Research from a TIAA-CREF index indicates that not-for-profit employees are on track to replace a surprising amount of their preretirement income in retirement—90 percent.
Data from the Retirement Income Index, which is based on a study of 500,000 employees actively contributing to TIAA-CREF retirement plans as of December 31, 2014, found that participants’ average plan account balance was approximately $177,000 (as of that date), which is nearly double the industry average of $91,300 (as of the same date).
More important is income replacement—how much income a participant will have in retirement, compared with his or her working income, and whether it’s adequate to pay the participant’s essential living expenses.
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