According to the Employee Benefit Research Institute (EBRI), Americans' confidence in their ability to retire appears to be stabilizing as the volatility of the recession has abated, but their self-described preparations for retirement continue to erode. Published as EBRI Issue Brief No. 340, "The 2010 Retirement Confidence Survey: Confidence Stabilizing, But Preparations Continue to Erode", EBRI's 20th annual survey, shows that, among other things, a growing number of American workers are planning to delay retirement and fewer have saved for retirement.
With respect to when they retire, 24% of those surveyed report they have postponed their planned retirement age in the past year. Reasons given include the poor economy (29%), a change in their employment situation (22%), inadequate finances (16%), and the need to make up for losses in the stock market (12%). Looked at over a longer time, the percentage of workers who expect to retire after age 65 has continued to increase--from 11% in 1991 to 14% in 1995, 19% in 2000, 24% in 2005, and 33% in 2010.
With respect to retirement savings, the survey finds that 69% report that they and/or their spouse have saved for retirement (down from 75% in 2009), 60% say that they and/or their spouse are currently saving for retirement (down from 65% in 2009). Furthermore, it finds that an increased percentage of workers report they have virtually no savings and investments, with 27% saying they have less than $1,000 in savings, and 54% percent that the total value of their household's savings and investments, excluding the value of their primary home and any defined benefit plans, is less than $25,000.
Source: Employee Benefits Research Institute Press Release (March 9, 2010)