The future is not looking any brighter for retiring Americans, who say their confidence in retirement preparedness is overwhelmingly low. Of those surveyed in an annual national study by the Employee Benefit Research Institute, just 14% say they are very confident they will have enough money to retire comfortably.
Job security is the overarching concern among those approaching retirement age with 42% saying it is the most pressing financial issue today.
The EBRI poll results, released this week, indicate that retirement readiness is the same year-over-year as in 2011, with savings and investments continuing to remain at a low. A majority of workers—60%—report they have less than $25,000 in household savings and investments, excluding the value of their home.
Additionally, Americans expect that they will work longer, with a quarter of those surveyed saying their expected retirement age has increased just in the past year. More than half say they have not calculated how much they will need to retire comfortably.
View the study.
Written by Elizabeth Ecker