Americans Are Not Confident About Retirement Funds

An annual survey conducted by the Benefit Research Institute (EBRI) proved that workers are not confident they will have enough money for retirement. The study interviewed more than 1,300 people age 25 and older and the numbers showed the lowest percentage of worker confidence since the 2001 recession. The percentage of confidence from last year shows this year is the biggest drop in confidence in the survey’s 18 year history.

Not surprisingly, those who reported being ‘very confident’ about retirement funds fell 18 percent this year, as opposed to last year. The reasons for this lack of confidence include rising health care costs, rising gas prices, a decline in home values, a drop in portfolio balances and an overall faltering economy. Many are worried we will find ourselves in another recession.

Many are worried that they will not have enough for retirement and although this is an issue, 22 percent reported no savings at all toward retirement funds.

Those who do have savings for retirement still do not have enough to compensate for rising costs and a declining economy. Around 50 percent have only set aside $25,000 or less, while 24 percent have saved between $25,000 and $99,000.

When workers were asked what they worried about most, 27 percent said long-term care costs and 22 percent said medical expenses. Retirees reported similar results, with 28 percent worried about long-term care and 15 percent worried about medical expenses.









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