Thursday, September 02, 2010

Towers Watson Reports Improvement in Older Workers' Confidence in Retirement

A survey of U.S. workers conducted by Towers Watson finds that older workers’ confidence in their ability to retire comfortably has rebounded modestly in the past year, but confidence levels remain well below those prior to the financial crisis. Specifically, 50% of workers aged 50 to 64 are very confident about having enough resources to live comfortably five years into retirement, up from 44% in March 2009, but still down from the 63% reported in 2007.

In addition, according to "Retirement Attitudes — Part I: Confidence in Retirement," fewer older workers are now concerned about reduced or eliminated benefits in their defined benefit plans or about their employer’s ability to pay some or all benefits they’ve already earned, with the percentage of older workers who are concerned that their employer will reduce the benefits they earn in the future declined from 44% in 2009 to 39% this year, while the percentage concerned their employer will eliminate benefits they earn in the future dropped from 38% to 30%.

Source: Towers Watson Press Release (September 1, 2010)

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