The Employee Benefit Research Institute (EBRI) recently released its 2013 Retirement Confidence Survey, and it looks like a lot of baby boomers are going to flunk “Retirement Planning 101.” In a nutshell, the survey concluded: — Americans are living longer. — Americans don’t have nearly enough saved for retirement. — Americans are realizing they will have to work longer, and many will never retire. First, let’s take a look at how confident workers are about whether they… Read More
The Employee Benefit Research Institute (EBRI) recently released its 2013 Retirement Confidence Survey, and it looks like a lot of baby boomers are going to flunk “Retirement Planning 101.” In a nutshell, the survey concluded: — Americans are living longer. — Americans don’t have nearly enough saved for retirement. — Americans are realizing they will have to work longer, and many will never retire. First, let’s take a look at how confident workers are about whether they have enough money for retirement: What about those who have already retired? Their confidence also appears shaky… While in 2007, 41% were “Very Confident,” the number in that category has dropped to just 18%. For some additional clarity on the changes, we made a table comparing 2002 and 2013 levels of confidence and included our corresponding grades for each level: Although it’s safe to assume those who gave themselves A’s or B’s think they will be OK, their numbers have dropped significantly. Meanwhile, there seems… Read More