January 11, 2013

Many Nonprofit Workers Are Anxious About Retirement Planning

Roughly 45 percent of nonprofit workers say they lack confidence in their ability to prepare financially for retirement, according to a study released this week by the TIAA-CREF Institute and Independent Sector.

The study expands on a 2011 survey of 1,000 nonprofit officials that identified widespread anxiety about retirement.

Among the expanded report’s findings:

• Three-quarters of nonprofit workers are saving money for retirement, but only 18 percent are very or extremely confident they’re saving the right amount.

• Forty-three percent of workers believe there is plenty of opportunity for career advancement in the nonprofit field, but 32 percent don’t think that is the case.

• Two-thirds of nonprofit workers haven’t attempted to calculate how much money they’ll need to retire.