Tuesday, March 14, 2017

Shaky Confidence for Retirement

Americans' confidence in their ability to retire comfortably isn't just shaky - it's dropping. Last year just 64 percent of workers were confident they’d be able to manage a comfortable retirement, while in 2015, 72 percent did. But that number is now getting worse.

According to the latest version of Capital One Investing’s Financial Freedom Survey, 2017 saw that confidence slip to just 62 percent. In addition, fewer than half of respondents even have a long-term financial plan. The top reasons for that lack of confidence are lack of knowledge and experience, cited by 51 percent, and distrust of the markets and the financial industry, cited by 49 percent.

People also aren’t exactly rushing to take actions even they believe they should be taking, with 39 percent of non-retired Americans believing they should contribute 15 percent or more of their income to retirement. But only 13 percent are doing so, and that’s down from 15 percent last year.

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