The percentage of workers confident about having enough money for a comfortable retirement is unchanged from record lows observed in 2011, according to new research.
The Employee Benefits Research Institute, Washington, discloses this finding in its “2013 Retirement Confidence Survey: Perceived Savings Needs Outpaced Reality for Many.” Based on telephone interviews with 1,254 individuals (1,003 workers and 251 retirees) ages 25 and older in the U.S., the survey gauges the views and attitudes of working-age and retired Americans regarding retirement, their preparations for retirement, their confidence with regard to retirement and related issues.
Half of the workers surveyed express some level of confidence in their ability to retire, with 13 percent very confident and 38 percent somewhat confident. An additional 28 percent are not at all confident (up from 23 percent in 2012) and 21 percent are not too confident.
When asked how much they believe they will need to save to achieve a financially secure retirement, 20 percent say they need to save between 20 and 29 percent of their income each year. And nearly one-quarter (23 percent) indicate they need to save 30 percent or more.
However, only 46 percent report they and/or their spouse have tried to calculate how much money they will need to have saved by the time they retire so they can live comfortably in retirement.