Americans Have Good Reason To Be Worried About Retirement

“>APAn annual survey released today by the Employment Benefit Research Institute shows Americans’ outlook on retirement is dismal.

Only 13 per cent of workers reported being “very confident” when it comes to saving for retirement. And almost double that amount — 28 per cent — said they were “not at all confident” about their post-working years.

According to survey data, much of that insecurity stems from a mix of poor preparation and a focus on paying day-to-day expenses rather than saving for the long-term. We’ve compiled the most interesting charts to show just how scary the retirement problem is.

The cost of health care is a huge concern for many. Less than half of workers feel ready to handle medical and long-term care expenses.

Debt is also a huge issue: Only 34 per cent of workers report having lower debt compared to five years ago.

Many workers still don't trust that the recent economic upswing will last. About 1/4 are uncertain they'll have a job as long as they need it.

Still, they're planning to retire later.

Meanwhile, 10 per cent say they never plan to retire.

Most blame the poor economy.

Not knowing how much to save is another huge problem. Less than half of workers have done the maths.

Of those who have, the majority pegged the number at higher than $250,000.

Right now, 57 per cent of workers say they're actively saving for retirement.

Now read more about retirement

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