Wednesday, March 23, 2016

Americans' Confidence Is Wobbly

Are you confident about how you'll live in retirement? Only 21 percent of workers said they felt very confident about having enough money to live comfortably in retirement, according to a survey released yesterday by the Employee Benefit Research Institute.

Even so, this number is higher than it had been in recent years. In 2013, just 13 percent of the respondents in this survey said they were very confident. That number bounced up to 22 percent last year.

As in most endeavors, one of the keys to confidence is to have a plan. Twenty-six percent of workers who reported that they or their spouse had money in a defined contribution plan or individual retirement account were very confident about their financial security in retirement, compared with just 10 percent of those without a plan.

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