The Employee Benefit Research Institute(EBRI) released their 19th Annual Retirement Confidence Survey yesterday. The percentage of Americans that feel confident about their upcoming retirements continues to decline. Here are some of the key findings of this year’s survey:
13% of Americans are very confident that they will have enough money to live comfortably in retirement. This is down from down 27% in 2007.
20% of current retirees are very confident that they have a financially secure retirement. This is down from 41% in 2007.
13% of Americans feel very confident about having enough to pay for medical expenses in retirement. This is down from 20% in 2007.
I find the following information, that the survey found, very interesting:
Many workers still do not have a good idea of how much they need to save for retirement. Only 44 percent of workers report they and/or their spouse have tried to calculate how much money they will need to have saved by the time they retire—and an equal proportion (44 percent) simply guess at how much they will need for a comfortable retirement.
The good news is that you can plan for your retirement needs, and there are all kinds of resources available to you – from free financial calculators on the Web to sitting down with a financial advisor. I suggest you get started by creating a budget for your retirement years. You should also learn about the impact that your health care expenses will have on your lifestyle in retirement.
A financial advisor can work with you to put a plan together that will help you prepare financially. It is critical that you know where you stand financially, and what your future financial needs will be in order to properly prepare.
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