Magazine article Workforce Management

Young Workers Focusing on the Future

Magazine article Workforce Management

Young Workers Focusing on the Future

Article excerpt

A growing number of workers, especially those under 40 who are in a traditional company-sponsored pension plan, are willing to exchange some of their pay for more secure and generous retirement and health care benefits, according to a recent survey by consulting firm Towers Watson & Co.

The survey of 9,218 full-time U.S. employees, found that more than half--55 percent--are willing to pay a higher amount from each paycheck to ensure a guaranteed retirement compared with 46 percent two years ago. And while older workers tend to be more concerned about retirement than their younger colleagues, the survey found that the most dramatic shift in attitudes toward retirement security has been among the under-40 set.

Among younger defined benefit plan participants, the number willing to pay for a guaranteed retirement benefit jumped from 39 percent in 2009 to 66 percent in 2011. In addition, half of all survey respondents said they would trade some pay to ensure access to health care benefits if they retire before becoming eligible for Medicare benefits, up from 40 percent in 2009. …

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