EBRI's annual barometer of Americans' retirement confidence shows the recession has worn away workers' assuredness that their golden years will be happy, healthy and financially secure.
Released today, the 19th annual Retirement Confidence Survey posts a record-low 13% of respondents who say they are very confident of having enough money to live comfortably in retirement, down from 18% in 2008 and 27% in 2007. Also, in addition to more employees expecting to work full-time longer (89%), more respondents also are including part-time work into their retirement plans (72%).
"Our survey first picked up the drop in retirement confidence last year," says EBRI's Jack VanDerhei. "Given the uncertainties that exist about economy, it is no surprise the downward trend has continued. By any measure, the two-year results amount to a very significant drop in workers´ and retirees´ confidence in their retirement prospects."To help shore up retirement savings, employees say they are:
* Reducing expenses 81%.
* Changing investments 43%.
* Working more hours or a second job 38%.
* Saving more 25%.
* Seeking financial advice 25%.
Have you noticed that the recession has depressed employees' retirement confidence and/or contributions? What are you doing to help them better prepare? Comment and let me know.
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