Vestwell survey: 85% of employees expect employer to offer retirement benefits

Vestwell's February 2024 survey of 1,200 employees found that 85% expect their employer to offer retirement benefits, up from 72% a year earlier. Another 89% said they would be more likely to keep working for an employer that offers a retirement benefit.

Among respondents, 62% said they should defer 10% or more of salary to retire comfortably, and 34% said they contribute that much. Vestwell's own 401(k) and 403(b) account holders averaged a 6.4% deferral rate in 2023.

Affordability was the stated obstacle: 40% said not being able to afford contributing was their biggest worry. Asked what would motivate them to save more, 62% chose a higher salary and 18% chose an increased employer match.

Vestwell also reported that 98% of participants attributed 'some level of importance' to guaranteed lifetime income payments such as a deferred annuity in workplace benefits. The question accepted any degree of importance, so the result does not show how many would choose one.