Released on Tuesday, the 19th annual Retirement Confidence Survey posts a record-low 13% of respondents who say they are very confident of having enough money to live comfortably in retirement, down from 18% in 2008 and 27% in 2007.
Also, in addition to more employees expecting to work full-time longer (89%), more respondents also are including part-time work in their retirement plans (72%).
“Our survey first picked up the drop in retirement
confidence last year,” says EBRI's Jack VanDerhei. “Given the uncertainties
that exist about economy, it is no surprise the downward trend has continued.
By any measure, the two-year results amount to a very significant drop in
workers’ and retirees’ confidence in their retirement prospects.”
To help shore up retirement savings, employees say they are:
- Reducing expenses (81%).
- Changing investments (43%).
- Working more hours or a second job (38%).
- Saving more (25%).
- Seeking financial advice (25%).
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