At current savings rates, Americans are on track to replace over half of their current income in retirement. Having access to a workplace-sponsored retirement plan, meanwhile, is the No. 1 factor in determining retirement success.

The 2015 Lifetime Income Score research, spearheaded by the newly launched Empower Institute, shows working Americans on pace to replace 58% of their current income in retirement, a slight drop from 61% in 2014. That percentage includes Social Security.

It also found that lifetime income scores, or the trajectory to replace current income in retirement, are driven much more powerfully by savings behavior than by income.

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Employers who sponsor retirement plans play a major role in the ability of employees to replace their income in retirement, found the survey of 4,000 Americans. Having access to a workplace retirement plan is the No. 1 factor in determining retirement success. Employees who put 10% or more of their income in a defined contribution plan, including employer matches, also stand a better chance of retiring comfortably than those who don’t save as much. Auto features like automatic deferral rate escalation within a defined contribution plan ensure that employees are not just sticking with what they’ve deferred for years on end. Seeking professional financial advice is also important.

The survey also found that individuals could benefit from professional financial advice. Survey respondents who have a financial adviser are currently on track to replace 82% of their current income in retirement compared to 55% of those without a financial adviser.

Respondents overwhelmingly showed interest in guaranteed income options in preparing for retirement, with 74% somewhat or very interested.

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“We live in an age where the hurdles for millions of individuals to secure a sustainable, dignified retirement seem daunting, yet are achievable,” said Edmund Murphy, III, president of Empower Retirement.

That’s why the company founded its Empower Institute, which is headed by research director W. Van Harlow. The organization “will explore many aspects of the retirement savings puzzle and work to blaze the trail on potential solutions to some of the most vexing challenges on this front facing the American worker today,” Murphy said.

The 2015 Lifetime Income Score research provides a roadmap to important opportunities — leading to potentially successful outcomes — for employees, employers, retirement advisers and consultants, and policy makers, he added.

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Attitudes about the economy improved in 2015, compared to prior years’ surveys. More workers expect higher home values moving forward and concern over higher unemployment nationally and locally has dropped by about a third since 2013, the survey found. Empower also found that job security is up, with slightly fewer workers concerned about losing their job and slightly more individuals not concerned at all.

The number of workers who are delaying retirement dropped from a high of 41% in 2012 to 30% in 2015.

The survey was conducted online in January 2015 by Brightwork Partners, a specialty research and consulting firm that focuses on the retirement services market.

Headquartered in Denver, Empower Retirement administers $435 billion in assets for 7.3 million participants. Empower Retirement is the retirement business of Great-West Financial.

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