Survey: Retirement Confidence Survey (RCS) Fact Sheet #6 – Preparing for Retirement in America (2014). I love this annual survey from the Employee Benefit Research Institute (EBRI) and Greenwald & Associates. In fact, I referenced the 2013 survey quite extensively in my book to help paint a picture of the retirement landscape. This survey is an excellent source for getting an overview of how Americans are preparing for retirement and their confidence level.
The survey takes a look at who is saving, how much they are saving, if they have attempted to calculate how much money they need to save for retirement, and the impact of work place savings plans.
A nice positive from this year’s survey? Worker’s confidence in having enough money to live comfortably throughout retirement increased in 2014, after having been on a downward trend for several years.
Unfortunately, there are a significant number of negatives. The one that jumps out at me is that 60% of workers report they and/or their spouse have less than $25,000 in total savings and investments, excluding their home and defined benefit plans.
Not surprisingly, savings and investments increase sharply with household income, health status and education. Of course, here at RetirementSavvy, we will continue to do our small part to educate readers on the value of personal finance literacy and retirement planning.
Take a few minutes to read through the survey and gain a better understanding of the retirement landscape.