Private sector employers offered retirement savings plans to about 63 percent of working-age people in 1999. By 2016, which had only inched up to 66 percent, the report said.
In 2015, defined contribution plans such as 401(k)s, along with individual retirement accounts, held about $12.6 trillion in assets, compared with the $2.9 trillion in traditional pensions, which have been on the decline for the last few decades. which means individuals are in charge of generating their own investment choices.
Also, the bulk of asset growth in IRAs will be due to rollovers of funds via 401(k) accounts or pension lump-sum payouts — approximately 92 percent in 2014. which means many of those IRAs exist instead of a workplace plan, rather than supplementing which.
The report also points to economic in addition to also social adjustments which have made which increasingly difficult for Americans to save for retirement.