READY OR NOT? RETIREMENT READINESS AMONG WASHINGTON STATE ADULTS AGES IN THE WORKFORCE. Report Prepared by Brittne Nelson, PhD

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1 READY OR NOT? RETIREMENT READINESS AMONG WASHINGTON STATE ADULTS AGES IN THE WORKFORCE Report Prepared by Brittne Nelson, PhD September 2016 Copyright 2016 AARP Research & Strategic Analysis An 601 E Street NW Washington, DC Reprinting with Permission

2 While retirement is an aspiration, many Washington State Millennials, Gen Xers, and Boomers are not ready for it. Washington adults are anxious about retirement security. 55% of respondents are very or somewhat anxious when thinking about their finances in the future. Millennials (age 18-34), Gen X (age 35-50), and Boomers (age 51-64) feel equally anxious about their retirement security. Washington adults are confident they will retire and no longer work for pay because it is something they want to do, and they think they will have enough money saved to afford to retire. 77% are at least somewhat confident they will one day be able to retire and no longer work. Seven in ten (72%) say they will retire simply because they want to stop working someday, and because they believe they are saving at a current rate that will provide them enough money for retirement (71%). Most say the income in their retirement years will come from money they have saved in a 401k or other personal savings tool, but three in five have never calculated how much money they will need in retirement. 64% say a combination of personal savings and money specifically set aside for retirement in a defined contribution plan will be their largest income sources, but 63% have not done a retirement calculation. Nearly a quarter do not have access to a workplace retirement savings tool. 24% of survey respondents do not have a way to save for retirement at work. Younger adults have the least amount of access. Almost a third of Millennials (29%) currently have no way to save at work for their future retirement compared to one-fifth of Boomers (20%) or Gen Xers (21%). Nearly half of all respondents have less than $25,000 saved for retirement. 45% have less than $25,000 in retirement savings but many have even smaller retirement nests. Overall, 26% have less than $5,000 saved for retirement. Nearly one in two (45%) Millennials has less than $5,000 set aside in retirement savings, as does one in six Gen Xers (17%) and one in eight Boomers (12%). Many say day to day life gets in the way of saving for retirement. 55% say concern about current finances is the top reason they can t save more for retirement. Generational experiences are also a factor. Millennials are dealing with education expenses such as student loans (46%), Gen X adults are dealing with an income squeeze and can t afford to save more (53%), and Boomers are dealing with unexpected medical expenses (30%). The AARP Retirement Readiness Survey was conducted as a landline and cell phone telephone survey among adults ages working or looking for work in the state of Washington. The survey was conducted in English by Precision Opinion July 19 to July 25, The sample was weighted by age within gender to reflect the population in the state of Washington ages The margin of sampling error for 1,000 in Washington is +/-3.2%. Ready or Not? Retirement Readiness Among Washington State Adults Age in the Workforce 1

3 SURVEY IN DETAIL Washington adults are anxious about their retirement security. Much has been made about the Live Now, Worry Later image of young adults today, but in our survey of Washington adults age working or looking for work, three generations of residents, Millennials (age 18-34), Gen X (age 35-50), and Boomers (age 51-64), feel equally anxious about the future- which is their retirement security. Feel Anxious About Financal Security During Retirement Years (n=1,000) Very or Somewhat Anxious About Retirement Security by Generation (n=1,000) Millennial (age 18-34) Gen X (age 35-50) Boomer (age 51-64) Very/ Somewhat anxious, 55% Not very/ Not anxious at all, 44% 53% 58% 54% Very/ Somewhat Anxious Most Washington adults want to retire in their mid-60s. Regardless of anxiety, most people want to stop working for pay someday and retire. While the age for full Social Security benefits is 67, when non-retired respondents were asked what age do you consider to be your retirement age? the average response was age 64. Younger respondents were likely to say an age below age 65 with the average being age 62 for those The Right Age for Retirement (n=1,000) Less than age 65 33% Average Right Age for Retirement by Generation (n=1,000) age 65 29% Millennial (age 18-34) age 62 age % Gen X (age 35-50) age 64 age 70+ 5% Boomer (age 51-64) age 65 Ready or Not? Retirement Readiness Among Washington State Adults Age in the Workforce 2

4 Washington adults in the workforce are confident they will retire and no longer work for pay because it is something they want to do and they think they will have enough money saved to afford to retire. Retirement is an aspiration for many people, but one in five Washington adults say they are not confident they will be able to retire at some point. While a large chunk of respondents do not think they will be able to retire, most (77%) are at least somewhat confident they will one day be able to retire and no longer work. Confidence in Retiring At Some Point and No Longer Working (n=1,000) Extremely /Very confident Somewhat confident 29% 48% For many, the desire to want to retire is as important as the financial aptitude. Among those who are confident they will retire, seven in ten (72%) say they will retire simply because they want to stop working someday. A similar seven in ten (71%) say they will retire because they are saving at a current rate they believe will provide them enough money for retirement. Not too confident Not at all confident Not sure 2% 10% 11% Interestingly, one quarter of respondents are optimistic they will be able to retire due to receiving an inheritance that will provide for them in retirement (15%) or they will win the lottery (9%). Reasons Why People are Confident They Will Retire Among those who are Extremely, Very, or Somewhat Confident (n=775) Just want to stop working someday, so I will Saving at my current rate will save enough for retirement 72% 71% I will get a job in the future that has retirement benefits I will invest in a company that will have returns for my retirement I've already saved much of the money needed for retirement 36% 44% 44% I plan to start a business which will give me extra money 34% I will inherit a large amount of money 15% I will win the lottery 9% Ready or Not? Retirement Readiness Among Washington State Adults Age in the Workforce 3

5 Millennials are more likely than Gen X or Boomers to say they will retire due to things working out for them in the future such as a future employment with an employer with provides benefits (Millennial: 66%, Gen X: 40%, Boomer: 18%), future investments that will provide dividends (Millennial: 60%, Gen X: 36%, Boomer: 31%), and future plans to start a business that will provide extra money for retirement savings (Millennial: 50%, Gen X: 28%, Boomer: 22%). Boomers are more likely than younger generations to say they will retire because they have saved enough money to retire (Millennial: 16%, Gen X: 37%, Boomer: 62%). Contrary to Millennial optimism and Boomer pragmatism, Gen X adults don t have any unique reasons for their retirement confidence. They want to retire and think they are saving enough for their retirement. Reasons Why People are Confident They Will Retire Among those who are Extremely, Very, or Somewhat Confident (n=775) Millennial (age 18-34) Gen X (age 35-50) Boomer (age 51-64) Just want to stop working someday, so I will 72% 70% 78% Saving at my current rate will save enough for retirement 70% 70% 72% I will get a job in the future that has retirement benefits 66% 40% 18% I will invest in a company that will have returns for my retirement 60% 36% 31% I plan to start a business which will give me extra money 50% 28% 22% I've already saved much of the money needed for retirement 16% 37% 62% I will inherit a large amount of money 15% 14% 17% I will win the lottery 12% 5% 8% Ready or Not? Retirement Readiness Among Washington State Adults Age in the Workforce 4

6 Most say their income in their retirement years will come from money they have saved in a 401k or other personal savings tool. Whether they are in the workforce or not in the workforce, older adults still have living expenses such as paying for groceries, transportation, healthcare, and housing utilities. Having an income stream in retirement, which many respondents say is at age 64, helps people maintain the lifestyles they want. When all respondents were asked about sources of income they believe will provide them the most money in their retirement years, most (64%) say a combination of personal savings and money specifically set aside for retirement in a defined contribution plan will be their largest income sources. Sources of Income that Will Provide the Largest Share for Retirement Years (n=1,000) Personal saving or investment not in a retirement plan 32% 401k, IRA or 403b defined contribution plan 32% Social Security 14% A traditional pension or defined benefit plan 13% Not sure/ Don't know 6% Something else 3% Three in five have never calculated how much money they will need in retirement. While most working Washington adults age are confident they will retire at some point, and that the money they will live on in their retirement years will come from personal savings, most have not actually calculated how much money they need to have saved for their retirement years. Ever Calculated How Much Money Needed for Retirement (n=1,000) No, 63% Yes, 36% Ready or Not? Retirement Readiness Among Washington State Adults Age in the Workforce 5

7 Nearly a quarter of respondents do not have access to a workplace retirement savings tool. One of the best ways to build an income nest for the retirement years is to save for retirement while working. Unfortunately, nearly a quarter (24%) of Washington adults does not have a way to save for retirement at work. While most people want to retire, a large swath of people don t have access to tools that will help them prepare for retirement. Retirement Savings Plans Currently Provided by Employer (n=1,000) 401k or defined contribution plan only 42% Traditional pension or defined benefit only 12% Traditional pension and 401k 10% No way to save 24% Not sure/ Don't know 13% Adults age (Millennials) are more confident they will retire, and want to retire at a young age, but about one third (29%) currently have no way to save at work for their future retirement, and one in five (21%) are not even sure what type of retirement savings tool their employer offers. One in five Boomers (20%) and Gen X (21%) respondents do not have a way to save for retirement at work. Retirement Savings Plans Currently Provided by Employer by Generation (n=1,000) Millennial (age 18-34) Gen X (age 35-50) Boomer (age 51-64) 401k or defined contribution plan only 37% 46% 43% Traditional pension or defined benefit only 6% 13% 17% Traditional pension and 401k 6% 11% 12% No way to save 21% 20% 29% Not sure/ Don't know 9% 7% 21% Ready or Not? Retirement Readiness Among Washington State Adults Age in the Workforce 6

8 Nearly a third of those offered a workplace retirement savings tool are not taking advantage of it. Twenty four percent of Washington State respondents age currently in the workforce have no way to save for their retirement at work. Those without access to workplace retirement savings overwhelmingly say they would be likely to use a workplace retirement savings tool if available (77% very or somewhat likely to use). Unfortunately, there are many Washington adults who have access to workplace savings but do not take advantage of it. Thirty percent of those offered a retirement plan at work, like a 401k, do not take advantage of it. Most people with access to a savings tool do actually save with it. Seven in ten Washington State working adults age who are offered a retirement savings tool at work are contributing. According to respondents, they are saving on average 9% of their income in a 401k or similar defined contribution plan. Contributing to Workplace 401k Retirement Savings Plan (n= 519) Likelihood to Contribute to Workplace 401k Retirement Savings Plan if Available (n=370) No, 30% Yes, 69% Likely, 77% Not likely, 16% DK, 7% Percent of Income Currently Saving in Workpace 401k Retirement Savings Plan Among Those Currently Making Contributions (n=355) 27% 26% 21% 11% 15% 1% - 3% 4% - 6% 7% - 10% 10% - 99% Don't know Ready or Not? Retirement Readiness Among Washington State Adults Age in the Workforce 7

9 Nearly half have less than $25,000 saved for retirement. Many respondents say they are saving for retirement, yet self-reported retirement savings accounts are relatively low given the high savings rates. Nearly half (45%) of all respondents say they have less than $25,000 in retirement savings. A quarter (26%) has less than $5,000 saved for retirement, and four percent, inclusive across all generations, say they have $0 or nothing put aside for retirement savings. 26% Amount in Retirement Savings (n=1,000) 4% 15% 6% 13% 13% 10% $0 $1-$5,000 $5,000 - $25,000 $25,000 - $50,000 $50,000 - $150,000 $150,000 - $500,000 $500,00 or more As age increases, so do retirement savings. Younger adults relatively new to the workforce have much less money saved than adults age 51 or more. Nearly half, or about one in two (45%) Millennial adults (age 18-34) has less than $5,000 set aside in retirement savings, while one in three (35%) Boomer adults (age 51-64) has $150,000 or more set aside. While Boomers have set aside a significant amount of money, it may not be enough to support them in their retirement. Gen X adults, those ages 35-50, have a moderate amount of money set aside for retirement, falling within the $50,000-$150,000 range. 45% Amount in Retirement Savings by Generation (n=1,000) Millennial (age 18-34) GenX (age 35-50) Boomer (age 51-64) 28% 21% 17% 12% 12% 18% 18% 16% 16% 5% 5% 4% 10% 19% $0 -$5,000 $5,000-$50,000 $50,000 - $150,000 $150,000 - $500,000 $500,00 or more Ready or Not? Retirement Readiness Among Washington State Adults Age in the Workforce 8

10 Many say day to day life gets in the way of saving for retirement. When asked about reasons for not saving more money for retirement, most respondents say day to day life, such as current finances, paying down debt, and not having extra income to set aside, make it difficult to save for retirement. Reasons for Not Saving More for Retirement (n=1,000) I m more concerned about my current finances than retirement 55% I m paying down debts I can t afford to save more 48% 51% I m paying for education expenses I don t have specific retirement savings goals 35% 37% I spend too much money 31% Retirement seems so far away- I ll get to it later I had unexpected medical expenses for myself or a family member 26% 25% Something else I have too much job uncertainty 20% 20% Generational experiences influence why people are not saving more money for retirement. Millennials are dealing with education expenses such as student loans (Millennial: 46%, Gen X: 35%, Boomer: 28%); Gen X adults are dealing with an income squeeze and say they just can t afford to save more money (Millennial: 49%, Gen X: 53%, Boomer: 41%); and Boomers are dealing with unexpected medical expenses (Millennial: 24%, Gen X: 23%, Boomer: 30%). Reasons for Not Saving More for Retirement by Generation (n=1,000) Millennial (age 18-34) Gen X (age 35-50) Boomer (age 51-64) I m more concerned about my current finances than retirement 63% 55% 43% I m paying down debts 52% 53% 48% I can t afford to save more 49% 53% 41% I m paying for education expenses 46% 35% 28% I don t have specific retirement savings goals 45% 32% 27% Retirement seems so far away- I ll get to it later 40% 20% 15% I spend too much money 35% 32% 26% I had unexpected medical expenses for myself or a family member 24% 23% 30% I have too much job uncertainty 22% 20% 20% Something else 18% 20% 21% Ready or Not? Retirement Readiness Among Washington State Adults Age in the Workforce 9

11 Businesses that offer employees a way to save for retirement are viewed positively and are seen as desirable places to work. While retirement is a wish for most people, practically speaking many working age Washington State adults are not ready for it. Eighty-three percent wish they had more money saved for retirement. Gen X (ages 35-50) and Boomers (ages 51-64) are more likely than Millennials (ages 18-34) to realize their retirement readiness shortcomings and wish they had more money saved (Millennial: 77%, Gen X: 88%, Boomer: 84%). Retirement readiness is not possible without access to the right tools. Businesses that offer employees the tools to help save money for retirement are viewed positively and are seen as desirable workplaces. Small Business That Offers a Workplace Retirement Savings Plan is More or Less Desirable as an Employer (n=1,000) Think More Positively or Negatively About a Small Business that Offers a Workplace Retirement Savings Plan (n=1,000) More desirable 68% I would think more positively about those businesses 74% Would not make a difference 28% It would not make a difference to me 24% Less desirable 1% I would think more negatively about those businesses 1% Ready or Not? Retirement Readiness Among Washington State Adults Age in the Workforce 10

12 Marital Status Demographic Summary n=1,000 Washington State Adults Age Working or Looking for Work Income Married 55% Less than $50,000 30% Not married, living with partner 7% $50,000 to less than $100,000 24% Divorced or separated 7% $100,000 or more 33% Widowed 1% Single or never married 29% Age % Own or Rent % Own 59% % Rent 27% Live with family 12% Highest level of education Live with friends 1% High school grad or less 22% Employer Post high school/some college 40% For profit 55% 4-year college degree 20% Non profit 15% Post-graduate study/post-graduate degree 17% Government 20% Gender Male 50% Female 50% Ready or Not? Retirement Readiness Among Washington State Adults Age in the Workforce 11

13 Washington State Retirement Readiness Survey N=1000; Working or Looking for Work (sampling error = ± 3.2%) Hello, this is calling from, a national opinion research firm. We are not telemarketers and are not trying to sell you anything. We would like to find out your opinions on some important issues facing residents of Washington State. Your views are important and we would greatly appreciate your participation. All your responses will be kept entirely confidential. *** LANDLINE **Programmer note: Ask QS1 for Landline only. Program so that odds of being asked for male adult are 5 out of 11 times. Represent correct gender in question wording based on selection.** QS1. May I please speak with the (male/female) adult member of your household, currently at home, with the most recent birthday? (IF SELECTED RESPONDENT NOT CURRENTLY AT HOME AND AVAILABLE, ASK FOR THE (FEMALE/MALE) CURRENTLY AT HOME.) 1 Correct household member on phone (CONTINUE) 2 Will put correct member of household on phone (RE-READ INTRO AND CONTINUE WITH S2.) 3 No household member age is currently available (PLACE HOUSEHOLD INTO CALLBACK) 4 No one in household age (TERMINATE) QS2. Our study is interested in the opinions of certain age groups. Could you please tell me your age as of your last birthday? [IN YEARS] [RECORD ACTUAL AGE AND USE THE AGE GROUPS BELOW TO KEEP TRACK OF HOW MANY RESPONDENTS WE ARE GETTING IN EACH GROUP][SELECT AGE CATEGORIES TO REFLECT CHOSEN SAMPLE] (Millennial) 37% (Gen X) 35% (Boomer) 29% 65 or older [TERMINATE] - [DO NOT READ] Under 18 or 65+ [ASK TO SPEAK TO - SOMEONE AND REPEAT S2] IF NO ONE TERMINATE REFUSED [DO NOT READ. IF REFUSE ASK QS2A] - Ready or Not? Retirement Readiness Among Washington State Adults Age in the Workforce 12

14 **Programmer note: If Refuse ask QS2A. ** QS2A. Ok, I understand some people are not comfortable giving that information. Can you just let me know if you were born (READ LIST. SELECT ONE) 1 Between 1998 AND 1982 (18-34 (Millennial) 2 Between 1981 AND 1966 (35-50 Gen X) 3 Between 1965 AND 1952 (51-64 (Boomer) 4 Before 1951 [ASK TO SPEAK TO SOMEONE AND REPEAT S2] 5 AFTER 1999 [ASK TO SPEAK TO SOMEONE AND REPEAT S2] 9 REFUSED [ASK TO SPEAK TO SOMEONE AND REPEAT S2] COUNTER QUOTA FOR AGE BREAKS S3. RECORD RESPONDENT S GENDER. ASK ONLY IF ABSOLUTELY NECESSARY. To ensure it is recorded accurately, could you please state your gender? Male 50% Female 50% Does not identify with one gender [DO NOT TERMINATE WEIGHT BY ONE, CONTINUE] 0% NOTE: 0% denotes <0.5%. QS4. And which of the following best describes your current employment status? Are you.. (READ LIST. SELECT ONE.) Self-employed full-time 10% Self-employed part-time 4% Employed full-time 65% Employed part-time 11% Retired and not working at all (TERMINATE) - Unemployed and looking for work 10% Or are you not in the labor force for other reasons (TERMINATE) - Don t know (DO NOT READ) (TERMINATE) - Refused (DO NOT READ) (TERMINATE) - QS6. [If employed QS4 1-4]. Is your main employer a government agency, a for-profit business, or a non-profit business? (SELECT ONE) N= 902 For profit 55% Non profit 15% Government 20% Not sure/don t know (DO NOT READ) 9% Refused (DO NOT READ) 1% Ready or Not? Retirement Readiness Among Washington State Adults Age in the Workforce 13

15 MAIN QUESTIONNAIRE 1. As you think about your finances in the future, how anxious do you feel about having enough money to live comfortably through your retirement years? Are you [READ CHOICES]? (SELECT ONE) Very anxious 20% Somewhat anxious 35% Not very anxious 24% Not anxious at all 20% Not sure/ Don t know [DO NOT READ] 1% Refused [DO NOT READ] 0% **Programmer note: Rotate a-b. If code 1 selected in first shown question, do not show code 3 in second question presented. Show C last** 2. Thinking about ways to save for retirement [INSERT A-B. ROTATE.] a. Does your current employer provide a traditional pension plan or defined benefit plan? (SELECT ONE) (IF ASKED, MAY CLARIFY: a traditional pension or defined benefit plan supplies retirees with a monthly income, typically based on a formula of salary and years of service. It is not a 401(k) plan.) IF 1 Yes 2 No 3 My employer doesn t offer a way to save for retirement. [DO NOT READ. SELECT VOLUNTEERED. AUTO PUNCH BOTH 2A AND 2B AS CODE 3 AND GO TO 2C.] 8 Don t know/not sure (DO NOT READ) 9 Refused (DO NOT READ) b. Does your current employer provide an IRA, 401k or 403b defined contribution plan? (SELECT ONE) (IF ASKED, MAY CLARIFY: a defined contribution plan allows you to make contributions from your salary to an individual account set up in your name.) IF 1 Yes 2 No 3 My employer doesn t offer a way to save for retirement. [DO NOT READ. SELECT VOLUNTEERED. AUTO PUNCH BOTH 2A AND 2B AS CODE 3 AND GO TO 2C.] 8 Don t know/not sure (DO NOT READ) 9 Refused (DO NOT READ) Ready or Not? Retirement Readiness Among Washington State Adults Age in the Workforce 14

16 A traditional pension plan- a defined benefit plan? [If asked, a defined benefit plan supplies retirees with a monthly income, typically based 21% on a formula of salary and years of service. It is not a 401(k) plan] An IRA, 401k or 403b defined contribution plan? [If asked, a defined contribution plan allows you to make contributions from your salary to 52% an individual account set up in your name.] My employer doesn t offer a way to save for retirement 23% Not sure/ Don t know 13% Refused 1% **Programmer note: If employer doesn t offer way to save for retirement or refuse/don t know (Q2a 1 and Q2b 1), ask Q3. If retirement plan offered (Q2a=1 or Q2b=1), skip to Q4.** 3. [IF NO WAY TO SAVE OFFERED BY EMPLOYER] If your employer offered a way to save for retirement at work how likely would you be to take advantage of it? Would you be? (READ LIST, SELECT ONE) N= 370 Very likely 56% Somewhat likely 21% Not very likely 6% Not at all likely 10% Not sure/ Don t know [DO NOT READ] 6% Refused [DO NOT READ] 1% **Programmer note: Rotate 4a and 4b. Only Ask Q4a if Q2b=1. If yes (1) to 4a or 4b, immediately ask follow-up 4a.1./4b.1.)** 4. Are you currently making contributions to [INSERT 4A/4B] a. [READ ONLY IF EMPLOYER OFFERS 401K AT Q2B] A workplace retirement saving plan such as a 401k or 403b offered by your employer? N= 515 Yes 69% No 30% Not Sure/Don t know [DO NOT READ] 0% Refused [DO NOT READ] 0% Ready or Not? Retirement Readiness Among Washington State Adults Age in the Workforce 15

17 4a.1. What percent of your income are you saving through this method? [IF NECESSARY: An approximate estimate is fine.] % (ENTER PERCENT. Valid responses = 1%-99%) N= 355 1% to 3% 11% 4% to 9% 34% 10% to 99% 34% Don't know/refused 21% b. A personal dedicated retirement savings plan such as an I-R-A or thrift savings plan? N= 515 Yes 42% No 56% Not Sure/Don t know [DO NOT READ] 1% Refused [DO NOT READ] 0% 4b.1. What percent of your income are you saving through this method? [IF NECESSARY: An approximate estimate is fine.] % (ENTER PERCENT. Valid responses = 1%-99%) N= 219 1% to 3% 13% 4% to 9% 26% 10% to 99% 41% Don't know/refused 21% Ready or Not? Retirement Readiness Among Washington State Adults Age in the Workforce 16

18 5. People have different ideas about retirement. What age do you consider to be YOUR retirement age? (ENTER AGE) 97=DO NOT EXPECT TO RETIRE/Never (DO NOT READ) 98=NOT SURE/DON T KNOW (DO NOT READ) 99=REFUSE (DO NOT READ) **Programmer note: Show Net and Categorize into groups below for tabbing: Less than 65, 65, 66 to 70, 71-74, 75+.** Less than 65 33% 65 29% 66 to 70 20% 71 to 74 1% 75 or older 4% Do not expect to retire/never 4% Not sure/don't know 7% Refused 1% 6. Have you ever calculated the specific amount of money you will need to save for your retirement years? Yes 36% No 63% Not Sure/Don t know [DO NOT READ] 1% Refused [DO NOT READ] 0% 7. Thinking about your retirement years, which of the following possible sources of income do you think will provide you with the largest share of income [ in retirement UNLESS Q8=NEVER THEN in your retirement years ]? [ROTATE 1-4] (READ LIST, SELECT ONE) Social Security 13% A 401-k, I-R-A or 403-b defined contribution plan 32% A traditional pension or defined benefit plan 13% Personal savings or investments not in a retirement plan 32% Something else [DO NOT READ] 3% Do not plan to retire [DO NOT READ. IF VOLUNTEERED} 0% Not sure/ Don t know [DO NOT READ] 6% Refused [DO NOT READ] 0% Ready or Not? Retirement Readiness Among Washington State Adults Age in the Workforce 17

19 8. Overall, how confident are you that you will be able to retire at some point and no longer work for money? Are you (READ LIST. SELECT ONE) Extremely confident 22% Very confident 26% Somewhat confident 29% Not too confident 10% Not at all confident 11% Not sure/don t know [DO NOT READ] 2% Refused [DO NOT READ] 0% **Programmer note: If Q12=5, 4 or 3 Read Q13. Scramble a-h. If Q12 =2, 1, 8, or 9, skip to Q14.** 9. Now I m going to read you a list of reasons why some people are confident they will retire. For each, please tell me if this is a reason you are confident by indicating yes or no. (SUMMARY OF YES RESPONSES) N= 775 You ve already saved much of the money needed for retirement 36% If you keep saving at your current savings rate, you will save enough for retirement 71% You plan to start a business which will give you extra money for retirement 34% You will make an investment in a company that will have returns for use in retirement 44% You will inherit a large amount of money from a friend or family member 15% You will win the lottery 9% You will get a job in the future that has retirement benefits 44% You just want to stop working someday, so you will 72% Ready or Not? Retirement Readiness Among Washington State Adults Age in the Workforce 18

20 10. Finances are a private matter and I want to respect that privacy. Rather than ask anything specific about your retirement savings, please just stop me when I read the broad range that includes in total, about how much money you currently have in savings specifically set aside for retirement. Please include employer-sponsored retirement savings plans, savings, certificates of deposits, stocks, bonds, mutual funds, and other investments, but do not include the value of pension plans or your primary home. Is it..? (READ CHOICES. SELECT ONE) $0/ Nothing [Do not read] 4% Less than $ % $1000 but less than $5,000 8% $5000 but less than $10,000 7% $10,000 but less than $25,000 8% $25,000 but less than $50,000 6% $50,000 but less than $75,000 4% $75,000 but less than $100,000 4% $100,000 but less than $150,000 5% $150,000 but less than $200,000 4% $200,000 but less than $500,000 8% $500,000 but less than $1,000,000 5% $1,000,000 or more 5% Not sure/ Don t Know [DO NOT READ] 5% Refused [DO NOT READ] 9% 11. Given the amount you currently have saved, do you wish you had more money saved for your retirement years? Yes 83% No 15% Not Sure/Don t know [DO NOT READ] 1% Refused [DO NOT READ] 1% Ready or Not? Retirement Readiness Among Washington State Adults Age in the Workforce 19

21 12. Now I'm going to read you a list of reasons people have for not saving for retirement. For each one, please tell me if the reason applies to you or not by indicating yes or no. SCRAMBLE, READ EACH ITEM. (SELECT ONE) I can t afford to save more 48% I m paying down debts 51% I had unexpected medical expenses for myself or a family member 25% I have too much job uncertainty 20% I don t have specific retirement savings goals 35% I spend too much money 31% I m more concerned about my current finances than my retirement finances 55% Retirement seems so far away- I ll get to it later. 26% I m paying for education expenses 37% Something else 20% 13. One way that local small businesses can stay competitive is by offering their employees some of the same benefits that big companies do, like a retirement savings plan. Would knowing that a small business offered a workplace retirement savings plan make working for that business more [ALTERNATE PER RESPONDENT more/less] desirable, [more/less] desirable or would not make a difference to you? More desirable 68% Less desirable 1% Would not make a difference 28% Not sure/don t know [DO NOT READ] 2% Refused [DO NOT READ] 0% 14. Would you think more [ROTATE ORDER PER RESPONDENT negatively or positively] about local small businesses that offered a retirement savings plan to their employees, or would this not make a difference to you? I would think more positively about those businesses 74% I would think more negatively about those businesses 1% It would not make a difference to me 24% Not sure/don t know [DO NOT READ] 1% Refused [DO NOT READ] 0% Ready or Not? Retirement Readiness Among Washington State Adults Age in the Workforce 20

22 DEMOGRAPHICS & CLASSIFICATION Transition screen: We are almost done; our last questions are used for grouping purposes and will be kept entirely confidential. D1. What is your current marital status? (READ LIST, SELECT ONE) Married 55% Living with a partner 7% Widowed 1% Divorced or separated 7% Single or Never Married 29% Not sure/don t Know (DO NOT READ) 0% Refused (DO NOT READ) 1% D2. What is the highest level of education that you completed? (READ LIST IF NEEDED. SELECT ONE) Less than high school did not receive a diploma or GED 2% High school diploma or GED 20% Post high school certificate or diploma at a Trade/ technical/ vocational school 6% Some college but less than a 4 year bachelor s degree 34% 4 year college degree 20% Post graduate study or graduate degree 17% Not sure/ Don t Know (DO NOT READ) 0% Refused (DO NOT READ) 0% D3. Do you currently own your own home, rent, live with family, or live with friends? (SELECT ONE) Rent 27% Own 59% Live with Family 12% Live with Friends 1% Something else [DO NOT READ] 1% Not sure/don t know [DO NOT READ] - Refused [DO NOT READ] 1% Ready or Not? Retirement Readiness Among Washington State Adults Age in the Workforce 21

23 D4. I m going to read a list of household income categories. Stop me when I get to the group that best describes your total annual household income before taxes in First, is it below $75,000- yes or no? D4.1. Ok stop me when I get to the right category. Is it? (READ LIST. SELECT ONE) IF LESS THAN $75,000 SHOW FROM IF $75,000 OR ABOVE, SHOW SHOW DK AND REF FOR ALL. Less than $10,000 4% At least $10,000 but less than $20,000 4% At least $20,000 but less than $30,000 8% At least $30,000 but less than $40,000 7% At least $40,000 but less than $50,000 7% $50,000 but less than $75,000 14% Less than $75,00 but not sure/don't know further 11% Less than $75,00 but refused further 17% $75,000 but less than $100,000 9% $100,000 but less than $150,000 6% $150,000 but less than $200,000 1% $200,000 or more 0% $75,00 or more but not sure/don't know further 1% $75,00 or more but refused further 1% Don t know/refused Income 10% CLOSING That was our last question for tonight. Thank you very much for taking the time to help us out with this important topic. Have a great day/night! Ready or Not? Retirement Readiness Among Washington State Adults Age in the Workforce 22

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