The Employee Benefit Research Institute completes an annual study about retirement confidence among workers. The findings for the 27th annual Retirement Confidence Survey have been released for this year. Check out the stats below:
- 79% of today's retirees feel very or somewhat confident about having enough money to live comfortably throughout their retirement years, up from 75% in 2016.
- 60% of today's workers feel very or somewhat confident in having enough money to retire comfortably, down from 64% in 2016.
- Only 18% of workers feel very confident about their financial prospects in retirement, down from 21% in 2016.
- Workers who say that they or their spouse have a retirement plan are more than twice as likely as those without a plan to be at least somewhat confident (71% vs. 33%) and are 10 times more likely to be saving for the future.
- Three-quarters of today's workers hope to retire at age 65 or later, however 23% of current retirees retired at that age. In reality, 39% retired before age 60.
If you're feeling worrisome about your financial planning future, read our readiness checklist. It will help get you started!
To take your financial education a step further, check out our resources page!