Summary
This report examines retirement planning and saving among the public sector work force (employees of states, counties, cities, towns and other municipalities) and worker confidence in their retirement income prospects. Compared with U.S. workers in general, public sector employees tend to be more confident that they will have enough money to live comfortably throughout retirement. State and local government employees are more likely than all workers to be retirement savers, but they are not necessarily better retirement planners. Seventy-four percent of public sector employees are currently saving for retirement, while 51% percent have tried to determine how much they need to save by the time they retire to fund a comfortable retirement. One-third of public sector employees sought investment advice from a financial advisor within the past year; confidence in the independence and objectivity of the advice impacted the incidence of follow-through.
