Sun Life Financial released the latest installment of its Unretirement Index on Tuesday, showing 80% of Americans believe it'll take at least three years to rebuild their nest eggs. More disturbingly, 20% believe they will never fully rebuild their savings.
More than half of respondents still working believe they'll have to work three years beyond their planned retirement date. One-quarter of respondents say they are confident they will be able to take care of medical expenses in retirement, and 42% are confident they can afford basic living expenses.
“Our latest Unretirement Index shows that American workers have surveyed the damage of the economic crisis and are coming to grips with how long it will take them to rebuild their savings and how long they will need to remain in the workforce in order to do so,” Wes Thompson, president of Sun Life Financial U.S., said in a press release.