What Robin's Reading: Current Trends in Retirement Savings

November 15, 2019

 

As 2019 comes to an end, the Robin S. Weingast & Associates team is looking ahead to next year by reading the The American Society of Pension Professionals & Actuaries' "Current Trends in Retirement Income Planning." 

 

This annual report takes a deep dive into data from Ascensus that illustrates how individuals are leveraging tax-advantaged retirement accounts, plan design features that promote positive savings behavior, and the overall progress people are making towards saving for retirement. In their survey of almost 90,000 retirement plans, here are the key takeaways.

 

Who's in the Best Shape?

  • Savers ages 55 to 64 made up the largest portion of those "on track," with more than 25% of those individuals finding that they were in a good position.

  • People under age 25 made up only 3% of "on track" savers, suggesting these individuals could benefit from ramping up their savings strategy as they advance in their career.

    • Acensus did acknowledge that they need to further understand how factors like student loan debt are affecting this group in particular.

  • 20% of individuals who are "on track" in their retirement savings are between 25 and 34 (versus the 3% for the under-25 age group).

Acensus also found that awareness of savings optio