Retirement plan participation remains low despite 401(k) revolution: Share of workers who participate in a retirement plan at a current job, by age, 1992–2019

Year Ages 25–54 Ages 55–64 Age 65+
1992 54.6% 61.4% 29.4%
1995 55.5% 51.6% 33.5%
1998 54.7% 57.6% 37.9%
2001 56.1% 55.7% 21.0%
2004 54.1% 63.8% 32.6%
2007 53.1% 60.2% 40.4%
2010 52.5% 57.8% 33.2%
2013 50.1% 57.2% 39.5%
2016 51.8% 60.5% 42.2%
2019 53.4% 57.2% 36.9%

Notes: Retirement plans include traditional defined benefit pension plans and retirement savings accounts such as 401(k)s. 

Retirement plans include traditional defined benefit pension plans and retirement savings accounts such as 401(k)s. The sample includes survey respondents and spouses or domestic partners who are employees or self-employed workers (which would include small business owners). Participants in a plan are workers who answered “yes” to a question about whether they were included in any “pension, retirement, or tax-deferred savings plans” connected with their job (not including IRA or Keogh plans) and workers whose spouse or partner answered “yes” for them.

Source: Economic Policy Institute (EPI) and Schwartz Center for Economic Policy Analysis (SCEPA) analysis of 1992 to 2019 Survey of Consumer Finances microdata (Federal Reserve 2022a).

View the underlying data on epi.org.