2009 Retirement Confidence Survey by The Employee Benefits Research Institute surveyed your confidence and ability to secure a financially comfortable retirement:
1. 89% - expected retirement age has increased because of poor economy, the need to make up for losses in stock market and because they want to make sure they have enough money
2. 72% say they plan to work for pay after they retire.
3. What they are currently doing to help themselves
81% Were reducing expenses
43% Changed the way they invest their money
38% Worked more hours or a second job
25% Saved more money
25% Sought advice from a financial professional
4. 50% had not reviewed their 401K, IRA or other pension plan performance for over 12 months
5. 18% increase their annual contributions and 11% decreased them
6. 42% of workers expect an employer-sponsored retirement savings plan to be a major source of income in retirement
7. 32% of workers expect Social Security to be the major source
8. 28% expect a pension to be major sources
9. 42% have taken the time and effort to complete a retirement needs calculation
10. 42% think they need to accumulate at least $500,000
11. Those that performed a retirement needs calculation expect they will need to accumulate at least $1 million before retirement
12. Men are more likely than women to think they need to accumulate $1 million or more for retirement. Women more often say they do not know.
13. Women are more likely than men to predict that spending during their first five years of retirement, will be much lower than spending during the five years prior to retirement
14. 20% thought they did a good job of preparing financially for retirement
15. 44% report they and/or their spouse have tried to calculate how much money they will need to have saved by the time they retire
16. 44% (exactly the same %) simply guessed at how much they will need for a comfortable retirement.
17. Inability, uncomfortable with making the calculations, distraction, ignorance are still a major factor for not having a good idea of how much they need to save for retirement.
If you are ready to improve your chances for a comfortable retirement - CALL or EMAIL us NOW!!
Ruth Helman, Craig Copeland, and Jack VanDerhei, "The 2009 Retirement Confidence Survey: Economy Drives Confidence to Record Lows; Many Looking to Work Longer,” EBRI Issue Brief, no. 328, April 2009, 2009 Retirement Confidence Survey by The Employee Benefits Research Institute - In all its activities the Institute functions strictly in an objective and unbiased manner and not as an advocate or opponent of any position.
