Retirement Landscape
1. At what age are you planning to retire?
| Higher Education (N=727) | General Population (N=1,000) | |
|---|---|---|
| Under 65 | 22% | 23% |
| 65 | 18% | 23% |
| 66-68 | 22% | 24% |
| 69-70 | 15% | 10% |
| Over 70 | 10% | 7% |
| Never | 2% | 2% |
| I don’t know | 13% | 11% |
2. Thinking back 10 years ago, at what age did you think you would retire?
| Higher Education (N=727) | General Population (N=1,000) | |
|---|---|---|
| Under 65 | 26% | 32% |
| 65 | 30% | 32% |
| 66-68 | 17% | 13% |
| 69-70 | 9% | 7% |
| Over 70 | 7% | 5% |
| Never | 2% | 3% |
| I don’t know | 9% | 9% |
3. How would you compare your retirement savings and planning behavior compared to your peers? Would you say your retirement savings and planning behavior is…
| Higher Education (N=727) | General Population (N=1,000) | |
|---|---|---|
| NET: More diligent | 53% | 56% |
| Much more diligent | 17% | 20% |
| More diligent | 36% | 35% |
| About the same | 35% | 32% |
| NET: Less diligent | 12% | 12% |
| Less diligent | 10% | 9% |
| Much less diligent | 2% | 3% |
Retirement Plan Loans
4. Have you ever taken a loan from the savings in your retirement plan?
| Higher Education (N=727) | General Population (N=1,000) | |
|---|---|---|
| Yes | 16% | 29% |
| No | 84% | 71% |
5. [If yes] How much of your savings did you borrow?
| Higher Education (N=117) | General Population (N=285) | |
|---|---|---|
| 10% or less | 30% | 26% |
| 11-20% | 19% | 23% |
| 21-30% | 12% | 17% |
| 31-40% | 15% | 13% |
| 41-50% | 10% | 8% |
| More than 50% | 7% | 9% |
| Not sure | 6% | 4% |
6. [If yes] Did you decrease your contribution rate while you were paying back the loan?
| Higher Education (N=117) | General Population (N=285) | |
|---|---|---|
| Yes, I contributed 75% or more of what I’d contributed previously | 9% | 19% |
| Yes, I contributed 50% to less than 75% of what I’d contributed previously | 17% | 17% |
| Yes, I contributed 25% to less than 50% of what I’d contributed previously | 11% | 10% |
| Yes, I contributed 25% or less of what I’d contributed previously | 1% | 6% |
| Yes, I stopped contributing entirely while I paid back my loan | 8% | 5% |
| No, I kept the same rate of contribution while making loan payments | 54% | 43% |
7. [If yes] Which of the following best describes how you feel about taking out the loan on your 401(k) or 403(b)?
| Higher Education (N=117) | General Population (N=285) | |
|---|---|---|
| I regret it and would not do it again | 21% | 21% |
| I regret it but would do it in the future | 21% | 23% |
| I don’t regret it but would not do it again | 27% | 23% |
| I don’t regret it and would consider doing it again in the future | 31% | 33% |
Retirement Plan Matching Contributions
8. Does your employer offer a matching incentive where if you contribute to the retirement plan they match all or a percentage of your contribution?
| Higher Education (N=727) | General Population (N=1000) | |
|---|---|---|
| Yes | 73% | 78% |
| No | 22% | 17% |
| I don’t know | 5% | 5% |
9. [If yes] What percentage of your salary will your employer match?
| Higher Education (N=533) | General Population (N=780) | |
|---|---|---|
| Less than 1% | 3% | 1% |
| 1-4% | 20% | 39% |
| 5-8% | 43% | 34% |
| 8-12% | 23% | 10% |
| More than 12% | 4% | 9% |
| I don’t know | 7% | 7% |
10. [If yes] How much of your contribution does your employer match?
| Higher Education (N=533) | General Population (N=780) | |
|---|---|---|
| 0-25% of my contribution | 23% | 27% |
| 26-50% of my contribution | 13% | 23% |
| 51-75% of my contribution | 8% | 13% |
| 76-99% of my contribution | 6% | 6% |
| All of my contribution | 40% | 23% |
| I don’t know | 9% | 9% |
11. [If yes] Do you contribute the maximum amount that your employer will match?
| Higher Education (N=533) | General Population (N=780) | |
|---|---|---|
| Yes | 82% | 77% |
| No | 13% | 20% |
| I don’t know | 5% | 3% |
Retirement Plan Enrollment
12. Did your current employer automatically enroll you in the company’s 401(k) or 403(b) retirement savings plan?
| Higher Education (N=727) | General Population (N=1000) | |
|---|---|---|
| Yes | 44% | 44% |
| No | 50% | 53% |
| I don’t know | 6% | 3% |
13. [If no] How long did you wait before enrolling in the plan?
| Higher Education (N=404) | General Population (N=556) | |
|---|---|---|
| Less than 3 months | 54% | 41% |
| 3 months to less than 6 months | 8% | 15% |
| 6 months to less than 1 year | 10% | 13% |
| 1 year to less than 2 years | 10% | 14% |
| 2 years or more | 13% | 10% |
| I don’t know | 6% | 7% |
14. [If no] Which of the following, if any, had an impact on your decision to enroll in the plan? Please select all that apply.
| Higher Education (N=404) | General Population (N=556) | |
|---|---|---|
| Printed materials from your employer | 32% | 31% |
| Conversation with friends or family | 26% | 31% |
| Conversation with HR or benefits administrator | 30% | 23% |
| Printed materials from your retirement provider | 20% | 20% |
| Conversation with advisor or other representative from retirement provider | 16% | 20% |
| None of these | 18% | 17% |
| Email from your employer | 11% | 10% |
| Online tool or calculator | 6% | 10% |
| Other | 13% | 9% |
| Email from your retirement provider | 5% | 5% |
Transitioning to Retirement
15. What will be the most important factor in determining when you retire?
| Higher Education (N=727) | General Population (N=1000) | |
|---|---|---|
| Financial readiness | 52% | 52% |
| Health | 15% | 22% |
| Mandatory retirement age | 4% | 7% |
| No longer feeling engaged at work | 15% | 18% |
| Desire to pursue new interests | 11% | 10% |
16. What are you most looking forward to about retirement?
| Higher Education (N=727) | General Population (N=1000) | |
|---|---|---|
| Travel | 27% | 24% |
| Time with friends and family | 14% | 15% |
| Hobbies | 4% | 8% |
| Volunteer work | 3% | 4% |
| Flexibility to do what I want, when I want | 44% | 44% |
| I’m not looking forward to it | 6% | 2% |
| Other | 2% | 1% |
17. What steps have you taken already to prepare for retirement? Please select all that apply.
| Higher Education (N=727) | General Population (N=1000) | |
|---|---|---|
| Calculated how much income you will need every year in retirement | 31% | 28% |
| Purchased an annuity | 12% | 9% |
| Saved in an IRA | 42% | 34% |
| Purchased long-term care insurance | 15% | 11% |
| Saved in a healthcare savings account | 14% | 12% |
| Consolidated your retirement savings in one account | 11% | 11% |
| Met with a financial advisor | 36% | 22% |
| Asked your employer for help | 3% | 5% |
| Asked your friends and family for help | 6% | 9% |
| Investigated the possibility of part-time or consulting work | 19% | 15% |
| Made plans to spend more time with new or current hobbies | 14% | 12% |
| Researched travel or other leisure activities | 18% | 12% |
| Researched or visited new places to live | 14% | 14% |
| Other | 5% | 4% |
| None | 13% | 16% |
18. How will your lifestyle in retirement be different than it is today? Please select all that apply.
| Higher Education (N=727) | General Population (N=1,000) | |
|---|---|---|
| I will be working part-time | 37% | 31% |
| I will do more volunteer work | 37% | 21% |
| I will spend more conservatively for entertainment and other non-necessities | 31% | 36% |
| I will travel more inside and outside the US | 54% | 43% |
| I will downgrade my living quarters to something smaller and less costly | 31% | 25% |
| Other | 9% | 6% |
| None of the above | 6% | 9% |
19. [Among Respondents Age 55-64] As you approach retirement, what do you wish you had done differently when you were younger? Please select all that apply.
| Higher Education (N=179) | General Population (N=140) | |
|---|---|---|
| Started saving for retirement sooner | 45% | 52% |
| Saved more of my salary for retirement | 35% | 47% |
| Lived a more moderate lifestyle | 14% | 9% |
| Spent more time with my family | 16% | 14% |
| Taken less time out from my career to care for children or aging parents | 2% | 2% |
| Worked more diligently to advance in my career for higher-paying positions | 15% | 9% |
| Worked with a financial advisor to help me save more intelligently | 20% | 18% |
| Invested my retirement savings more conservatively | 6% | 9% |
| Invested my retirement savings more aggressively | 25% | 34% |
| Other | 6% | 6% |
| None | 18% | 6% |
TIAA-CREF Survey Methodology
TIAA-CREF’s Higher Education Survey was conducted among a sample of 727 adults currently contributing to an employer-sponsored retirement plan, conducted by KRC Research, an independent research firm. The survey was conducted between May 19 and June 16, 2014.
Statistics about the general population of adults come from a TIAA-CREF survey, also conducted by KRC Research, which polled a random sample of 1,000 adults nationwide with an employer-sponsored retirement plan. The survey was conducted between May 19 and May 28, 2014. Data was weighted by key demographic variables to ensure the sample is representative of the employed population contributing to defined-contribution plans. Participants in each survey were asked identical questions.
Respondents for these surveys were selected from among those who have volunteered to participate in online surveys and polls. Because the samples are based on those who initially self-selected for participation, no estimates of sampling error can be calculated. All sample surveys and polls may be subject to multiple sources of error, including, but not limited to, sampling error, coverage error, error associated with nonresponse, error associated with question wording and response options.