Report Indicates Most Construction Workers Not On Track For Retirement Income Needs
A new study from nonprofit Transamerica Center for Retirement Studies (TCRS) released recently illustrates the retirement-related issues faced by workers in physically demanding jobs (physical workers) and offers actionable insights. The report, The Unique Retirement Challenges of Workers in Physically Demanding Jobs, finds that only 31 percent of physical workers in the U.S. and 21 percent globally feel they are on track to meet their retirement income needs.
Key findings include:
· Physical workers in the U.S. and globally expect approximately 30 percent of their retirement income to come from personal savings and investments.
o 47 percent of physical workers in the U.S. are habitual savers, who always make sure they are saving for retirement (35 percent global).
· Physical workers in the U.S. are more likely to be planning for retirement compared with their global counterparts, although the survey findings underscore an opportunity for improvement among all.
o 28 percent of physical workers in the U.S. have a written retirement strategy (19 percent global).
· Fewer than one in five physical workers is currently age 55 or older (18 percent both U.S. and global), raising the question: As they grow older, are they shifting into jobs that are less physically demanding, or leaving the workforce?
The report is a collaboration among TCRS, Aegon Center for Longevity and Retirement, and Instituto de Longevidade Mongeral Aegon. Findings are from an online survey of 16,000 workers and retirees, including 4,800 physical workers, in 15 countries spanning the Americas, Europe, Asia, and Australia.