Wednesday, March 14, 2012

EBRI: Retirement Confidence Survey Shows Continued Concerns among U.S. Workers

The Employee Benefit Research Institute (EBRI) has released its 2012 Retirement Confidence Survey and reports that Americans’ confidence in their ability to retire comfortably is stagnant at historically low levels and employment insecurity looms large. Among other things, the "The 2012 Retirement Confidence Survey: Job Insecurity, Debt Weigh on Retirement Confidence, Savings" finds that 25% of workers say the age at which they expect to retire has changed in the past year: while, in 1991, 11% of workers said they expected to retire after age 65, by 2012 that has grown to 37%.

The poor economy (36%), lack of faith in Social Security or the government (16%) and a change in employment situation (15%) were the most frequently cited reasons for postponing retirement.

Among other findings:
  • 42% identify job uncertainty as the most pressing financial issue facing most Americans today;
  • 60% of workers report 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;
  • half of current retirees surveyed say they left the work force unexpectedly due to health problems, disability, or changes at their employer, such as downsizing or closure.
Source: EBRI Press Release (March 13, 2012)

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