Worker Confidence In Retirement Security Drops To Record Low

Seniors

Photo: Adult centre of Prescott

More than a quarter of U.S. workers believe that they cannot afford to retire, according to a new report from the Employee Benefit Research Institute.Some highlights from the report:

  • About 27% of U.S. workers are “not at all confident” about their retirement savings, the highest percentage in two decades.
  • The increase was primarily among those who have saved less than $100,000; 43% of those with less than $25,000 in savings lack confidence in their retirement security this year, up from 19% in 2007.
  • About 39% of workers believe they will need to save at least $500,000 to retire comfortably.
  • More than half of those surveyed had less than $25,000 in savings and investments.
  • About 42% of respondents could only guess their retirement savings.

h/t Bloomberg

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