Tags: Survey | workers | confident | retirement

Survey: Only 18 Percent of Workers Very Confident About Retirement

By    |   Wednesday, 19 March 2014 11:11 AM

American workers aren't very confident about having enough money for a comfortable retirement, according to a recent survey from the Employee Benefits Research Institute.

A total of 18 percent of workers are now very confident in that respect, the survey found. That's up from 13 percent in 2013. A total of 37 percent are somewhat confident, and 24 percent aren't confident at all, down from 28 percent in 2013.

After those numbers, it probably comes as no surprise that 36 percent of workers say they have less than $1,000 in retirement savings and investments, up from 28 percent in 2013.

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Confidence is much higher for wealthier workers. Among households with annual income of $75,000 or more, 36 percent said they are very confident they will be able to retire comfortably.

That compares to just 11 percent who feel that way among households with income of $35,000 to $74,000 a year.

Debt is an issue for many workers and retirees alike. A total of 58 percent of workers and 44 percent of retirees cite a problem with their debt levels.

Meanwhile, roughly half the population, including 60 percent of low-income workers, may not be able to maintain their standard of living in retirement, according to the Boston College Center for Retirement Research.

The stock market rebound since the recession has helped only slightly, since few Americans own many stocks. A 2010 Federal Reserve survey showed that stocks represent 17 percent of the wealth of high-income earners, 6 percent of middle earners and 2 percent of low earners.

According to the Employee Benefits Research Institute, 43 percent of baby boomers and generation X members are at risk of running out of money in retirement. The institute says 83 percent of the poorest 25 percent of Americans are at risk.

Elsewhere, USA Today offers five tips for increasing your retirement savings.
  • "Delay gratification" when it comes to spending.
  • "Save 10 to 15 percent of your annual income.
  • "Take advantage of matching contributions" in your workplace retirement plan.
  • Save raises, bonuses, and tax refunds.
  • "Pay off high-interest-rate credit card debt."

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American workers aren't very confident about having enough money for a comfortable retirement, according to a recent survey from the Employee Benefits Research Institute.
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2014-11-19
Wednesday, 19 March 2014 11:11 AM
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