Retirement Reality Check: Why Nearly Half of Us Don't Have a Plan

Retirement Reality Check: Why Nearly Half of Us Don't Have a Plan

100% of workers will need a nest egg to live on in retirement.

And yet nearly 50% don't have a plan to get there.

That's according to a recent Bureau of Labor Statistics report, which found that just 53% of all American employees are actively participating in a company retirement plan.

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In fact, certain groups of employees are even less likely to be saving. The BLS report found that just 36% of employees of small companies—defined as employers with a staff of under 100—are socking away in an employer-sponsored nest egg. Compare that to the 79% of workers at companies with 500 or more employees who are currently participating in a savings program.

Part of that issue is lack of access: While 90% of employees of those larger companies are offered a plan, only 51% of small-business workers are.

Another reason for that low overall participation rate? A mere 21% of part-time workers have employee-provided plans they're currently saving in.

Unsurprisingly, employees who contribute to company-sponsored plans feel a lot more secure about their futures. A 2014 survey by the Employee Benefit Research Institute found that just 18% of all Americans feel confident they will have enough funds to live on in their golden years. But those workers who do participate in a workplace retirement plan are more than twice as likely to feel confident about their retirement finances, CBS MoneyWatch notes.

Of course, even if you're not working a full-time office gig at a major corporation, you can still build up your nest egg. Find out whether a traditional or Roth IRA is best for you, or if you're self-employed, learn how you can re-energize your savings with a SEP IRA.

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