A report released today by the TIAA-CREF Institute and the Joint Center for Political and Economic Studies reveals that both African-American and white employees in the education sector feel confident about retirement, but that more planning may be needed.

The report, “Retirement Confidence in the Education Sector: Comparisons by Race,” analyzed data for more than 2,000 employees in the education sector --administrators, staff and teachers or faculty at both the K-12 level and the post-secondary level -- on their attitudes, behaviors and preferences toward retirement. The study also analyzed how these attributes vary by race.   

According to the report, a significant majority of both African-American and white education-sector employees voice high levels of confidence regarding retirement planning:

• Approximately 90 percent of each group is currently saving for retirement.
• Nearly 80 percent of each group is confident they are investing their savings appropriately.
• About 70 percent of each group is confident they will have enough money to live comfortably during retirement.

Moreover, a majority of each group feels confident they will not outlive their savings. That said, approximately half have determined how much they actually need to save to achieve this goal.

“It is encouraging to see that retirement confidence levels are fairly high among education-sector employees,” said Stephanie Bell-Rose, senior managing director and head of the TIAA-CREF Institute. “However, it is critical that this confidence is translated into retirement readiness, which can best be achieved by investing in financial education and awareness programs, as well as increasing access to financial advice.”

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"The study confirms that the key challenges in retirement planning among education employees are essentially the same across African-American and white populations,” said Ralph B. Everett, president and CEO of the Joint Center for Political and Economic Studies. "Too many are uncertain of how much money they need to save for a comfortable retirement, and too many feel that they are not saving enough. These are challenges we must address so that more workers can achieve a financially secure retirement."

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