This year, the percentage of workers who are very or somewhat confident that they will have enough money to live comfortably throughout their retirement increased to 64 percent from 60 percent in 2017. However, workers are much less confident that the Social Security system will continue to provide benefits of at least equal value to the benefits received by retirees today- 37 percent last year to 28 percent this year. This is according to the 2018 Retirement Confidence Survey (RCS), the longest-running annual retirement survey of its kind in the nation, by the Employee Benefit Research Institute (EBRI).
Some key findings from this year’s survey include:
· Confidence is on the rise:
o 26% of workers are very confident they’ll have enough money to take care of medical expenses during retirement, up from 14% in 2017
o 80% of workers are very or somewhat confident that they’ll have enough money to take care of basic expenses during retirement, up from 65% in 2017.
o 64% of workers are very or somewhat confident they (and their spouse) will have enough money to live comfortably
· Financial wellness:
o Only 42% of retirees calculated how much money they’d need to save by the time they retired so they could live comfortably in retirement
o 64% of retirees reviewed the amount of their Social Security benefit at their planned retirement age
On April 24th, EBRI Research Director Jack VanDerhei and Principal’s Assistant Vice President of Retirement, Sarah Wiener, will be available to share the full RCS results with your audience. They’ll also offer important tips for retirement planning that every American should be aware of.