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Abstract
Seventy two percent of workers and 65% of retirees say they should have started saving earlier than they did; 25% of workers are not contributing to retirement savings through 401(k)s, IRAs, or another retirement savings plan; and 9% of workers (fairly consistently across age groups) have not even started saving for retirement. The combination of automatic enrollment, employer matching contributions, and investment vehicles that have diversification characteristics contributed to those results, supported by strong education programs. Some insights from those with direct experience: * 36% of current retirees said their standard of living went down when they retired. * 38% said they were not financially prepared when they retired, with women (44%) more likely than men (31%) to say they were unprepared. * Half of retirees had to retire earlier than they planned, which is a cautionary tale to the 43% of workers who plan to save for retirement 'later.'