Confidence in retirement savings remains at record low levels, according to a survey released this morning from the Employee Benefit Research Institute. EBRI’s 23rd annual Retirement Confidence Survey, the longest-running survey of its kind, reports that 21 percent are not too confident and 28 percent — the highest level in the survey’s history — are not at all confident about being able to afford a comfortable retirement. In addition, only 18 percent of current retirees say they are very confident in being financially secure, a record low.
More than half of respondents in EBRI’s survey report having some confidence in their ability to save enough before exiting the workforce, with 13 percent very confident and 38 percent somewhat confident, but the numbers are essentially unchanged from last year’s record lows. The low levels in the face of a brightening economic outlook may reflect large savings targets, according to EBRI officials: 20 percent say they need to save between 20 percent and 29 percent of their income and 23 percent say they should save 30 percent of their income or more.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access