Defined Contribution

Concern that the future of the federal safety net for seniors is precarious and the ubiquity of 401(k)s are prompting those born from 1979 to 1996 to get an earlier start on saving than prior generations, according to a report from the Transamerica Center for Retirement Studies.

FeeX, launched this spring, "uncovers advisory, investment and expense ratio fees and suggests alternative ways to save and reduce the cost of retirement."

Workers who kept socking it away in good times and bad saw their average balances grow at a compound rate of 6.8 percent annually during the five years of the economic crisis.

The survey found that nearly 30 percent of small businesses with a retirement plan said they would likely drop their plan, and nearly half would likely eliminate their employer contribution.

As retirees hit age 70 and are required to take minimum distributions, they are tending to do so at rate consistent with their initial withdrawal amount.

Retirees are definitely living on less but T. Rowe Price says 89 percent are somewhat or very satisfied with their retirement lifestyle.