Fewer than half of Americans are financially prepared to maintain their standard of living after they stop working, according to Vanguard‘s Retirement Outlook.

The study, released Tuesday, highlights both progress and persistent gaps in the nation’s retirement readiness. It found that just 42% of U.S. workers are on pace to sustain their lifestyle in retirement.

Access to employer-sponsored defined contribution (DC) plans such as 401(k)s remains the single biggest factor driving financial security in later life. The report said that workers with such plans are nearly twice as likely to reach their retirement goals as those without them.

“Defined contribution plans details ⇒

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