN X, AND BABY BOOMERS

41 Q.2 By Workers Age How old are you? Q. 2 Workers by Generations Total Workers Baby Boomer Gen X Millennial Birth years Age at time of study % % % % Under Average age

42 Millennial Workers By 401(k) Participation Size of Organization Base: Millennial workers If you had to guess, about how many people work for your employer at all levels and in all locations across the United States? Total Millennial Workers Active in 401(k) 99 or fewer to to to ,000 to 2, ,500 to 4, ,000 to 9, ,000 or more 20 Average # employees 3,398 Median # employees

43 Q.1 By Worker Generation Work Status Base: Workers Bearing in mind some people retire and go back to work, which one of the following phrases best describes your work situation? Never retired, now working part-time Never retired, now working full-time Total Workers 9% 91% Baby Boomer 10% 90% Gen X 5% 95% Millennial 13% 87% 43

44 Q.58 By Worker Generation Level of Qualification for Position Base: Workers How would you describe the fit between your skills, education, and experience and your current job? I am underqualified for this job My qualifications for this job are about right I am overqualified for this job Total Workers 1% 75% 24% Baby Boomer 2% 78% 20% Gen X 1% 74% 24% Millennial 1% 73% 26% 44

45 Millennial Workers By 401(k) Participation Tenure at Current Employer Base: Millennial workers About how long have you worked for your current employer? Total Millennial Workers Active in 401(k) Under 1 year 10 1 year 7 2 years years years years years 3 Average # 5 Median # 4 45

46 Q.35 By Worker Generation Pay Raise Base: Workers How much of a raise (as a percent), if any, did you get in the past 12 months? Total Workers Baby Boomer Workers By Generation Gen X Millennial 0% % % % % % % % Average % (including none) Median % (including none) Average % (excluding none) Median % (excluding none)

47 Total Workers by Generation Personal and Household Income and Total Debt Total Workers Baby Boomer Gen X Millennial N = 3, ,007 1,505 Average personal income ($ in thousands) $82 $85 $90 $69 Median personal income ($ in thousands) $70 $72 $79 $57 Average household income ($ in thousands) $127 $119 $139 $117 Median household income ($ in thousands) $113 $108 $120 $100 Total debt (average $) $48 $29 $62 $48 None Any to <$5, $5,000 to <$50, $50,000 to <$500, $500,000 or more

48 MILLENNIALS WHO ARE ELIGIBLE TO PARTICIPATE IN THEIR EMPLOYERS 401(k) BUT DO NOT (ELIGIBLE NOT CONTRIBUTING OR NON-SAVERS)

49 Q.B Millennial Workers By 401(k) Participation Age TOTAL MILLENNIAL WORKERS ACTIVE IN 401(k) MILLENNIALS ELIGIBLE BUT NOT CONTRIBUTING TO 401(k) % Under 25 26% % Under 25 32% % % 49

50 Q.A Millennial Workers By 401(k) Participation Gender Base: Millennial workers What is your gender? TOTAL MILLENNIAL WORKERS ACTIVE IN 401(k) MILLENNIALS ELIGIBLE BUT NOT CONTRIBUTING TO 401(k) Male 32% Female 41% Male 59% Female 68% 50

51 Q.103/ (ENP Q.48) Millennial Workers By 401(k) Participation Education Base: Millennial workers What is your education level? TOTAL MILLENNIAL WORKERS ACTIVE IN 401(k) MILLENNIALS ELIGIBLE BUT NOT CONTRIBUTING TO 401(k) Four year college degree or more 42% High school or less 24% Four year college degree or more 41% High school or less 13% Some college 34% Some college 47% 51

52 Q.102/ (ENP Q.47) Millennial Workers By 401(k) Participation Marital Status Base: Millennial workers What is your marital status? TOTAL MILLENNIAL WORKERS ACTIVE IN 401(k) MILLENNIALS ELIGIBLE BUT NOT CONTRIBUTING TO 401(k) Living with partner 13% Married or civil union 42% Living with partner 15% Married or civil union 35% Never married 43% Divorced/ Separated/ Widowed 3% Never married 46% Divorced/ Separated/ Widowed 4% 52

53 Q.57/ (ENP Q.31) Millennial Workers By 401(k) Participation Tenure at Current Employer Base: Millennial workers About how long have you worked for your current employer? Total Millennial Workers Active in 401(k) Millennials Eligible but not contributing to 401(k) Under 1 year year years years years years years 3 0 Average # 5 3 Median #

54 Q.35/ (ENP Q.20) Millennial Workers By 401(k) Participation Pay Raise Base: Millennial workers How much of a raise (as a percent), if any, did you get in the past 12 months? Total Millennial Workers Active in 401(k) Millennials Eligible but not contributing to 401(k) 0% % % % % 6 4 5% % % 10 8 Average % 4 2 Median % 3 1 Average % (excluding none) 5 4 Median % (excluding none)

55 Q.93/ (ENP Q.39) Millennial Workers By 401(k) Participation Student Loan Debt Base: Millennial workers How much debt does your household have when it comes to student loans? Total Millennial Workers Active in 401(k) Millennials Eligible but not contributing to 401(k) None Less than $1, $1,000 to < $5, $5,000 to < $15, $15,000 to < $25, $25,000 to < $50, $50,000 to <$500, $500,000 or more 0 0 Average $ in thousands (excluding None) $31 $39 Median $ in thousands (excluding None) $16 $22 55

56 Q.94/ (ENP Q.40) Millennial Workers By 401(k) Participation Direction of Debt Base: Millennial workers, have $1,000 or more in debt Thinking about this debt all together, that s home equity loans, car loans, credit card debt, student loans and other consumer credit, how does that amount compare to a year ago? Much smaller Somewhat smaller About the same Somewhat larger Much larger Total Millennial Workers Active in 401(k) (80%) 14% 37% 35% 11% 4% Millennials Eligible not Contributing to 401(k) (83%) 8% 26% 28% 26% 12% 56

57 Q.12/ (ENP Q.9) Millennial Workers By 401(k) Participation Dealing With Money Base: Millennial workers, describes me very accurately" Please indicate how accurately each of the following statements describes you when it comes to money. Total Millennial Workers Active in 401(k) Millennials Eligible but not Contributing to 401(k) I'm pretty good at living within my means 23% 41% I'm confident that my spending is well within the limits of what I can afford I am more comfortable with saving and investing extra money than with spending it I save money by cutting my flexible expenses, including entertainment, eating out and travel I save by any means necessary 16% 15% 21% 22% 28% 30% 35% 38% I shop by going to the store for pre-selected items that I have researched online I would benefit from having someone help me with my spending and debt management I commit to purchasing only what is on my shopping list when I go to the store 13% 12% 20% 18% 19% 15% I have trouble meeting my monthly expenses I avoid dealing with my financial situation because it is out of control 8% 8% 7% 13% 57

58 Q.44/ (ENP Q.28) Millennial Workers By 401(k) Participation Major Reasons for Contributing Below the Maximum Base: Millennial workers, not contributing or expect to contribute below the maximum allowed to 401(k) As you probably know, you are contributing less to your 401(k) than the IRS permits you to defer from income. Please indicate below the extent to which any of the items below are a reason for this. Total Millennial Workers Active in 401(k) (88%) Millennials Eligible but not contributing to 401(k) (98%) You're contributing all you can afford 38% 45% You are paying back debt other than college loans 27% 42% You don't want to lock up in a 401(k) money you might need soon 24% 22% You are paying back college loans 23% 35% You are saving for a child's education 10% 19% You are saving for retirement through other vehicles 8% 15% You don't need to save for retirement 4% 9% 58

59 Q.30/ (ENP Q.16) Millennial Workers By 401(k) Participation Financial Well-Being Compared With Parents Base: Millennial workers Compared with how your parents lived when they were the age you are now, would you say you are: Much worse off financially Somewhat worse off financially Somewhat better off financially Much better off financially Total Millennial Workers Active in 401(k) 8% 20% 48% 24% Millennials Eligible but not Contributing to 401(k) 15% 28% 44% 13% 59

60 RETIREES WHO SAVED IN 401(k)S

61 Q.38 By Retirees Age Average Age 63 How old are you? 38% 25% 13% 8% 8% 6% 2% Under

62 Q.8 By Retirees How Long Ago Retired Base: Retirees; average: 2.7 years, median 3.0 years About how long ago did you retire: 5 19% 1 28% 4 12% 3 20% 2 20% 62

63 Q.1 By Retirees Work Status Base: Retirees Bearing in mind that some people retire and then go back to work, which one of the following phrases best describes your work situation? Part-time as a contractor 6% Retired and not working or looking for work 68% Full-time as a contractor 2% Retired but now working (22%) Part-time as an employee 10% Full-time as an employee 4% Retired but now looking for work 9% 63

64 Q.64 By Retirees Relative Earnings Base: Retirees working full or part-time (22%) Hour-for-hour worked, how much money do you make today compared with what you made before you retired? A great deal more 7% Somewhat more 11% A great deal less 40% About the same 18% Somewhat less 24% 64

65 Q.65 By Retirees Relative Hours Base: Retirees working full or part-time (22%) In terms of hours, are you: Working much longer than you did 8% Working somewhat longer than you did 5% Working about as long as you did 9% Working much less than you did 53% Working somewhat less than you did 25% 65

66 Q.66 By Retirees Rejoined the Workforce Because... Base: Retirees working full or part-time (22%) When you rejoined the workforce after retiring did you do so: Mainly because you had to 31% Mainly because you wanted to 69% 66

67 Q.67 By Retirees Looking for Work Because... Base: Retirees looking for work (9%) Are you looking for work: Mainly because you have to 27% Mainly because you want to 73% 67

68 Q.70 Trend by Retirees Has a Withdrawal Plan Base: Retirees Thinking about your investable assets that s your stocks, stock mutual funds, bonds, bond mutual funds, asset allocation funds including target date funds, money market mutual funds and other cash equivalents whether held in a 401(k), an Individual Retirement Account or outside the workplace savings system and any savings and checking accounts you may have do you have a withdrawal plan under which you withdraw and use as income a certain portion of these assets each year? % % 68

69 Q.71 By Retirees % Investable Assets Withdrawn Base: Retirees; average 5.5% (excluding none) About what percentage of your investable assets did you withdraw in the past 12 months? 36% 11% 9% 7% 7% 10% 9% 9% 3% None 1% 2% 3% 4% 5% 6%-7% 8%-10% 11%+ 69

70 Q.72 By Retirees Organizing Retirement Income "Very or Somewhat closely" Base: Retirees Here are several ways of organizing income in retirement. For each, please indicate how closely it describes your situation. I don't plan to use my 401(k) or IRA balances until I am required to do so at age 70 1/2 67% I wouldn't use my 401(k) or IRA balances at all if I weren't required to 63% I live mainly on Social Security or a pension so I only withdraw investable assets on an ad hoc basis 63% I plan to live off the interest and dividends from my portfolio and not invade the principal until later in retirement 56% I pace my withdrawals from my investable assets to match my expenses 49% I take a specific percentage of my investable assets each year 37% 70

71 Q.37, 63 By Workers and Retirees Sources of Retirement Income (Mean %) Base: Including none, items sum to 100% Approximately what percentage of your household income do you expect this source to provide in retirement? Approximately what percentage of your household income does this provide? Retirees Total Workers Baby Boomer Workers By Generation Gen X Millennial Social Security A traditional DB pension plan or cash balance plan Earnings from employment including self-employment Income from personal investment and savings accounts apart from IRAs and Roth IRAs Income from IRAs or Roth IRAs Other workplace retirement plans (k), Roth 401(k), 403(b), 457, profit sharing, money purchase or other type of TDDCRP provided through your workplace Income from an inheritance Annuities you purchased on your own outside work Annuities you purchased through your workplace Income from the sale of your primary residence SEP or SIMPLE retirement plan Insurance payouts

72 Q.61 By Retirees Compared With When Working Base: Retirees Compared with when you were working, would you say you are now: Living better than you did then 12% Struggling to make ends meet 8% Living about as well as you did then 46% Living comfortably but less well than you did then 34% 72

73 Q.68 By Retirees Proportion of Annual Income Replaced Base: Retirees; Average: 67% About what proportion of the annual income this household had before you retired does this household have today? 30% 24% 15% 15% 11% 6% 1% None (0%) 1-20% 21-40% 41-60% 61-80% 81-99% 100% 73

74 Q.69 Trend by Retirees True of My Retirement Base: Retirees Given your savings, income, and expenditures, which of the following statements are true of your retirement? I have enough money to pay for health care 66% I live as well or better as I did when I was working 54% I will be able to leave money to family members or charities 47% I will have to reduce my standard of living 32% I will work at least part time in retirement 27% I will be able to help out younger family members with tuition or housing expenses 24% I will run out of money 11% 74

75 Q.30 Trend by Retirees Financial Well-Being Compared With Parents Base: Retirees Compared with how your parents lived when they were the age you are now, would you say you are: Much worse off financially Somewhat worse off financially Somewhat better off financially Much better off financially % 20% 44% 30% % 20% 44% 31% Note only asked of retirees in

76 Q.31 Trend by Retirees On Track to Meet Financial Goals All things considered, how comfortable are you that you are on track to meet your financial goals? Not comfortable at all Not very comfortable Somewhat comfortable Very comfortable % 16% 51% 27% % 12% 56% 29% 76

77 Q.60 Trend by Retirees Satisfaction in Retirement Base: Retirees All things considered, how satisfied would you say you are with your retirement so far: Not satisfied at all Not very satisfied Somewhat satisfied Very satisfied % 9% 45% 44% % 10% 46% 42% 77

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