Worker Confidence on Retirement at 20-Year Low, EBRI Says

[marmar]

(Bloomberg) More than a quarter of U.S. workers said they’re “not at all confident” about their ability to afford a comfortable retirement, the highest percentage in two decades, according to an Employee Benefit Research Institute report.

“We’re getting the most pessimistic results we’ve ever seen,” said Jack VanDerhei, EBRI’s research director and coauthor of the study released today.

“Those that are not well prepared are finally starting to get it. The bad news is they’re not really reacting to it yet,” VanDerhei said in an interview yesterday. “Hopefully this will be something that in the future will generate more savings.”

About 27 percent of workers lacked confidence about their retirement savings, up from 22 percent last year. The increase was driven by those with less than $100,000 in savings, according to the report. The percentage of those with less than $25,000 in savings who are not at all confident about having enough in retirement rose to 43 percent in 2011, up from 19 percent in 2007. For savers with more than $100,000 it was 5 percent, about the same as 2007. ............(more)

The complete piece is at: http://www.bloomberg.com/news/2011-03-15/worker-confidence-on-retirement-money-at-20-year-low-ebri-says.html

[NYC_SKP]

1. And not a God damned reason to think it'll get any better.

Not surprised one damned bit.

K/R despite my utter grumpiness.

:P

ツ

[Angry Dragon]

2. And they want to cut SS

The stupid know no bounds from the politicains

[HughBeaumont]

3. 30 straight years of stagnant wages not matching the ever-skyrocketing cost of living will do that.

http://www.epi.org/publications/entry/the_sad_but_true_story_of_wages_in_america

K & R.

[moondust]

4. It probably doesn't help that

some financial companies keep running TV ads about what "your number" will need to be for retirement with people walking around carrying big numbers like $5,450,000 and $2,760,000 and so on. I keep wondering what their motive is in promoting such unrealistic expectations.

[anarch]

5. I'm 100% confident

that there's no way I'd ever be able to retire. The best I can hope for is to hold on to a job and not die (presumably at work) with any dependents. This year, I hope to be able at some point to buy some razors and a new shirt. God Bless America!