Here’s How Multiple Industries Save for Retirement

A Guideline report analyzes numerous industries to see how they differ in retirement planning access and participation
Guideline report
Image Credit: © Bulat Silvia | Dreamstime.com

While Americans save trillions of dollars a year for retirement, not everyone can retire comfortably, and often because of a lack of access.

A Guideline report in July examined how nine separate workforces plan for their retirement, and how their employers support them on their savings journey—if at all.

The report collects data on access to retirement benefits from the Bureau of Labor Statistics’ National Compensation Survey (BLS), finding that 72% of workers are offered retirement benefits by the employers as of March 2022.

Guideline’s analysis breaks down the data into three points: Access to retirement benefits, referring to the percentage of those with access to employer-sponsored benefits; participation rate, which includes those contributing to the plan; and take-up rate, which is how the BLS categorizes employees who have decided to participate in an employer-sponsored retirement plan.  

Construction, farming, fishing, come in last  

Among the industries with the lowest rates include blue-collar occupations in construction, extraction, farming, fishing, and forestry businesses, all who came in at 65% for access to retirement benefits, a 51% participation rate, and a 78% take-up rate.

The findings aren’t particularly surprising, as retirement benefits can be hard to find in blue-collar workforces who don’t participate in a union.

However, workers in these industries who unionized were likelier to have access to retirement benefits and other workplace features. In additional data from the BLS, 95% of all union workers say they have access to retirement benefits.  

The sales industry was also found to lack retirement planning features, and particularly among part-time employees, found the BLS data. Seventy-one percent of workers in sales and related industries reported having access to retirement benefits, while 41% contributed to a plan and 57% took advantage of the benefits.

Auto-repair, truckers, production in the middle

Retirement planning benefits for installation, maintenance, and repair industries, which include auto-repair, security systems installation, locksmithing, wind turbine service, computer repair, and bike repair, varied for these workers depending on their employer’s size.

Seventy-one percent of employees reported having access to retirement benefits, while 55% contributed to a plan and 77% took advantage of the benefits.

Seventy-three percent of workers employed in the transportation industry—including truckers—said their employer provides a retirement plan, while 55% contribute to it and 75% take-up the plan.

Production workers graded just a bit higher in access to benefits—at 74% of the workforce. Fifty-nine percent said they participate in a retirement plan, and 79% take advantage of employer-sponsored benefits.

Office and administrative support workers had more access to retirement planning features than the average worker—77% said their employer provides a retirement plan, while 60% contribute to their savings and 78% take-up the benefit.  

Police officers, teachers, managers come out on top

Protective service industries, such as police officers, firefighters, correctional officers, and private investigators ranked among the highest with access to benefits, at 78% of workers. Sixty-six participate in the plan, while 85% take-advantage of the benefits.

Guideline notes that workers in this group are most likely to be involved with a union, given that the protective services industry ranks second in union membership rates. Strong pension programs also add to higher take-up rates with the protective service industry, Guideline adds.

Professional industries, including teachers and nurses, had some of the highest access to good retirement planning benefits. Eighty-seven percent of workers in these groups are offered employer-sponsored retirement benefits, 74% participate in a plan, and 85% chose to take-up these benefits.

Specifically, primary, secondary, and special education teachers ranked number one with the highest access and participation in retirement plans, at 96% and 83%, respectively.

Lastly, workers in management, business, and financial services had the highest overall access to retirement benefits, along with the highest take-up rate. Eighty-eight percent report having access to a retirement plan, with 79% participating in a plan and 89% taking-up the benefit.

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Amanda Umpierrez
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.

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