Thursday, March 17, 2011

EBRI Retirement Confidence Survey Shows Continued Worker Worries, Delayed Retirement Plans

The Employee Benefit Research Institute (EBRI) reports that 27% of workers now say they are "not at all confident" about retirement, up 5 percentage points from last year. The 2011 Retirement Confidence Survey, EBRI's 21st annual survey, also published as Issue Brief No. 355, also finds that find that a significant number of workers say they now intend to retire later (at an older age) than they had planned.

Specifically, the age at which workers expect to retire continues its slow, upward trend. The percentage of workers who expect to retire after age 65 has increased over time, from 11% in 1991 and 1996 to 20% in 2001, 25% in 2006, and 36% in 2011. Of the 20% polled who say that are going to retire later than originally planned, the main reason cited was the poor economy (36%), a lack of faith in Social Security or the government (16%), a change in employment situation (15%), or because they can’t afford to retire (13%).

In addition, the survey finds more workers now expect to work for pay in retirement, with 74% reporting they plan to work in retirement (up from 70% in 2010), three times the percentage of retirees who say they actually worked for pay in retirement (23%).

Source: EBRI Press Release (March 15, 2011)

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