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Road to Retirement: A Paychex Special Report

  • Retirement
  • Last Updated: 02/27/2024

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The Federal Reserve issued a report in 2021 revealing that nearly 25% of non-retired adults in the United States have no retirement savings. There are many possible explanations as to why people, in general, are not saving for retirement — rising inflation, the cost of higher education, credit card debt, access to workplace retirement plans, and a lingering impact of the COVID-19 pandemic are among the examples.

Federal and state governments have taken varying degrees of action to help employees save for a secure retirement. In 2023, less than half of U.S. employers offered a retirement plan, while nearly 40% of employees participated.

This report shows trends in small businesses (1-49 employees) across generations, gender, industries, and states, according to Paychex client data, and provides analysis and insights on the current challenges and potential solutions ahead.