According to a new survey by Charles Schwab (SCHW), most workers say they will need to fund their full retirements and cannot rely on government benefits such as social security.
Of those surveyed, 89 percent said they are relying on themselves for retirement funds once they stop working full time. Five percent said that they are relying on the government and 4 percent said that they are relying on a spouse. Sixty-one percent of respondents said that their 401(k) savings will be their only or largest source of retirement savings.
More than 1,000 workers between the ages of 25 and 75 were surveyed. The survey only recorded the results of those who contribute to their employer’s 401(k) plans.
