U.S. workers are growing increasingly pessimistic about retirement. The Employee Benefit Research Institute released a study in April showing that only 18 percent of workers polled were “very confident” they would have enough money for retirement. Last year that figure was 27 percent. This is the sharpest drop since the private non-profit organization began the surveys 18 years ago.
The bleak responses came from all age groups, as workers are buffeted by rising health costs, a weak economy and the housing crisis. Young and low-income workers gave particularly grim assessments of their retirement prospects.
The Retirement Confidence Survey was based on 1,322 telephone interviews of workers and retirees aged 25 and older. Among the retirees, only 29 percent said they were confident about their retirement—a steep decline from last year’s 41 percent figure.
