The construction and extraction and engineering industries had the highest instance of significantly improving access to retirement plans and products during the last decade, according to a study by the Indexed Annuity Leadership Council. Yet, the engineering sector’s overall retirement readiness score—calculated based on the percent of money needed for retirement that respondents already reported saving—was 57.6, while construction and extraction’s was 40.9.
Workers in the construction and extraction industry are more worried about retiring and are less excited when thinking about their own retirement, compared the rest of America’s workforce. They also report working longer than initially planned to save more for retirement and indicate higher rates of switching jobs to improve retirement prospects than any other industry.
According to the study, more than one-third of workers from small businesses say their employer is “not helpful at all” in terms of retirement planning support, and almost four in 10 workers will have to work part time in their retirement years.
For more information, visit fiainsights.org/americasworkforce.
