If your retirement nest egg is over $1,000, you are better off than 28% of workers.
Have you accumulated a nest egg for your retirement years? If you have a stash that is over $25,000 without counting your home or any defined benefit plan (pension), you are better off than more than half of the respondents in a recent survey. Even if your nest egg is only just over $1,000, you are better off than 28% of workers. This sobering finding is part of a fact sheet released by the Employee Benefit Research Institute (EBRI) as part of the Retirement Confidence Survey (RCS).
The lack of a nest egg is strongly associated with the lack of a traditional retirement savings vehicle. Of those who had no IRA, defined contribution, or defined benefit plan, 64% were in the category that reported having less than $1,000 in a nest egg. However, respondents who reported having one of these plans were spread out across the spectrum of nest egg value. 20% of those with a plan had over $250,000 in their nest egg, and 17% had between $1,000 and 9,999 in theirs.
In short, having a retirement savings vehicle does not guarantee you will have a large nest egg, but not having a retirement savings vehicle makes it highly likely that you will have little or no nest egg.