Skip to main content
Advertising

Originally published August 15, 2013 at 6:54 AM | Page modified August 15, 2013 at 6:56 AM

  • Share:
           
  • Comments (0)
  • Print

Workers going it alone for retirement funds

When it comes to funding their retirements, most workers say they will need to come up with the money themselves rather than rely on government assistance, according to a survey released Thursday by Charles Schwab Corp.

AP Business Writer

Most Popular Comments
Hide / Show comments
No comments have been posted to this article.
Start the conversation >

advertising

NEW YORK —

When it comes to funding their retirements, most workers say they will need to come up with the money themselves rather than rely on government assistance, according to a survey released Thursday by Charles Schwab Corp.

Of those surveyed, 89 percent said they are relying on themselves for retirement funds once they stop working full time. Five percent said that they are relying on the government and 4 percent said that they are relying on a spouse. Sixty-one percent of respondents said that their 401(k) savings will be their only or largest source of retirement savings.

The figures are based on an online survey of 1,004 workers, between the ages of 25 and 75, who contribute to their employer's 401(k) plans.

The results show that people aren't banking on social security or other government assistance to help them make it through their golden years.

As a result, workers are boosting their retirement funds. Fifty-five percent of respondents have increased their savings in the last two years. Seventy percent say that their 401(k) is in better shape than ever before.

Although most retirement savings took a hit during the financial crisis, 74 percent say that their 401(k)s have recovered about as fast or even faster than expected.

-----

Follow Joseph Pisani at http://twitter.com/josephpisani

News where, when and how you want it

Email Icon

Hurry! Last two weeks to save 15%.

Hurry! Last two weeks to save 15%.

Reserve your copy of "The Seattle Sketcher," the long-awaited book by staff artist Gabriel Campanario, for the special price of just $29.95.

Advertising

Advertising


Advertising
The Seattle Times

The door is closed, but it's not locked.

Take a minute to subscribe and continue to enjoy The Seattle Times for as little as 99 cents a week.

Subscription options ►

Already a subscriber?

We've got good news for you. Unlimited seattletimes.com content access is included with most subscriptions.

Subscriber login ►