2021 EBRI Survey Key Findings
- May 6, 2021
- Posted by: Jeff Atwell
- Category: Financial Plan, Resources
The attached 2021 EBRI Survey of 3,017 retirement workers and retirees brings to the surface several important issues.
First, the workers who were not affected by the pandemic are still confident they will have enough money to retire. Those who were affected by compensation reduction, layoff, or furlough are not as confident. As a result, Plan Sponsors who had employees affected should evaluate their participant education programs to determine the most of effective way to assist these participants in getting back on track to reaching their retirement income goals.
Second, the survey also indicated workers were very interested in retirement income solutions. The workers surveyed were very interested in shifting the longevity risk, cognitive risk, withdrawal rate risk, and market volatility risk to an insurance company. This creates an opportunity for retirement professionals to assist Plan Sponsors in evaluating the various options available to accomplish this as well as educational programs for participants to assist them in choosing the correct product to meet their needs.
Third, competing financial priorities have a negative impact such as saving for a child’s education or non-mortgage debt.
Fourth, most of the individuals surveyed said they stayed the course regarding contributions and investments, some even increased their contributions.
Fifth, 4 in 5 workers who are offered a workplace retirement savings plan are satisfied with the benefit.
In conclusion, the survey has more statistical information which can prove valuable information for enhancing retirement plan features and developing participant education programs. The survey also validated that the private sector retirement system is working.