At a glance
- Another 89% said they would be more likely to keep working for an employer that offers a retirement benefit.
- Among respondents, 62% said they should defer 10% or more of salary to retire comfortably, and 34% said they contribute that much.
- Affordability was the stated obstacle: 40% said not being able to afford contributing was their biggest worry.
Vestwell's February 2024 survey of 1,200 employees found that 85% expect their employer to offer retirement benefits, up from 72% a year earlier. Another 89% said they would be more likely to keep working for an employer that offers a retirement benefit.
Among respondents, 62% said they should defer 10% or more of salary to retire comfortably, and 34% said they contribute that much. Vestwell's own 401(k) and 403(b) account holders averaged a 6.4% deferral rate in 2023.
Affordability was the stated obstacle: 40% said not being able to afford contributing was their biggest worry. Asked what would motivate them to save more, 62% chose a higher salary and 18% chose an increased employer match.
Vestwell also reported that 98% of participants attributed 'some level of importance' to guaranteed lifetime income payments such as a deferred annuity in workplace benefits. The question accepted any degree of importance, so the result does not show how many would choose one.
Higher salary motivates saving far more than a bigger 401(k) match
What employees say would push them to save more for retirement
- Higher salary62 % of respondents
- Increased employer match18 % of respondents
- Remote work options11.7 % of respondents
- Flexible work hours5.1 % of respondents
Show as table
| Item | Value (% of respondents) |
|---|---|
| Higher salary | 62 % of respondents |
| Increased employer match | 18 % of respondents |
| Remote work options | 11.7 % of respondents |
| Flexible work hours | 5.1 % of respondents |
Reported by the Plans & Sponsors desk from 401(k) Specialist. Published . Corrections