My retirement outlook isn’t getting any better say Americans, who – according to the latest EBRI study - also worry about job security, debt, the ability to save and paying for health care costs as they age.
My retirement outlook isn't getting any better, say Americans participating in the 2012 Retirement Confidence Survey by the non-profit Employee Benefits Research Institute, and I’m also worried about my job security, debt, ability to save and paying for health care costs as I age.
The share of workers who expect to be financially secure in retirement remains essentially unchanged from 2011, reports EBRI. Twenty-one percent are very confident they will be secure in retirement and 19 percent are not at all confident. The share who expects to enjoy a comfortable retirement also remains stable. Fourteen percent are very confident they will have enough money to be comfortable in retirement and 23 percent are not at all confident.
Participants expressed high levels of concern on a range of financial issues related to retirement security, according to the study, based on telephone interviews conducted in January with 1,262 randomly selected Americans age 25 and older. More than 40 percent identified job uncertainty as the most pressing financial issue facing most Americans today, and just 28 percent said they were “very confident” they would have a job for as long as they needed it. More than 60 percent said they were worried about their personal debt levels, and only 16 percent said they were very confident that their investments would grow and only 9 percent felt confident they would be able to pay for long-term care in retirement.
Levels of concern over personal financial issues vary with age, according to a February survey of 1,150 investors conducted by Millionaire Corner. Younger investors – those ages 40 and younger – ranked job security, reducing debt and the ability to save as their top three financial concerns. Investors in their 40s worry most about having adequate retirement savings. Reducing personals debt is a close second and job security a more distant third. Investors age 50 and older worry most about retirement savings and the cost of health care. Investors in their 50s rank job security as a worry, but a relatively low-level one, while retirees express a high level of concern about inflation.
The share of workers who are saving for retirement continues to decline from three-fourths in 2009 to 58 percent for today, according to the EBRI study. Most workers report low levels of retirement savings. Sixty percent of workers report that the total value of their household’s savings and investments – not including the value of their primary home or pension plan – is less than $25,000. More than half the workers- 56 percent – say they have not tried to calculate how much money they will need to live comfortably in retirement.