calrta members - 2017 retirement readiness assessment · 2018-02-12 · 3. mostly sufficient. 4....
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2017 Retirement Readiness Assessment
Retirement Readiness Assessment • Biennial survey – conducted since 2008. • Evaluates the overall financial status of
CalSTRS members.
Summary Findings • Use of myCalSTRS, CalSTRS.com and
Pension2.com for retirement planning increased. • Paying off student loan debt continues to rise as
an obstacle to saving for retirement. • Borrowing from retirement plans while working in a
CalSTRS-covered position decreased.
Men and Women
Retirement Savings
0
25
50
75
Num
ber o
f Res
pond
ents
Retirement Savings (n = 168)
Household Retirement Savings - Single Females (Active)
Median, $32,000 Mean, $94,000
0
25
50
75
Num
ber o
f Res
pond
ents
Retirement Savings (n = 168)
Household Retirement Savings - Single Females (Active)
0
25
50
75
Num
ber o
f Res
pond
ents
Retirement Savings (n = 92)
Household Retirement Savings - Single Males (Active)
Median, $33,000 Mean, $94,000
0
25
50
75
Num
ber o
f Res
pond
ents
Retirement Savings (n = 92)
Household Retirement Savings - Single Males (Active)
Median, $33,000 Mean, $94,000
0
25
50
75
Num
ber o
f Res
pond
ents
Retirement Savings (n = 92)
Household Retirement Savings - Single Males (Active)
Median, $32,000 Mean, $94,000
0
25
50
75
Num
ber o
f Res
pond
ents
Retirement Savings (n = 260)
Household Retirement Savings – All Singles (Active)
0
25
50
75
100
Num
ber o
f Res
pond
ents
Retirement Savings (n = 556)
Household Retirement Savings - Married Females (Active)
Median, $103,000 Mean, $221,000
0
25
50
75
100
Num
ber o
f Res
pond
ents
Retirement Savings (n = 556)
Household Retirement Savings - Married Females (Active)
0
25
50
75
100
Num
ber o
f Res
pond
ents
Retirement Savings (n = 370)
Household Retirement Savings - Married Males (Active)
Median, $107,000 Mean, $195,000
0
25
50
75
100
Num
ber o
f Res
pond
ents
Retirement Savings (n = 370)
Household Retirement Savings - Married Males (Active)
Median, $107,000 Mean, $195,000
0
25
50
75
100
Num
ber o
f Res
pond
ents
Retirement Savings (n = 370)
Household Retirement Savings - Married Males (Active)
Mean, $221,000
0
25
50
75
100
Num
ber o
f Res
pond
ents
Retirement Savings (n = 926)
Household Retirement Savings – All Married (Active)
Retirement Confidence
0
50
100
150
200
250
0Not At All Confident
1Somewhat Confident
2Confident
3Very Confident
Num
ber o
f Res
pond
ents
Confident Will Have Enough Money to
Live Comfortably Throughout Retirement (Active)
Single Female (n = 441) Single Male (n = 157)
0
50
100
150
200
250
0Not At All Confident
1Somewhat Confident
2Confident
3Very Confident
Num
ber o
f Res
pond
ents
Confident Will Have Enough Money to
Live Comfortably Throughout Retirement (Active)
Single Female (n = 441) Single Male (n = 157)
Single Female Mean 0.92
Single Male Mean 1.35
0
100
200
300
400
500
600
700
0Not At All Confident
1Somewhat Confident
2Confident
3Very Confident
Num
ber o
f Res
pond
ents
Confident Will Have Enough Money to
Live Comfortably Throughout Retirement (Active)
Married Female (n = 1,255) Married Male (n = 633)
0
100
200
300
400
500
600
700
0Not At All Confident
1Somewhat Confident
2Confident
3Very Confident
Num
ber o
f Res
pond
ents
Confident Will Have Enough Money to
Live Comfortably Throughout Retirement (Active)
Married Female (n = 1,255) Married Male (n = 633)
Married Female Mean 1.15
Married Male Mean 1.47
0
150
300
450
600
750
900
0Not At All Confident
1Somewhat Confident
2Confident
3Very Confident
Num
ber o
f Res
pond
ents
Confident Will Have Enough Money to
Live Comfortably Throughout Retirement (Active)
Female (n = 2,047) Male (n = 891)
0
150
300
450
600
750
900
0Not At All Confident
1Somewhat Confident
2Confident
3Very Confident
Num
ber o
f Res
pond
ents
Confident Will Have Enough Money to
Live Comfortably Throughout Retirement (Active)
Female (n = 2,047) Male (n = 891)
Female Mean 1.06
Male Mean 1.43
0
100
200
300
400
500
600
0Not At All Confident
1Somewhat Confident
2Confident
3Very Confident
Num
ber o
f Res
pond
ents
Confident Will Have Enough Money to
Live Comfortably Throughout Retirement (Retired)
Female (n = 1,290) Male (n = 771)
0
100
200
300
400
500
600
0Not At All Confident
1Somewhat Confident
2Confident
3Very Confident
Num
ber o
f Res
pond
ents
Confident Will Have Enough Money to
Live Comfortably Throughout Retirement (Retired)
Female (n = 1,290) Male (n = 771)
Female Mean 1.48
Male Mean 1.73
Retirement Income Adequacy
Minimum Living Expense Line, $2,240
Poverty Line, $959
0
250
500
750
1,000N
umbe
r of P
re-1
999
Ret
irees
Monthly Benefit
Member-Only Benefit Pre-1999 Retirees - 2016
Minimum Living Expense Line, $2,240
Poverty Line, $959
0
250
500
750
1,000N
umbe
r of P
re-1
999
Ret
irees
Monthly Benefit
Member-Only Benefit Pre-1999 Retirees - 2016
Minimum Living Expense Line, $2,240
Poverty Line, $959
0
250
500
750
1,000N
umbe
r of P
re-1
999
Ret
irees
Monthly Benefit
Member-Only Benefit Pre-1999 Retirees - 2016
Minimum Living Expense Line, $2,240
Poverty Line, $959
0
250
500
750
1,000N
umbe
r of P
re-1
999
Ret
irees
Monthly Benefit
Member-Only Benefit Pre-1999 Retirees - 2016
Minimum Living Expense Line, $2,240
Poverty Line, $959
0
250
500
750
1,000N
umbe
r of P
re-1
999
Ret
irees
Monthly Benefit
Member-Only Benefit Pre-1999 Retirees - 2016
Minimum Living Expense Line, $2,240
Poverty Line, $959
0
250
500
750
1,000N
umbe
r of P
re-1
999
Ret
irees
Monthly Benefit
Member-Only Benefit Pre-1999 Retirees - 2016
Minimum Living Expense Line, $2,240
Poverty Line, $959
0
250
500
750
1,000N
umbe
r of P
re-1
999
Ret
irees
Monthly Benefit
Member-Only Benefit Pre-1999 Retirees - 2016
Minimum Living Expense Line, $2,240
Poverty Line, $959
0
250
500
750
1,000N
umbe
r of P
re-1
999
Ret
irees
Monthly Benefit
Member-Only Benefit Pre-1999 Retirees - 2016
Minimum Living Expense Line, $2,240
Poverty Line, $959
0
250
500
750
1,000N
umbe
r of P
re-1
999
Ret
irees
Monthly Benefit
Member-Only Benefit Pre-1999 Retirees - 2016
Minimum Living Expense Line, $2,240
Poverty Line, $959
0
250
500
750
1,000N
umbe
r of P
re-1
999
Ret
irees
Monthly Benefit
Member-Only Benefit Pre-1999 Retirees - 2016
Minimum Living Expense Line, $2,240
Poverty Line, $959
0
250
500
750
1,000N
umbe
r of P
re-1
999
Ret
irees
Monthly Benefit
Member-Only Benefit Pre-1999 Retirees - 2016
Minimum Living Expense Line, $2,240
0
250
500
750
1,000N
umbe
r of P
re-1
999
Ret
irees
Monthly Benefit
Member-Only Benefit Pre-1999 Retirees - 2016
36%
2017 Minimum Living Expense Line (1 Adult),
$27,483
0
20
40
60
80
100
Num
ber o
f Res
pond
ents
Annual Income (n = 768)
Annual Income – Retired (Singe/Divorced/Widowed)
2017 Minimum Living Expense Line (1 Adult),
$27,483
0
20
40
60
80
100
Num
ber o
f Res
pond
ents
Annual Income (n = 768)
Annual Income – Retired (Singe/Divorced/Widowed)
11%
2017 Minimum Living Expense Line (2 Adults),
$43,252
0
50
100
150
Num
ber o
f Res
pond
ents
Annual Income (n = 1,171)
Annual Income - Retired (Married)
2017 Minimum Living Expense Line (2 Adults),
$43,252
0
50
100
150
Num
ber o
f Res
pond
ents
Annual Income (n = 1,171)
Annual Income - Retired (Married)
7%
0
100
200
300
400
500
600
1Not At All Sufficient
2Somewhat Sufficient
3Mostly Sufficient
4Completely Sufficient
Num
ber o
f Res
pond
ents
Retirement Income Sufficiently Ensures Financial
Security in Retirement Female (n = 1,283) Male (n = 772)
0
100
200
300
400
500
600
1Not At All Sufficient
2Somewhat Sufficient
3Mostly Sufficient
4Completely Sufficient
Num
ber o
f Res
pond
ents
Retirement Income Sufficiently Ensures Financial
Security in Retirement Female (n = 1,283) Male (n = 772)
Female Mean 2.62
Male Mean 2.86
Longevity
22%
78%
Works for Pay in Retirement
Yes No
51% 49%
Does Regularly Scheduled
Volunteer Work Yes No
22%
17%
5% 3%
24%
29%
Reasons for Working in Retirement
Extra income for travel,luxuries or entertainmentTo stay mentally active
To maintain socialconnectionsTo stay physically active
Necessary living expenses
Other
2017 Minimum Living Expense Line (1 Adult),
$27,483
0
10
20
30
40
Num
ber o
f Res
pond
ents
Annual Income (n = 128)
Annual Income – Pre-1999 Retirees (Single/Divorced/Widowed)
11%
2017 Minimum Living Expense Line (1 Adult),
$27,483
0
20
40
60
80
100
Num
ber o
f Res
pond
ents
Annual Income (n = 640)
Annual Income – Post-1998 Retirees (Single/Divorced/Widowed)
11%
2017 Minimum Living Expense Line (1 Adult),
$27,483
0
20
40
60
80
100
Num
ber o
f Res
pond
ents
Annual Income (n = 768)
Annual Income – Retired (Singe/Divorced/Widowed)
11%
2017 Minimum Living Expense Line (2 Adults),
$43,252
0
5
10
15
20
Num
ber o
f Res
pond
ents
Annual Income (n = 108)
Annual Income – Pre-1999 Retirees (Married)
11%
2017 Minimum Living Expense Line (2 Adults),
$43,252
0
50
100
150
Num
ber o
f Res
pond
ents
Annual Income (n = 1,063)
Annual Income – Post-1998 Retirees (Married)
7%
2017 Minimum Living Expense Line (2 Adults),
$43,252
0
50
100
150
Num
ber o
f Res
pond
ents
Annual Income (n = 1,171)
Annual Income - Retired (Married)
7%
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