Only one in seven workers say they are very confident they have enough money to live comfortably in retirement, a percentage that has remained stubbornly low since the end of the recession in 2009, a new report reveals.
The Employee Benefit Research Institute, Philadelphia, and Mathew Greenwald and Associates, Washington, D.C., published this finding in EBRI’s 22nd annual Retirement Confidence Survey.
Fourteen percent of respondents in the 2012 survey say they are “very confident” they have enough money for a comfortable retirement. This compares with 13% in 2011, 16% in 2010 and 13% in 2009.
This year, 38% report they are “somewhat confident,” while 24% are “not too confident” and 23% are “not at all confident.” These figures also have changed little since the end of the 2007-2009 recession.
The survey further reveals that only a minority of workers are highly confident that they will have enough money in retirement to cover basic expenses (26%), medical expenses (13%) and long-term care costs (9%).