A Compendium of Findings About the Retirement Outlook of …

1 A Compendium of Findings About the Retirement Outlook of Workers21stAnnual transamerica Retirement Survey of WorkersNovember 2021 2021 transamerica Institute About the report About the Authors Page 3 About the transamerica Center for Retirement Studies Page 4 About the SurveyPage 5 Methodology: 21st annual transamerica Retirement Survey of WorkersPage 6 Demographic Segment Terminology & Sample SizesPage 7 Acknowledgements Page 8 Introduction to A Compendium of Findings About the Retirement Outlook of Workers Page 9 Influences of Demographics on Retirement Readiness Workers and Employment Status Page 10 Work Arrangements Page 55 Urbanicity Page 99 Household Income Page 143 Race/Ethnicity Page 187 LGBTQ+ Status Page 231 Caregiver Status Page 275 Table of Contents 2 About the Authors 3 Catherine Collinson serves as CEO and president of transamerica Institute , a nonprofit private foundation which includes transamerica Center for Retirement Studies.

2 She is a champion for Americans who are at risk of not achieving a financially secure Retirement . Catherine oversees all research, publications, and outreach initiatives, including the annual TransamericaRetirement Survey. With more than two decades of experience, Catherine is a nationally recognized voice on Retirement trends for the industry. She has testified before Congress on matters related to employer-sponsored Retirement plans among small business, which featured the need to raise awareness of the Saver s Creditamong those who would benefit most from the important tax credit. In 2018, Catherine was named an Influencer in Aging by PBS Next Avenue. In 2016, she was honored with a Hero Award from the Women s Institute for a Secure Retirement (WISER) for her tireless efforts in helping improve Retirement security among women. Catherine serves on the Advisory Board of the Milken Institute s Center for the Future of Aging.

3 She co-hosts the ClearPath: Your Roadmap to Health & WealthSMpodcast on Baltimore s WYPR, an NPR news station. Catherine is employed by transamerica Corporation. Since joining the organization in 1995, she has held a number of positionswith responsibilities including the founding of transamerica Center for Retirement Studies as a nonprofit private foundation in 2007 and its expansion into transamerica Institute in 2013, as well as the creation of the Aegon Center for Longevity and Retirement in Rowey serves as vice president of transamerica Institute. She is a Retirement and aging expert and helps manage and execute all research initiatives, including the annual transamerica Retirement Survey. Patti has more than 20 years of markettrends experience, specializing in research covering Retirement , healthy aging, age-friendly employment practices, employer benefits, and financial services.

4 She is employed by transamerica Chois a senior research content analyst for transamerica Institute. She began her career as an intern at transamerica Center for Retirement Studies in 2012. She joined the organization full time in 2014 upon graduating from the University of Southern California. She is employed by transamerica transamerica Center for Retirement Studies 4 transamerica Center for Retirement Studies (TCRS) is a division of transamerica Institute (The Institute), a nonprofit, private foundation. TCRS is dedicated to educating the public on emerging trends surrounding Retirement security in the United States. Its research emphasizes employer-sponsored Retirement plans, including companies and their employees, retirees, and the implications of legislative and regulatory changes. For more information About TCRS, please visit more information About transamerica Institute, please visit transamerica Institute is funded by contributions from transamerica Life Insurance Company and its affiliates and may receive funds from unaffiliated third parties.

5 TCRS and its representatives cannot give ERISA, tax, investment, or legal advice. This material is provided for informational purposes only and should not be construed as ERISA, tax, investment, or legal advice. Interested parties must consult and rely solely upon their own independent advisors regarding their particular situation and the concepts presented here. Although care has been taken in preparing this material and presenting it accurately, TCRS disclaims any express or implied warranty as to the accuracy of any material contained herein and any liability with respect to the Survey5 Since 1998, transamerica Center for Retirement Studies (TCRS) has conducted a national survey of business employers and workers regarding their attitudes toward Retirement . The overall goals for the study are to illuminate emerging trends, promote awareness, and help educate the public.

6 It has grown to be one of the longest running and largest national surveys of its kind. Limited Print and Electronic Rights. This document and trademark(s) contained herein are federally registered or otherwise protected by law. This representation of transamerica Institute intellectual property is provided for noncommercial use only and this work is licensed under the Creative Commons International License. To view a copy of this license, visit send a letter to Creative Commons, PO Box 1866, Mountain View, CA 94042, posting of this publication online is prohibited. Permission is required from transamerica Institute/TCRS to reproduce, or reuse this work, in any form, or any of transamerica Institute/TCRS research or other proprietary documents for commercial use. Methodology: 21stAnnual transamerica Retirement Survey of Workers 6 The analysis contained in this report was prepared by the research team at transamerica Institute, transamerica Center for Retirement Studies (TCRS), and the Harris Poll.

7 A 25-minute online survey was conducted within the by The Harris Poll on behalf of transamerica Institute and TCRS between November 17 and December 29, 2020 among a nationally representative sample of 10,192 respondents. The data in this report is shown for a subsample of 3,109 workers in for-profit companies. Worker respondents met the following criteria: residents, age 18 or older Full-time or part-time in a for-profit company employing one (1) or more employees Data were weighted as follows: Census data were referenced for education, age by gender, race/ethnicity, region, household income, education, employment, marital status, and size of household where necessary to align them with their actual proportions in the population. The weighting also adjusts for attitudinal and behavioral differences between those who are online versus those who are not, those who join online panels versus those who do not, and those who respond to surveys versus those who do not.

8 Percentages are rounded to the nearest whole percent. This report uses the following terminology, and included sample base sizes listed:Demographic Segment Terminology and Sample Base Sizes 7 Demographic SegmentSample Base SizeEmployment Status All workers n=3,109 Full-time: n=2,590 Part-time: n=519 Urbanicity Urban:n=1,297 Suburban: n=1,358 Rural: n=454 LGBTQ Status LGBTQ+ (includes lesbian, gay, bisexual, transgender, queer, other): n=268 Non-LGBTQ+: n=2,812 Caregiver Status All Caregivers: n=1,241 Current Caregiversn=763 Past Caregiversn=548 Non-Caregiversn=1,836 Flexible Work Arrangements In-Personn=1,520 Remoten=1,221 Equally In-Person and Remoten=477 Household Income Less than $50Kn=659 $50K-$99Kn=1,172 $100K or moren=1,213 Race/Ethnicity White (non-Hispanic): n=1,990 Black/African American: n=306 Hispanic:n=483 Asian American/Pacific Islandern=218 Kelly AllsupAurora AresNanneBosKent CallahanSean CassidyHeidi ChoCatherine CollinsonAndrew CookRobert Daniels Phil EckmanBrianForbesCathyLeeFredricksonLard FrieseWill FullerAcknowledgementsArthur van ReeDavid Schulz Laura ScullyFrank SottosantiSanjana TharuvesanchiMihaela VinczeAshlee Vogt Patti Vogt RoweyHolly Waters Steven Weinberg Kimberly Welch Hank Williams Allison Wilson 8 Michele GosneyCarson GutierrezMarielle HarsveldtDavid HopewellElizabeth JacksonMorgan KarbowskiDavid KraneCormac Mac RuairiNicole MalikBryan MayaenMaurice PerkinsKaryn PolakJamie PostonJulie QuinlanDemographic influences can profoundly affect a worker s ability to save and prepare for a financially secure Retirement .

9 A greater understanding of these influences can help identify opportunities, envision solutions, and inform public policy priorities for strengthening our Retirement system. A Compendium of Findings About the Retirement Outlook of Workers ( Compendium ), a collaboration between nonprofit transamerica Institute and its transamerica Center for Retirement Studies (TCRS), explores the health, employment, and finances of workers amid the COVID-19 pandemic. It offers 35 key indicators of Retirement readiness by employment status, work arrangements, urbanicity, household income, race/ethnicity, LGBTQ+, and caregiver status. As part of the 21stAnnual transamerica Retirement Survey of Workers, the Compendium is based on a survey of employed workers conducted in late 2020. It is a follow-up report to Living in the COVID-19 Pandemic: The Health, Finances, and Retirement Prospects of Four Generations and Life in the COVID-19 Pandemic: Women s Health, Finances, and Retirement Readiness of Workers (Employment Status)Detailed Findings10 The Compendium explores Retirement readiness by employment status and offers comparisons of full-time and part-time workers.

10 In general, full-time workers are more confident and engaged in saving and preparing for Retirement than part-time workers. A structural contributing factor is full-time workers are more likely to be offered Retirement benefits from their employers. Amidthe pandemic, part-time workers are more likely to have experienced negative impacts to their employment which can be disruptive to their ability to save for Indicators of Retirement Readiness Retirement Confidence. Amid the coronavirus pandemic, almost three in four workers (73 percent) are confident they will be able to fully retire with a comfortable lifestyle, including 24 percent saying they are very confident and 49 percent saying they are somewhat confident. Full-time workers are more likely than part-time workers to be confident in their ability to retire comfortably (75 percent and 62 percent, respectively).