ADP Research Institute®

The Retirement Savings Paradigm: Factors Influencing Saving

The ADP Research Institute® examined retirement savings behaviors of approximately 9 million active employees in 2013, in order to highlight gaps in retirement savings behavior as well as opportunities for improving the retirement readiness of U.S. employees.

*A complete list of sources and citations can be found in the full report.

About This Report: This report is based on aggregated, anonymous payroll data from 2013. The dataset was comprised of approximately 9 million active employees between the ages of 20 and 69 with total compensation of $20,000 and up. This research evaluated the dataset along several dimensions, including demographic profile (age and gender), compensation level and the industry of employment.

The retirement savings included the following plans: Deferred compensation plan 403(B), 401(K), 408(P), 408(K), 457, and also Roth 457, 403(B), and 401(K). Although 65 is the accepted norm for retirement age by the U.S. Bureau of Labor Statistics, the consensus among several retirement studies[1] is that the average retirement age of the U.S. workforce is less than 65. It varies between 61 and 64. To be conservative this report assumes the average age of retirement to be 61.

Keywords: HR Management, Retirement

Business Types: Research for Small Organizations, Research for Midsized Organizations, Research for Large Organizations

Roles: Research for Human Resources Professionals

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