The Employee Benefit Research Institute (EBRI) released its 2012 Retirement Confidence Survey (RCS), which indicates that respondents’ confidence to be able to afford a comfortable retirement has remained unchanged. The survey also revealed that job security, debt and financial insecurity appear to be more pressing concerns for workers.
Fourteen percent of respondents are very confident in their ability to save enough money for a comfortable retirement, up from 13% in 2011. Additionally, 23% are not confident at all (down from 27%) that they will be able to save enough for retirement.
For as big of a concern that saving for retirement appears to be, 42% indicated job security as their top financial concern.
Other alarming, but maybe not surprising given the economy of late, responses were:
• Sixty-six percent report that they and/or their spouse have saved for retirement, down from 75%.
• Only 58% are currently saving for retirement, down from nearly two-thirds in 2009.
• Sixty percent report that their household’s retirement savings, not including the value of their house or pension plans, is under $25,000.
Finally, the percentage of those who believe they will work past age 65 continues to increase. In 1991, only 11% expected to work past age 65. This percentage rose to 17% in 1997; 18% in 2002; and 24% in 2007. In 2012, that number sits at 37%.
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