Workers nearing the retirement age are becoming savvier about preparing for retirement, with 64% of employees between the ages of 51 and 60 participating in a retirement plan in 2003, a report from the Employee Benefit Research Institute of Washington shows. Participation among people in their 50s was the highest out of the other four age brackets, which were divided up every 10 years starting at age 21.

"People in that age bracket have a more immediate retirement on the horizon than others, and most likely, they are at the job they will stay at until they retire," said Craig Copeland, author of the report.

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