Confidence in retirement savings remains at record low levels, according to a survey released this morning from the Employee Benefit Research Institute. EBRI’s 23rd annual Retirement Confidence Survey, the longest-running survey of its kind, reports that 21% are not too confident and 28% — the highest level in the survey’s history — are not at all confident about being able to afford a comfortable retirement. In addition, only 18% of current retirees say they are very confident in being financially secure, a record low.
More than half of respondents in EBRI’s survey report having some confidence in their ability to save enough before exiting the workforce, with 13% very confident and 38% somewhat confident, but the numbers are essentially unchanged from last year’s record lows. The low levels in the face of a brightening economic outlook may reflect large savings targets, according to EBRI officials: 20% say they need to save between 20% and 29% of their income and 23% say they should save 30% of their income or more.
