More Americans Confident About Retirement

Worker confidence is up slightly, and more workers are “very confident” that they’ll have enough money to cover expenses during retirement.

Twenty-nine percent now say they are very confident about having enough money to pay for their expenses once retired, up from 25 percent in 2009. However, worker confidence was higher in 2008, when 34 percent said they felt “very confident” about money and retirement.

These findings are according to the 2010 Retirement Confidence Survey from the Employee Benefit Research Institute. Other findings from the survey report:

• Fewer workers report that they and/or their spouse have saved for retirement (69 percent, down from 75 percent in 2009, but statistically equivalent to 72 percent in 2008).
• Many workers continue to be unaware of how much they need to save for retirement. Less than half (46 percent) report they and/or their spouse have tried to calculate how much they will need to have saved for a comfortable retirement by the time they retire.
• Although the age at which workers report they expect to retire shows little change from 2009, a longer-term look finds significant change. In particular, the percentage of workers who expect to retire after age 65 has increased over time, from 11 percent in 1991 to 14 percent in 1995, 19 percent in 2000, 24 percent in 2005, and 33 percent in 2010.

Read more about the 2010 Retirement Confidence Survey and download highlights of the findings.

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