Americans Express Lack Of Confidence In Finances

The Employee Benefit Research Institute’s annual retirement confidence survey finds Americans once again expressing concern about their ability to afford retirement. Among respondents, only 14 percent say they are very confident they’ll have enough money to live comfortably in retirement. Medical expenses and long-term care costs remain among their chief concerns, ranking far below their confidence in their ability to pay basic expenses. And though current retirees express a higher level of confidence than current workers, retirees also say they are significantly more reliant on social security as a major source of income than workers expect to be. Also in the report, the number of workers who said they expect to retire after age 65 has risen to 37 percent, up from 11 percent in 1991. And 60 percent of workers say the total amount of their household’s savings and investments, excluding the value of their primary home, is less than $25,000. More here.

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