Retirement insights from a Colorado PERA perspective

A distant view shows a mountainous landscape with sloping peaks, green trees in the foreground, and a cloudy sky above.

A new report is shedding light on the challenges many workers continue to face when saving for retirement.



According to the National Institute on Retirement Security (NIRS), nearly half of working-age Americans don’t participate in any employer-sponsored retirement plan and struggle to reach recommended levels of savings. In fact, many have little to no savings at all, NIRS found.



Despite decades of policy changes and other efforts to bolster retirement security, it’s clear that many workers—especially those in the private sector—are still unable to save for retirement on their own.



<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size">The state of workers’ retirement readiness</h2>



For its report titled, <a href="https://www.nirsonline.org/research/retirementinamerica2026/" target="_blank" rel="noreferrer noopener">“Retirement in America: An Analysis of Retirement Preparedness Among Working-Age Americans,”</a> NIRS researchers used data from the U.S. Census Bureau’s Survey of Income and Program Participation. That data is as of December 2022.



Unsurprisingly, NIRS found that employees who have access to a retirement plan through work are much more likely to save money for retirement than those who don’t. Regardless of plan access, however, the analysis found most workers still aren’t saving enough.



Among all working-age adults (defined here as workers between the ages of 21 and 64), the median balance of defined contribution (DC) retirement accounts like 401(k)s was just $955 in 2022. Examining only accounts that had a positive balance and eliminating those with no savings at all, the median was $40,000. According to NIRS, workers with positive DC account balances had reached a median of just 18% of their recommended savings based on age.



There are many reasons why people might not save as much money as experts recommend, including competing financial priorities such as living expenses and debt.



Taking on debt to attend college, for example, can simultaneously improve a person’s access to employment and benefits while also making it more difficult to achieve savings goals. NIRS found that while adults who carry student loan debt are more likely to have and participate in a retirement plan through their employer, they also tend to have lower account balances and lower net worth.



<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size">Public pensions and retirement security</h2>



<figure class="wp-block-image size-large"><a href="https://content.copera.org/wp-content/uploads/2026/03/nirs-db-and-dc-participation.png"><img decoding="async" loading="lazy" width="1024" height="671" src="https://content.copera.org/wp-content/uploads/2026/03/nirs-db-and-dc-participation-1024x671.png" alt="Chart showing changes in private sector retirement plan participation from 1979 to 2023, with declining defined benefit plans and increasing defined contribution plans." class="wp-image-63927" srcset="https://content.copera.org/wp-content/uploads/2026/03/nirs-db-and-dc-participation-1024x671.png 1024w, https://content.copera.org/wp-content/uploads/2026/03/nirs-db-and-dc-participation-300x197.png 300w, https://content.copera.org/wp-content/uploads/2026/03/nirs-db-and-dc-participation-768x503.png 768w, https://content.copera.org/wp-content/uploads/2026/03/nirs-db-and-dc-participation-1536x1007.png 1536w, https://content.copera.org/wp-content/uploads/2026/03/nirs-db-and-dc-participation-2048x1342.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



Access to and participation in a retirement plan is much higher in the public sector, where many employees have access to a defined benefit (DB) plan, also known as a pension. For example, NIRS found that 88% of public administration workers and 74% of educational service workers participate in a retirement plan while overall participation is around 50%. As of the end of 2022, just 17 percent of all American workers were participating in a DB plan.



A DB plan has the benefit of making saving for retirement easy—for most Colorado PERA members, enrollment in the PERA DB Plan is automatic and their contributions to the plan are set in statute. That means employees don’t have to opt in or decide how much to save. And when they retire, PERA members can count on receiving reliable and predictable monthly income they can’t outlive.



Colorado PERA also offers all members access to the voluntary PERAPlus 401(k) and some employers offer the PERAPlus 457 Plan, <a href="https://www.copera.org/retirees/peraplus-401-k-457-plans">providing members with additional tools</a> to ensure they have the savings they need to meet their retirement goals.



While saving for retirement continues to be a challenge for many American workers, PERA remains committed to providing a secure retirement to the hardworking Coloradans who serve our state.



RELATED: <a href="https://www.copera.org/pera-on-the-issues/study-confirms-pera-a-valuable-tool-for-recruiting-retaining-public-workers" target="_blank" rel="noreferrer noopener">Study Confirms PERA a Valuable Tool for Recruiting, Retaining Public Workers</a>

Report: Many Workers Struggle to Save for Retirement on Their Own

October is National Retirement Security Month, and as we wrap up the month, we’re reflecting on how PERA has enabled generations of Coloradans who serve their communities to retire with dignity and peace of mind.



<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size">The state of retirement</h2>



Surveys often find workers who save for retirement on their own struggle to save enough to support their retirement goals. A <a href="https://mybrand.schroders.com/asset/360d3e58-5956-4497-bc8e-f8feaae2d20d/original/2025-US-Retirement-Survey-Retirement-Readiness.pdf" target="_blank" rel="noreferrer noopener">recent survey</a> by Schroders found more than 80 percent of workers with an employer-based retirement plan worry about outliving their savings, while more than half fear losing too much money if the stock market drops.



Social Security also faces an uncertain future; the latest forecasts show its trust funds are likely to <a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=newssearch&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwjJwMDli7uQAxUyD0QIHSHJE4s4ChDF9AEoAHoECBIQAQ&amp;url=https%3A%2F%2Fwww.cnbc.com%2F2025%2F06%2F18%2Fsocial-security-administration-releases-new-trust-fund-depletion-dates.html" target="_blank" rel="noreferrer noopener">run out of money in less than a decade</a>, which would lead to future reductions in benefits unless Congress takes action.



PERA, however, is on a clear path. With continued support from the State of Colorado, we expect to reach full funding by 2048, a goal that reflects both our responsibility to our members and our long-term planning discipline.&nbsp;



<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size">Pensions and retirement security</h2>



The value of a defined benefit plan—also known as a pension—is in the name: it defines what your benefit will be. A PERA member can <a href="https://copera.org/how-your-pera-benefit-is-calculated/" target="_blank" rel="noreferrer noopener">calculate their retirement income</a> from the day they’re hired because they know the factors that determine it—age, salary, and length of service. There’s no guesswork about how much to save, how to invest it, or when to withdraw. And most importantly, that income is guaranteed for life, no matter what happens in the stock market.



Retirement security is also economic security: When retirees spend their income—on groceries, housing, health care, and other goods and services—they’re supporting Colorado businesses and jobs.&nbsp;



In 2023, PERA paid $4.56 billion to more than 114,000 retirees living in Colorado. <a href="https://content.copera.org/wp-content/uploads/2024/07/economic-and-fiscal-impacts-report-2024.pdf" target="_blank" rel="noreferrer noopener">According to an analysis</a> by Boulder-based Pacey Nehls Economic Consulting, those benefit payments resulted in $7.1 billion in total economic output and supported 28,525 jobs. Retirees also paid nearly $382 million in local and state taxes on those benefits, helping support public services that make Colorado a great place to live.&nbsp;



<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size">How can I promote retirement security?</h2>



PERA’s Ambassador Program engages members in the retirement security conversation by sharing the value of PERA to all of Colorado. You can <a href="https://www.copera.org/about/legislation/ambassador-program" target="_blank" rel="noreferrer noopener">sign up for the Ambassador mailing list</a> to stay in the loop and be notified of any potential legislative changes that might affect PERA, as well as lend your voice to the conversation.



We love to hear from PERA members and retirees who have dedicated their careers to serving Colorado. Browse <a href="https://www.copera.org/member-stories" target="_blank" rel="noreferrer noopener">member stories</a> and fill out our form to share your own PERA story with us.



In addition, independent member and retiree groups like <a href="https://www.securepera.org/" target="_blank" rel="noreferrer noopener">Secure PERA</a> advocate for strengthening and protecting retirement security for Colorado’s public employees. The <a href="https://publicpensions.org/" target="_blank" rel="noreferrer noopener">National Public Pension Coalition</a> does the same on a national scale.



Providing retirement security is what we at PERA have been doing for 94 years, and we plan to continue that work for many more generations to come. Colorado’s public employees deserve it.&nbsp;



RELATED:



<ul>
<li><a href="https://www.copera.org/pera-on-the-issues/how-private-equity-helps-us-secure-public-employee-retirement">How Private Equity Helps Us Secure Public Employee Retirement</a></li>



<li><a href="https://www.copera.org/pera-on-the-issues/study-confirms-pera-a-valuable-tool-for-recruiting-retaining-public-workers">Study Confirms PERA a Valuable Tool for Recruiting, Retaining Public Workers</a></li>
</ul>

Providing Retirement Security for Colorado

October is National Retirement Security Month, providing a great opportunity as the year winds down to take a look at one’s finances, goals, and plans for retirement.



With recent research showing that many of us <a href="https://www.usatoday.com/story/money/2023/10/12/how-long-does-retirement-last/71074947007/" target="_blank" rel="noreferrer noopener">greatly underestimate how long we’ll live</a>, it’s important to plan ahead and make sure you’re on track to reach your retirement goals.



If you’re a member of the PERA Defined Benefit Plan, you’re already set for lifetime income in retirement. But if you’d like to do more to ensure your retirement security, there are steps you can take.



PERA has been sharing tips throughout October on <a href="https://www.facebook.com/ColoradoPERA" target="_blank" rel="noreferrer noopener">Facebook</a> and <a href="https://twitter.com/ColoradoPERA" target="_blank" rel="noreferrer noopener">Twitter</a>, and we’re wrapping up National Retirement Security Month with some more helpful information here.



Consider some of the items below if you’re taking stock of your financial health this month:



<ul>
<li>Save additional money in a PERAPlus plan: PERA offers a voluntary <a href="https://www.copera.org/peraplus-401-k-457-plans" target="_blank" rel="noreferrer noopener">PERAPlus 401(k) Plan</a> to all members, and some PERA employers also offer the <a href="https://www.copera.org/peraplus-401-k-457-plans" target="_blank" rel="noreferrer noopener">PERAPlus 457 Plan</a>. Both plans allow you set aside additional pre-tax dollars (there’s also a Roth option) on top of what you contribute to your PERA Defined Benefit Plan or PERA Defined Contribution Plan account.</li>



<li>Make a savings plan: A recent survey found that a surprising number of Americans <a href="https://content.copera.org/national-retirement-security-month-highlights-importance-of-planning-for-future/" target="_blank" rel="noreferrer noopener">have no savings account at all</a>. Saving money is easier said than done, but making a plan to save even a little bit at a time can make a huge difference (not to mention you can take advantage of historically high rates on savings accounts right now).</li>



<li>Take full advantage of your HSA, if you have one: If you have a high-deductible health plan with a health savings account (HSA), you might not be aware of its retirement-planning benefits. In addition to setting aside pre-tax dollars for health care expenses (one of the biggest expenses in retirement), your HSA balance is available to spend on other needs once you reach age 65. Your HSA is also exempt from required minimum distributions (RMDs).</li>



<li>Don’t forget estate planning: Estate planning isn’t just for the wealthy, and it’s not just for deciding who inherits your assets. Good estate planning can also make sure your loved ones <a href="https://www.kiplinger.com/retirement/overlooked-benefits-of-estate-planning" target="_blank" rel="noreferrer noopener">know what to do if you’re no longer able to care for yourself</a>.</li>



<li>Download the new PERA mobile app: The <a href="https://www.copera.org/pera-mobile-app" target="_blank" rel="noreferrer noopener">PERA app</a> allows members to access important information like account balance, projected monthly benefit, and service credit history, as well as fill out forms (and even apply for retirement) from their mobile phone.</li>
</ul>



Regardless of where our members are in their public service career, we have a lot of helpful resources on PERA benefits available online, including:



<ul>
<li><a href="https://www.copera.org/pera-frequently-asked-questions" target="_blank" rel="noreferrer noopener">Frequently asked questions (FAQs)</a></li>



<li><a href="https://www.copera.org/quick-tip-videos" target="_blank" rel="noreferrer noopener">Quick Tip videos</a></li>



<li><a href="https://www.copera.org/webinars" target="_blank" rel="noreferrer noopener">On-demand and live webinars</a></li>



<li><a href="https://www.copera.org/financial-wellness-library" target="_blank" rel="noreferrer noopener">Financial wellness articles</a></li>
</ul>

National Retirement Security Month Highlights Importance of Planning for Future

This is the second in a series of articles for National Retirement Security Month exploring how Colorado PERA provides retirement security to public employees.



<h2 class="wp-block-heading">Stability amid uncertainty</h2>



At a time when many people have struggled to save for retirement on their own, PERA has continued to pay retirement benefits that support retirees and Colorado’s economy.



When the COVID-19 pandemic began in early 2020, businesses shut their doors, stock markets dropped, and many people found themselves facing the loss of income and savings. That economic disruption was especially painful for older Americans who rely on their savings for income in retirement: <a href="https://www.commonwealthfund.org/publications/surveys/2021/sep/impact-covid-19-older-adults">A recent survey by The Commonwealth Fund</a> found that in the United States, 19 percent of adults 65 and older used up all or most of their savings or lost a source of income during the pandemic. That’s a higher percentage than other high-income countries included in the survey.



For public sector employees who participate in a defined benefit pension plan like what PERA offers, benefit payments have offered some financial stability during otherwise uncertain times.



<h2 class="wp-block-heading">The value of reliable income</h2>



Retirees who rely on retirement plans like 401(k)s or their personal savings have to carefully track their withdrawals during retirement to make sure they don’t overspend and deplete their accounts. But in a defined benefit retirement plan, retirees receive a monthly payment that isn’t determined by their account balance, and a retiree cannot outlive their benefit.



While the COVID-19 pandemic and its effects have been felt far and wide, PERA continued to pay monthly benefits to the thousands of retirees in Colorado who rely on them.



In 2020, PERA paid more than $4.2 billion in pension benefits to more than 107,000 retirees living in Colorado, with an average monthly benefit of $3,204. Those benefit payments translate to billions of dollars in spending, supporting local businesses and jobs. In 2019, <a href="https://content.copera.org/pera-benefits-provide-economic-stability-during-uncertain-times/">a report by Boulder-based Pacey Economics</a> calculated that retiree spending in Colorado supported more than 32,000 jobs.



The stabilizing effect of PERA benefits is especially important in Colorado’s rural areas, where retiree income makes up a greater share of area payroll. In 26 Colorado counties (nearly all rural), these distributions represent at least 10 percent of the county’s total payroll.



In addition, PERA had more than $808 million invested in Colorado-based companies, partnerships, and assets as of the end of 2020. Those investments include equity of companies headquartered in Colorado and real estate investments. PERA also employs investment managers with operations and employees in the state.



Together, PERA benefits and investments strengthen Colorado’s economy and help provide stability during periods of uncertainty. And although changes to PERA — including increased contributions and a decreased Annual Increase — have been difficult for everyone, they have resulted in a more resilient plan that is able to continue to pay monthly lifetime benefits while meeting its funding goal.

PERA Benefits Provide Economic Stability During Uncertain Times

This is the first in a series of articles for National Retirement Security Month exploring how Colorado PERA provides retirement security to public employees. 



October is National Retirement Security Month, and the events of the past year and a half have made clear the importance of planning for the future.



<h2 class="wp-block-heading">The value of a defined benefit pension</h2>



Retirement security is a major concern to many Americans right now. A recent survey by the National Institute on Retirement Security found Millennials and members of Generation X <a href="https://peraontheissues.com/survey-millennials-gen-x-especially-pessimistic-about-retirement-prospects/" target="_blank" rel="noreferrer noopener">are especially worried about saving for retirement</a> and are more likely to be concerned about how the COVID-19 pandemic might have affected their retirement plans.



According to the survey, members of all age groups agree that the average worker cannot save enough money for retirement on their own and it’s important to provide for retirees. To that end, the generations agree on the importance of defined benefit retirement plans — also known as pensions — like what Colorado PERA offers. With a pension, retirees receive a lifetime benefit they can’t outlive.



Earlier this year, we surveyed retired PERA On The Issues readers and asked them what the security of a PERA benefit means to them. Continue reading for their perspectives and their advice for preparing for the future.



<h2 class="wp-block-heading">What does your PERA benefit mean to you?</h2>



For many retirees, the value of a defined benefit is the reliable income.



Allen W., a PERA retiree now living in Wisconsin, said: “[PERA] provides regular monthly income along with Social Security, and my personal investments,” he said. “Without PERA I would have to reduce my standard of living.”



For Mike M., a retired educator from Westminster, quality of life is key: “A PERA retirement plan has allowed me to do the things I never had the time to do while working,” he said. “Travel and recreation and enjoying time with friends and family have been a big part of my life during retirement. A secure retirement plan provides me with the financial resources to do the things I always wanted to do.”



Walter R. of Colorado Springs said he appreciates the peace of mind that comes from knowing his loved ones will be taken care of: “The retirement plan truly helps us,” he said. “In addition, I elected Option 3 which will ensure my spouse continues to receive our retirement pension when I pass.”



<h2 class="wp-block-heading">What advice would you give to others?</h2>



PERA retirees said they’ve learned some important lessons on their journey toward retirement. Mark J., a retiree from Colorado Springs, said his advice for younger workers is to learn as much as they can about their benefits.



“Learn all of the PERA plan details and attend all PERA briefings long before you plan to retire,” he said.



Rob W. of Salida said he learned the importance of saving additional money for retirement: “Enroll in the PERA Defined Benefit plan and start saving in a 401(k) or 457 plan the first month of your employment,” he said.



For others, the advice is simple: Stay the course.



“If you are a working PERA member, stay in PERA if you are in a job you enjoy doing,” Mike M. said. “A retirement plan such as PERA can provide you with retirement security at a time when you need it in later years.”



We’d love to hear from you — if you’d like to share your story about what your PERA benefit means to you, contact <a href="mailto:POTImail@copera.org" target="_blank" rel="noreferrer noopener">mailto:POTImail@copera.org</a>.

What ‘Retirement Security’ Means to PERA Members

In this story:



<ul>
<li>Members of Generation X and Millennials are more concerned than other generations about their ability to save enough for retirement</li>



<li>Younger generations are also more likely to be worried about the effects of the pandemic on their retirement planning</li>



<li>Generations agree on the value of defined benefit plans like Colorado PERA</li>
</ul>



<hr class="wp-block-separator has-css-opacity"/>



A <a href="https://www.nirsonline.org/reports/generations/" target="_blank" rel="noreferrer noopener">recent survey</a> by the National Institute on Retirement Security found that Americans who fall into the Generation X and Millennial categories are more pessimistic than older generations about their retirement prospects and are more likely to be concerned about how the COVID-19 pandemic might have affected their retirement plans.



The survey also found the various age groups have some important points of agreement, including the overall state of retirement security and the need for greater access to retirement plans like those offered by Colorado PERA.



<h2 class="wp-block-heading">Where the generations differ in retirement outlooks</h2>



The National Institute on Retirement Security surveyed 1,203 people in December 2020. For the purpose of the survey, Millennials were defined as those who were 25 to 43 years old, Generation X as 44 to 55 years old, Baby Boomers as 56 to 74, and the Silent Generation as anyone 75 and older.



NIRS found that while the generations agree that there’s a retirement crisis in the United States, Generation X and Millennials have generally more pessimistic views of the situation. Seventy-two percent of Millennials and 59 percent of Generation X said they’re concerned about achieving a financially secure retirement, versus 43 percent of Baby Boomers and 26 percent of the Silent Generation.



Additionally, 64 percent of Millennials and 54 percent of Generation X said they’re more concerned about their retirement in light of the COVID-19 pandemic, while 42 percent of Boomers and 25 percent of the Silent Generation said the same.



The younger generations were also far more likely to have dipped into their emergency or retirement savings during the pandemic, according to the survey.



<h2 class="wp-block-heading">Where the generations agree</h2>



The <a href="https://www.nirsonline.org/reports/generations/" target="_blank" rel="noreferrer noopener">NIRS survey</a> found broad agreement across the generations on the challenges workers face while saving for retirement, with large majorities of each group saying the average worker cannot save enough money for retirement on their own.



The four generations also agree that it’s important to provide for retirees. Majorities of each group support Social Security and would be in favor of increasing contributions. Each group also agreed on the importance of defined benefit retirement plans, also known as pensions, which provide retirees with a lifetime benefit they can’t outlive. Eighty-one percent of Millennials described their views of pensions as favorable, and 68 percent of the Silent Generation said the same. All four generations agreed that every American worker should have access to a pension plan.



<h2 class="wp-block-heading">Where PERA factors in</h2>



In Colorado, the state’s largest workforce — public employees like state workers, teachers, corrections officers, snow plow drivers and others who serve our state — has access to a pension through Colorado PERA.<ins></ins>



PERA is a <a href="https://content.copera.org/survey-millennials-gen-x-especially-pessimistic-about-retirement-prospects/" target="_blank" rel="noreferrer noopener">hybrid defined benefit plan</a>, providing a defined benefit pension to most members and offering a choice between the defined benefit plan and defined contribution plan to others. Of those given the choice between the DB and DC plans, 9 out of 10 choose the DB option.



The average PERA member retires at approximately 59 years old and lives until their early 80s, receiving benefit payments from PERA every month while they’re retired. In 2020, PERA paid more than $4.2 billion in pension benefits to more than 107,000 retirees living in Colorado, with an average monthly benefit of $3,204. At a time when many workers are anxious about their ability to save enough for retirement, defined benefit plans like PERA not only provide peace of mind in retirement, they also serve as an effective recruiting tool for public employers looking to attract and retain employees.

Survey: Millennials, Gen X Especially Pessimistic About Retirement Prospects

In this story:



<ul>
<li>In a recently published study, a majority of Americans agree on how to combat retirement insecurity</li>



<li>Responses indicate retirees need to know more about managing investments to last through retirement</li>



<li>A majority of those surveyed said access to a defined benefit program brings security that can&#8217;t be found in 401(k)-style plans alone</li>



<li>In particular, DB plans help offset market risk and the risk of outliving savings</li>
</ul>



<hr class="wp-block-separator has-css-opacity"/>



“What do Americans think about retirement security?”



This was the central question to a <a href="https://www.nirsonline.org/wp-content/uploads/2021/02/FINAL-Retirement-Insecurity-2021-.pdf" target="_blank" rel="noreferrer noopener">study</a> conducted by the National Institute on Retirement Security. The study took place in 2020 and involved participants from across the country.



<a href="https://peraontheissues.com/national-attitudes-on-retirement-security-part-1/" target="_blank" rel="noreferrer noopener">Part 1 of this story</a> covered the issues that survey participants raised:



<ul>
<li>67% of respondents said the U.S. faces a retirement crisis</li>



<li>56% are concerned they won’t become financially secure, and 58% said it’s getting harder as time goes on</li>



<li>68% said they aren’t able to save enough to guarantee a secure retirement</li>
</ul>



In addition to highlighting concerns, the study also shed light on ideas and solutions.



<h2 class="wp-block-heading">Better Access to Information</h2>



More than 70% of those surveyed agreed: “the average retiree does not know enough about managing investments to be able to make their retirement savings last.”



This insight could mean that retirees need or want more opportunities to enhance their financial literacy.



Some organizations, including PERA, offer educational opportunities to members and customers in the form of workshops, webinars, and online tools. But not all do.



Furthermore, 55 million Americans do not even have access to the retirement savings plans that often come with these educational opportunities.



<h2 class="wp-block-heading">Limit Uncertainty in Retirement</h2>



Even the best access to sound financial information can’t eliminate certain risks:



<ul>
<li>Outliving your life expectancy – <a href="https://www.forbes.com/sites/wadepfau/2019/12/06/changing-risks-in-retirement-part-two-unknown-longevity/?sh=a120b57652bb" target="_blank" rel="noreferrer noopener">and your savings</a></li>



<li>Experiencing underperforming market returns, particularly <a href="https://www.kiplinger.com/article/retirement/t037-c032-s014-retirees-can-t-overlook-sequence-of-return-risk.html" target="_blank" rel="noreferrer noopener">at the beginning of retirement</a> &nbsp;</li>



<li>Reduced ability to manage money as you age</li>
</ul>



In the face of these uncertainties, survey participants said that defined benefit plans are a good solution for retirement planning compared to relying completely on self-directed investing plans:



<ul>
<li>54% said they would trade savings for guaranteed income.</li>



<li>65% agreed that “pensions do more to help workers achieve a secure retirement as compared to retirement savings plans such as 401(k)s.”</li>



<li>75% said: “all workers should have access to a pension plan so they can be independent and self-reliant in retirement.”</li>
</ul>



<h2 class="wp-block-heading">Final Thoughts</h2>



Retirement looks different for everyone. But obtaining a sense of security is a goal that nearly all retirees share.



Different financial tools work together to contribute to increased security:



<ul>
<li>Access to quality financial education can lead to more informed decision-making and planning</li>



<li>Access to self-directed retirement plans, including the 401(k) and 457 options PERA members have with PERAPlus, give flexibility about contributions, investments, and withdrawals</li>



<li>Access to a defined benefit plan like PERA members have leads to a stream of lifetime income, which helps offset many of the risks retirees face</li>
</ul>



Voicing support for policies that promote financial security helps ensure that retirees are able to spend their retirement years — whatever that looks like for them — in confidence.

National Attitudes on Retirement Security, Part 2

October is National Retirement Security Month. The aim: to increase understanding and emphasize the importance of planning for retirement, particularly for public employees. 



Learn about the history behind this campaign, details and resources available this year, and more below.



<ul>
<li>The National Association of Government Defined Contribution Administrators (NAGDCA) has been raising awareness of retirement preparedness since 2006. Originally conceived of as National Retirement Security Week, the campaign grew this year and now spans the entire month of October.</li>



<li>The United States Senate unanimously approved a <a href="https://www.nagdca.org/wp-content/uploads/2020/10/SRes743-NRSM-2020.pdf" target="_blank" rel="noreferrer noopener">resolution</a> acknowledging National Retirement Security Month. The resolution comes “with the goal of increasing the retirement savings and personal financial literacy of all people in the United States and enhancing the retirement security of the people of the United States.”</li>



<li>Anyone can register for webinars covering a variety of retirement-planning topics. ICMA-RC, an organization founded in 1972 to help public sector employees build retirement security, is hosting.</li>



<li>In addition to webinars, ICMA-RC created some of the most visually interesting <a href="https://www.icmarc.org/retirementmonth/for-participants/interactive-calculators.html" target="_blank" rel="noreferrer noopener">retirement calculators</a> you’re likely to come across.</li>
</ul>



Retirement planning is a year-round activity at PERA, as these stats from 2019 show.



<ul>
<li>The number of times PERA members logged into their <a href="https://www.copera.org/how-to-balance-saving-for-retirement-with-other-savings-goals" target="_blank" rel="noreferrer noopener">PERA account </a>topped 1.6 million.</li>



<li>Members were busy projecting future income as they planned their retirement budget. They ran more than 323,000 calculations using the monthly retirement benefit calculator on copera.org.</li>



<li>More than 29,000 attended a <a href="https://www.copera.org/members/webinars" target="_blank" rel="noreferrer noopener">presentation</a> led by PERA’s Field Education team.</li>



<li>PERA’s benefit counsellors held 4,560 individual appointments with members, most of whom are nearing retirement.</li>
</ul>

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