The Investment Company Institute reports, here.
IRA-type instruments continue to lead the way with 30% of the total amount saved, followed by 401k-type plans holding 27%, and government defined benefit plans at all levels 21%.
The latter figure, representing $5.1 trillion, remains remarkable in view of the fact that the taxpayers have contributed significantly to this sum through taxation, on top of funding their own retirements, or not funding them as the case may be.
As recently as 2011 the national average rate of taxpayer contributions to state employee pension plans, and teacher, police and fire retirement plans combined was 13.5%, according to data reported here by The Buckeye Institute. Contrast that with average annual personal savings rates under Bush of just 4% and under Obama of 6%. And for the most recent 5 months of 2014 the rate has fallen to 5%.
Taxpayers are funding the retirements of government workers at a rate more than double their own, which is one reason why most people haven't saved enough for their own retirements. CBS News reported again just weeks ago here that of the 66% who have saved anything for retirement, the majority have saved $25,000 or less.
Meanwhile, government pension plans, as rich as they may appear from the data, may be underfunded long term by as much as $4 trillion, according to The Boston Globe, here.
With a week left before Christmas, maybe you should make do with what you've spent so far, and put something away for a rainy day. It's a comin'.
