3. Less-Educated Workers

Educational attainment inspires retirement confidence, the report found. Among those age 25 and older, workers with a college degree are twice as likely as those without a degree to be “very” confident in their ability to fully retire with a comfortable lifestyle (35% vs. 17%).

“Educational attainment brings career opportunities, higher pay, and better employer benefits which translate to improved retirement confidence,” Collinson said.

Eighty-two percent of workers with a college degree are offered a 401k or similar plan by their employer, and 87% of them participate. In comparison, only 67% of workers without a college degree are offered a plan, and just 74% participate.

Workers without a college degree have saved $32,000 in total household retirement accounts, which is dramatically less than the $170,000 saved by workers with a college degree (estimated medians).

Forty-two percent of workers without a college degree expect to retire at age 70 or older or do not plan to retire. Thirty-two percent expect Social Security to be their primary source of retirement income.

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