In general, workers seem to begin preparing for retirement almost as soon as they get their first job. However, according to the 2021 Retirement Confidence Survey by the Employee Benefit Research Institute (EBRI), retirement preparations do vary a bit by age group.

Retirement Preparations
Nearly three-quarters (72%) of workers say that they or their spouse have personally saved money for retirement. Not surprisingly, the older the respondents were, the more likely they were to report saving:
  • Age 25 to 34: 63%
  • Age 35 to 44: 71%
  • Age 45 to 54: 75%
  • Age 55 and older: 81%

In terms of amount saved, even many of those in the younger age brackets seem to be off to a good start.

  Age 25-34 Age 35-44 Age 45-54 Age 55 and older
Less than $1,000 14% 11% 14% 11%
$1,000 - $24,999 20% 13% 10% 11%
$25,000 - $99,999 27% 20% 14% 12%
$100,000 - $249,999 23% 25% 20% 15%
$250,000 or more 15% 30% 41% 51%

Although workers appear to be setting money aside for retirement, have they actually performed a calculation to determine how much they may need? Here's the percentage for each age group that said yes to that question:

  • Age 25 to 34: 45%
  • Age 35 to 44: 47%
  • Age 45 to 54: 48%
  • Age 55 and older: 60%

EBRI also questioned workers about other ways they could prepare for retirement. Following is a breakdown of how each age group responded.

  Age 25-34 Age 35-44 Age 45-54 Age 55 and older
Considered how much to withdraw from savings during retirement 34% 35% 43% 48%
Considered how one would occupy time in retirement 45% 45% 55% 60%
Calculated how much would likely be needed for health expenses 35% 32% 39% 48%
Estimated your monthly income in retirement 42% 46% 49% 61%
Planned for how to cover an emergency or big expense during retirement 41% 38% 43% 52%


Confidence in different aspects of retirement

Approximately seven out of 10 workers say they are very or somewhat confident in having enough money to retire comfortably. The results don't vary too much when workers were asked about their level of confidence in specific aspects of retirement (responses represent the total responding "somewhat" or "very confident").

  Age 25-34 Age 35-44 Age 45-54 Age 55 and older
Have enough money to last your entire life 65% 64% 62% 62%
Have enough money to take care of medical costs 73% 64% 68% 66%
Have enough money to pay for basic expenses 78% 76% 76% 79%
Doing a good job of preparing financially for retirement 76% 70% 70% 71%

For more information on this year's Retirement Confidence Survey, please visit


This material was prepared by Broadridge Investor Communication Solutions, Inc., and does not necessarily represent the views of The Retirement Group or FSC Financial Corp. This information should not be construed as investment advice. Neither the named Representatives nor Broker/Dealer gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. The publisher is not engaged in rendering legal, accounting or other professional services. If other expert assistance is needed, the reader is advised to engage the services of a competent professional. Please consult your Financial Advisor for further information or call 800-900-5867.

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