Some of the other findings included:
- 60.6% of these younger workers are employed at a firm that sponsors a plan.
- Using the most recent statistics, 2003, the group determined that participation in a plan offered by a current job was up to 36.6% among younger workers, from 32.2% in 1998
- Of participating workers, 26% are in a defined-benefit (pension) plan only, 58.7% are in a defined-contribution plan only and 13.5% are in both kinds of plan.
- The percentage of younger workers who have ever participated in an employment-based plan has also increased to 40.4% from 36.8% in 1998.
Younger workers seem to be aware of the retirement predicament older baby boomers find themselves in and do not want to have a similar fate.
Does your employer offer a retirement plan and are you participating?
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