Overall participation
- Total workers: A 2023 analysis found that 71.5 million Americans had access to a 401(k), representing about 56.6% of the workforce. The percentage of workers who actually participate is lower.
- Access vs. Participation: In March 2022, 69% of private-industry workers had access to a retirement plan, but only 52% chose to participate. This highlights a "take-up rate" of 75% for those who were offered a plan.
Participation by income and employer size
- Income level: There is a strong correlation between income and 401(k) participation.
- 95% of workers earning over $150,000 participate.
- 28% of those earning less than $50,000 have a retirement savings plan.
- Employer size: Plan offerings differ significantly by company size.
- 91% of companies with 500 or more employees offer a retirement plan.
- 57% of small businesses with fewer than 100 workers offer one.
