Faced with the possibility of future reductions in employer-provided benefits, an increasing number of U.S. workers say they are willing to trade some of their pay for more secure and generous retirement and health care benefits, according to a survey of more than 9,200 workers by global professional services company Towers Watson (NYSE, NASDAQ: TW). The survey showed nearly half of the workers polled are worried about reductions in their retirement benefits over the next two years.
The Towers Watson survey found that more than half (55%) of respondents are willing to pay a higher amount from each paycheck to ensure they have a guaranteed retirement. That compares with 46% two years ago. Additionally, 50% of respondents say they would trade a portion of their pay to ensure they have access to health care benefits if they retire before they are eligible for Medicare benefits, versus 40% in 2009. More than half (53%) of those polled said they would be willing to trade a portion of their pay in return for more generous benefits.