A recent survey conducted by the Employee Benefits Research Institute (EBRI) found that 36 percent of respondents little or no self-confidence Financial stability after retirement.
that data point creep upa year ago, 27% of employees lacked retirement confidence.
Only 17% of Gen X workers are “very confident” after a comfortable retirement, according to a study by Transamerica. The oldest in that cohort is approaching age 60.
The summer of 2023 may seem like an odd moment for Americans to feel like they’re short on retirement money. Nearly three-quarters of 401(k) funds are invested in equities, and although the stock market is booming, this week was hard.
But here’s the full picture of America’s retirement plans: more complicated.
One big reason workers are worried about retirement is inflation, which spiked in 2021 and 2022 after years of relatively flat prices.
Clifford Young, president of Ipsos Public Affairs, said: “How we fund retirement is always a balance between retirees and Americans who want to reach that milestone one day.” .
Census data show that more than two-fifths of baby boomers aged 55 to 64 no retirement benefits. Many work for small businesses that don’t offer retirement benefits, work for themselves, or don’t have the income to save money.
The Hill’s Daniel de Vise delves further here.