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Retirement Saving & Spending Study

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Millennial, Gen X, and Baby Boomer Workers and Retirees Retirement Saving & Spending Study


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Table of Contents Methodology Workers with 401(k)s: Millennials, Gen X, and Baby boomers Workers’ 401(k) Accounts Auto-features and Target Date Funds Saving, Spending and Advice Profiles Millennials who are eligible to participate in their employers’ 401(k) but do not (eligible but not contributing or non-savers) Retirees who saved in 401(k)s Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved


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Methodology 3,026 working adults 18+ currently contributing to a 401(k) plan or eligible to contribute and having a balance of $1,000+ 1,027 adults retired in the last one to five years with a Rollover IRA or left-in-plan 401(k) balance Active participants and retirees conducted online February 19 through March 3, 2015 255 Millennials (18–33 years old) working and eligible for a 401(k) plan at current employer but not contributing and do not have a balance in that 401(k)—eligible nonparticipants (ENPs) Conducted online March 4 through March 25, 2015 Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved Representative national surveys of:


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Workers’ 401(k) Accounts


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Market Value of 401(k) Plan Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved Base: Workers Thinking about your 401(k) plan, what would you say is the current market value of that account? By Worker Generation Q.7


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Base: Millennial workers Market Value of 401(k) Plan Total Millennial Workers by Gender Thinking about your 401(k) plan, what would you say is the current market value of that account? Q.7 Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved


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Personal Deferral Rate Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved Base: Workers, expecting to contribute to their 401(k) (96%) About what percentage of your personal income does this contribution represent? By Worker Generation Q.41


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401(k) Contribution Compared With Past 12 Months Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved Base: Workers, at employer one year or longer (93%) As a percentage of your income, how does that compare with the past 12 months? By Worker Generation Q.40


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Recommended Contribution Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved Base: Workers As far as you know, what percentage of your income do financial experts typically recommend someone your age save to make sure you have a comfortable retirement? Q.42


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Increasing Your 401(k) Contribution Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved Base: Workers, “absolutely certain or very likely" How likely would you be to increase the proportion of your income you contribute to your 401(k) if... Q.43


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Reasons for Contributing Below the Maximum Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved Base: Workers, contributing below the maximum allowed to 401(k) (89%) As you probably know, you are contributing less to your 401(k) than the IRS permits you to defer from income. Please indicate below the extent to which any of the items below are a reason for this. Q.44


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Major Reasons for Contributing Below the Maximum Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved Base: Workers, contributing below the maximum allowed to 401(k) (89%) As you probably know, you are contributing less to your 401(k) than the IRS permits you to defer from income. Please indicate below the extent to which any of the items below are a reason for this. Q.44


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Influence of Match on Contribution Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved Base: Workers, expecting an employer match (86%) To what extent is your contribution rate determined by this match? You set your contribution rate... Q.46


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Retirement Expectations Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved Base: Workers Given the retirement savings you have in place right now and the rate at which you are adding to those savings, which of the statements below do you expect will be true for you in retirement? Q.53


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Base: Workers Social Security By Worker Generation To what extent do you agree or disagree with each of the following statements about Social Security? "I expect Social Security to go bankrupt before I retire." Q.38 Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved


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Auto-Features and Target Date FUNDS


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True of Target Date Funds Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved Base: Own target date funds (38%), excluding not applicable As far as you know, which of the following statements are true and which are not true of the target date funds you hold? Q.83


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True of Target Date Funds (cont.) Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved Base: Own target date funds (38%), excluding not applicable As far as you know, which of the following statements are true and which are not true of the target date funds you hold? Q.83


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Market Value and Allocation of Assets Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved Mean values unless otherwise indicated Please indicate the current market value of these assets held by you or by other members of your household. Of this total, please indicate the percentage held in… Q.77-81


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Satisfaction with Investments Overall Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved All things considered, how satisfied are you with: Q.84


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Automatic Enrollment Summary Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved As far as you recall, did you make a positive decision to enroll in your current 401(k) plan or were you enrolled automatically with the choice to opt out? As far as you recall, at what contribution rate were you automatically enrolled? Q.47, 48 Base: Workers enrolled automatically (15%)


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Opt Out Rate Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved Base: Workers enrolled automatically (15%) At what contribution rate do you think you would have opted out instead of enrolling? Q.49


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Base: Total workers who were enrolled automatically with the choice to opt out Note choices in Q49 were limited to 1+ the value provided in Q.48 in increments of 1 up to 10% or more. Automatic Enrollment Rate by Rate Would Have Opted Out Millennial Workers By Rate Would Have Opted Out Instead of Enrolling At what contribution rate do you think you would have opted out instead of enrolling? Q.48 Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved


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Attitudes About Automatic Enrollment Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved Base: Workers enrolled automatically (15%), “agree completely or somewhat" Please indicate the extent to which you agree or disagree with each of the statements below about automatic enrollment in 401(k) plans. Q.51


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Automatic Escalation Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved Base: Workers Is your contribution rate set at its current level unless you change it, or does it go up automatically each year unless you stop it? Q.50


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Spending, saving, and advice


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Dealing With Money Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved Please indicate how accurately each of the following statements describes you when it comes to money. Q.12


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Dealing With Money Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved Describes me “very or somewhat accurately" Q.12 Please indicate how accurately each of the following statements describes you when it comes to money.


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Dealing With Money (cont.) Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved Describes me “very or somewhat accurately" Please indicate how accurately each of the following statements describes you when it comes to money. Q.12


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Managing Spending Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved "True" When it comes to managing spending, which of the following statements are true or not true for you? Q.15


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Credit Card Spending Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved In the year ahead, do you expect to manage your credit card spending and debt about the same way you managed it in the past year, or do you expect do manage your credit cards and credit card debt differently? Q.13


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Managing Credit Cards Differently Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved Base: Expect to manage credit cards differently (25%) Please indicate below how you expect to manage your credit card spending and debt in the year ahead. Q.14


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#1 Funding Financial Priority Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved Base: Workers, ranked at least one item (98%) In terms of how your household is funding financial priorities this year, please rank which of the items below comes first, which comes second, which third and so on until the end of the list. If an item does not apply to you or isn’t a priority at all, enter a rank of zero.. Q.55


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#1 Funding Financial Priority (cont.) Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved Base: Workers, ranked at least one item (98%) In terms of how your household is funding financial priorities this year, please rank which of the items below comes first, which comes second, which third and so on until the end of the list. If an item does not apply to you or isn’t a priority at all, enter a rank of zero.. Q.55


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Sources of Funds for Emergency Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved If you suddenly faced an emergency that required more cash than you had on hand, to which of the following sources of funds would you turn? Q.19


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Advised Do you currently have (In the past five years, have you had) a relationship with a professional financial advisor—that's someone you pay either through fees or commissions—to assist you in financial decisions, financial product selection, planning your retirement income or in selecting providers of financial services? To be clear, this could be either a traditional advisor or a so-called robo advisor (that’s to say an online, algorithm-driven, low-cost advice platform with limited personal interaction such as Betterment or WealthFront) or both? Q.27, 28


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On Track to Meet Financial Goals All things considered, how comfortable are you that you are on track to meet your financial goals? Q.31 Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Financial Well-Being Compared With Parents Compared with how your parents lived when they were the age you are now, would you say you are: Q.30 Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Perceived Job Security Base: Workers How concerned are you that you may lose your job in the next 12 months: Q.32 Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Profiles of workers with 401(k)s: Millennials, Gen X, and Baby Boomers


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Age Q. 2 How old are you? Q.2 Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Size of Organization Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved. Base: Millennial workers If you had to guess, about how many people work for your employer at all levels and in all locations across the United States?


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Work Status Base: Workers Bearing in mind some people retire and go back to work, which one of the following phrases best describes your work situation? Q.1 Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Level of Qualification for Position Base: Workers How would you describe the fit between your skills, education, and experience and your current job? Q.58 Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Tenure at Current Employer Base: Millennial workers About how long have you worked for your current employer? Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Pay Raise Base: Workers How much of a raise (as a percent), if any, did you get in the past 12 months? Q.35 Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Personal and Household Income and Total Debt Total Workers by Generation Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Millennials who are eligible to participate in their employers’ 401(k) but do not (Eligible not contributing or non-savers)


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Age Q.B Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Gender Base: Millennial workers What is your gender? Q.A Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Education Base: Millennial workers What is your education level? Q.103/ (ENP Q.48) Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Marital Status Base: Millennial workers What is your marital status? Q.102/ (ENP Q.47) Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Tenure at Current Employer Base: Millennial workers About how long have you worked for your current employer? Q.57/ (ENP Q.31) Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Pay Raise Base: Millennial workers How much of a raise (as a percent), if any, did you get in the past 12 months? Q.35/ (ENP Q.20) Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Student Loan Debt Base: Millennial workers How much debt does your household have when it comes to student loans? Q.93/ (ENP Q.39) Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Direction of Debt Base: Millennial workers, have $1,000 or more in debt Thinking about this debt all together, that’s home equity loans, car loans, credit card debt, student loans and other consumer credit, how does that amount compare to a year ago? Q.94/ (ENP Q.40) Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Dealing With Money Base: Millennial workers, describes me “very accurately" Please indicate how accurately each of the following statements describes you when it comes to money. Q.12/ (ENP Q.9) Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Major Reasons for Contributing Below the Maximum Base: Millennial workers, not contributing or expect to contribute below the maximum allowed to 401(k) As you probably know, you are contributing less to your 401(k) than the IRS permits you to defer from income. Please indicate below the extent to which any of the items below are a reason for this. Q.44/ (ENP Q.28) Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Financial Well-Being Compared With Parents Base: Millennial workers Compared with how your parents lived when they were the age you are now, would you say you are: Q.30/ (ENP Q.16) Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Retirees who saved in 401(k)s


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Age Average Age 63 How old are you? Q.38 Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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How Long Ago Retired Base: Retirees; average: 2.7 years, median 3.0 years About how long ago did you retire: Q.8 Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Work Status Base: Retirees Bearing in mind that some people retire and then go back to work, which one of the following phrases best describes your work situation? Retired but now working (22%)… Q.1 Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Relative Earnings Base: Retirees working full or part-time (22%) Hour-for-hour worked, how much money do you make today compared with what you made before you retired? Q.64 Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Relative Hours Base: Retirees working full or part-time (22%) In terms of hours, are you: Q.65 Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Rejoined the Workforce Because... Base: Retirees working full or part-time (22%) When you rejoined the workforce after retiring did you do so: Q.66 Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Looking for Work Because... Base: Retirees looking for work (9%) Are you looking for work: Q.67 Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Has a Withdrawal Plan Base: Retirees Thinking about your investable assets—that’s your stocks, stock mutual funds, bonds, bond mutual funds, asset allocation funds including target date funds, money market mutual funds and other cash equivalents whether held in a 401(k), an Individual Retirement Account or outside the workplace savings system and any savings and checking accounts you may have—do you have a withdrawal plan under which you withdraw and use as income a certain portion of these assets each year? Q.70 Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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% Investable Assets Withdrawn Base: Retirees; average 5.5% (excluding none) About what percentage of your investable assets did you withdraw in the past 12 months? Q.71 Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Organizing Retirement Income "Very or Somewhat closely" Base: Retirees Here are several ways of organizing income in retirement. For each, please indicate how closely it describes your situation. Q.72 Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Sources of Retirement Income (Mean %) Base: Including none, items sum to 100% Approximately what percentage of your household income do you expect this source to provide in retirement? Approximately what percentage of your household income does this provide? Q.37, 63 Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Compared With When Working Base: Retirees Compared with when you were working, would you say you are now: Q.61 Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Proportion of Annual Income Replaced Base: Retirees; Average: 67% About what proportion of the annual income this household had before you retired does this household have today? Q.68 Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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True of My Retirement Base: Retirees Given your savings, income, and expenditures, which of the following statements are true of your retirement? Q.69 Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Financial Well-Being Compared With Parents Note only asked of retirees in 2014 Base: Retirees Compared with how your parents lived when they were the age you are now, would you say you are: Q.30 Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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On Track to Meet Financial Goals All things considered, how comfortable are you that you are on track to meet your financial goals? Q.31 Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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Satisfaction in Retirement Base: Retirees All things considered, how satisfied would you say you are with your retirement so far: Q.60 Retirement Saving and Spending Study RSS2 © 2015 Brightwork Partners LLC. All rights reserved.


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