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Survey finds all-time low in Americans' retirement confidence
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BOSTON (MarketWatch) -- Fewer and fewer Americans these days are singing "I Have Confidence," Julie Andrews' classic song from the "Sound of Music." No it's not because the song, released some 44 years ago, has fallen out of fashion. Rather, it has more to do with the economy, inflation and the cost of living.
Workers and retirees have simply lost confidence in their ability to
either fund a comfortable retirement or enjoy a financially secure
retirement, according to the Employee Benefit Research Institute's 19th
annual retirement confidence survey released Tuesday.
Just 13% of workers say they are "very confident" about having enough money for retirement, according to the survey. That's the lowest percent of workers feeling that way since EBRI first began asking the question in 1993, and way below the 27% figure hit in 2007 -- just two years ago.
Just 13% of workers say they are "very confident" about having enough money for retirement, according to the survey. That's the lowest percent of workers feeling that way since EBRI first began asking the question in 1993, and way below the 27% figure hit in 2007 -- just two years ago.
What's worse, some 44% of workers are either "not at all" or "not too"
confident about having a secure retirement. Meanwhile, just 20% of
retirees are very confident about having a financially secure
retirement, about half the percent of retirees who were very confident
in 2007.
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