Retirement Confidence Among State and Local Government Employees

Paul J. Yakoboski
Principal Research Fellow
TIAA-CREF Institute

August 2011 |

The state and local government workforce is more confident regarding its prospects for a financially secure retirement than are American workers in general. Seventeen percent of state and local employees are very confident in their retirement income prospects and 50% are somewhat confident, compared with 13% and 36%, respectively, for U.S. workers. Eighty-six percent of state and local workers are currently saving for retirement, compared with 59% of U.S. workers in general. Debt clearly hinders retirement preparations—77% of state and local workers with a major debt problem consider themselves behind in their planning and saving for retirement. One-half of the state and local government workforce has received retirement planning advice from a professional financial advisor within the past three years. Advice regarding asset allocation was the advice most typically received. It was followed by advice on how much to save (70%) and the timing of retirement (59%).

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