The Employee Benefit Research Institute’s (EBRI’s) 26th annual retirement confidence survey – the longest-running survey of its kind in the U.S. – has found that American workers are still confident in their ability to achieve a comfortable retirement.
According to the 2016 survey, titled “Worker Confidence Stable, Retiree Confidence Continues to Increase,” more than 20% of workers are “very confident” that they have enough money for a comfortable retirement. That’s up from record lows during the period between 2009 and 2013. (It was 13% in 2013.)
The details of the study indicate an even more positive situation: 43% of workers are “very confident” that they can pay for basic expenses in retirement (up from 37% in 2015); 22% of workers are “very confident” in their ability to pay for medical expenses; and 16% are “very confident” in their ability to pay for long-term care.
But may this expressed confidence be misplaced? Are workers creating this renewed confidence by actually putting money aside for their retirement?
In fact, while confidence numbers are inching up, the EBRI study indicates that many workers are not taking significant enough steps to prepare for retirement. While 69% of workers say they or their spouses have saved for retirement, many have very little to show for it; 26% have less than $1,000 saved.
Are you concerned about your ability to maintain a comfortable retirement? If so, you may want to discuss your options with your adviser, who is familiar with your individual circumstances and can help you get back on track with an appropriate investing plan.