A just-released survey by New York-based investment and financial services giant BlackRock indicates that while many employees contend they are ready for retirement, less than half of America’s employers believe that’s true.
According to the report, only 38 percent of employers believe that at least 60 percent of their employees are on track for retirement, which BlackRock indicates is a record low.
The survey compiled responses from more than 1,300 employees, 300 retirees, and 459 plan sponsors from April to May. All employees questioned currently participate in their company’s 401(k) or 403(b) plans, with at least $5,000 in assets in their current accounts.
The sampling was almost equally divided between men and women, with Generation X (ages 45–60) making up the largest share at 36 percent. Millennials (ages 29–44) represented 32 percent, and both Generation Z (ages 13–28) and baby boomers (ages 61–79) are at 16 percent. The retirees were retired for at least 10 years, with 49 percent reporting access to a defined benefit pension plan for income….