Retirement confidence, savings remain low: EBRINews added by Lauren McNitt on March 13, 2012
Lauren McNitt

Lauren McNitt

Denver, CO

Joined: September 08, 2010
Americans confidence in their ability to retire remains at historically low levels, according to a new survey.

Just 14 percent of Americans are very confident they will have enough money to live comfortably in retirement, according the Employee Benefit Research Institute 2012 Retirement Confidence Survey, sponsored by the Principal Financial Group. Job uncertainty and lack of savings add to the confidence deficiency, according to EBRI.

Forty-two percent of workers say job uncertainty is the most pressing financial issue for Americans right now. In addition, 60 percent report that the total value of their household’s savings and investments is less than $25,000.

The survey also found fewer are saving for retirement. Just two-thirds of employees report they have saved for retirement, compared to 75 percent in 2009. Fifty-eight percent said they are currently saving, while 65 percent said they were in the 2009 survey.

Retirement confidence is higher — 20 percent to 30 percent — among those who have taken action to save for retirement, such as contributing to an employer-sponsored retirement plan and seeking advice from a financial professional.
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