US. Closing the retirement savings gap: Employer offerings vs. workers’ needs
Employees working for larger companies may have several advantages when it comes to saving for retirement, as larger companies tend to provide more robust retirement benefit offerings than small companies. However, experts hope provisions of SECURE Act 2.0 will help level the playing field among companies of all sizes.
According to a new study, Stepping into the Future: Employers, Workers, and the Multigenerational Workforce, by nonprofit Transamerica Institute and its Transamerica Center for Retirement Studies, total household retirement savings is one of the strongest indicators of a worker’s retirement outlook. Workers’ estimated median total household retirement savings is $65,000. However, a retirement savings gap emerges when savings are examined by company size. Workers of small companies have total retirement savings of $36,000 compared with $69,000 among workers of medium companies and $115,000 for workers of large companies.
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