Retirement plan participation declined even as baby boomers approached retirement: Share of families age 32–61 participating in retirement plans by type, 1989–2016

Defined benefit plan Defined contribution plan Both types of plans Any plan
1989 41% 35% 17% 58%
1992 33% 35% 13% 54%
1995 28% 41% 12% 56%
1998 26% 46% 13% 59%
2001 28%  47%  15%  60% 
2004 25% 44% 11% 57%
2007 25%  47%  14%  57% 
2010 22% 42% 11% 53%
2013 21% 43% 11% 53%
2016 19%  44%  9%  54% 

Note: Since DC and DB shares include families with both kinds of plans, the share with both types is subtracted from the total to produce the share with any plan. Shares indicate whether either the respondent or his or her spouse participated in such a plan or plans on a current job (individual participation rates are lower).

Source: EPI analysis of Survey of Consumer Finance data, 2016.

View the underlying data on epi.org.