9/27/2010

Americans May Not be Prepared for Retirement Expenses

Employee Benefit Research Institute (EBRI) recently completed their annual Retirement Confidence Survey for 2010.  Key findings indicate that "Americans’ attitudes toward retirement have clearly tracked the economy the last couple of years,” said Jack VanDerhei, EBRI research director and co-author of the survey.  “Unfortunately, while their attitudes are stabilizing, their preparation for retirement is not. A distressing number of people have no savings at all.”

While Americans may not be increasing their savings toward retirement, they have indeed adjusted their expectations for the age they will discontinue working with 24% of workers indicating that they will postpone their retirement from their anticipated retirement age one year ago.  Over 33% of those surveyed indicate that they will retire after age 65 (compared with 11% in 1991). 

Additionally, less than half (48 percent) are confident that the will have sufficient money to take care of their medical expenses in retirement - the lowest percentage in 10 years.   Eleven percent reported being very confident which is down from 20 percent in 2001.

EBRI Retirement Confidence Survey

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