Older workers’ have become more assured of their ability to retire comfortably has rebounded modestly in the past year, although they are still not as confident as they were before the financial crisis, a survey finds.
But younger workers are growing increasingly worried over their defined benefit (DB) plan, according to the survey by Towers Watson & Company, New York, (NYSE, NASDAQ: TW).
The percentage of older workers (ages 50 to 64) who are very confident about having enough resources to live comfortably five years into retirement rebounded from 44% in March 2009 to 50% this year, Towers Watson found. In 2007, before the financial crisis, 63% of older workers said they were very confident.
The survey also noted the percentage of workers who are very confident they will have enough resources to live comfortably throughout retirement dropped sharply, with only 9% in this year’s survey believing their assets will last through 25 years of retirement, just a slight improvement since last year.