All the talk about the need to plan and save for retirement may be falling on deaf ears as American workers struggle just to make it to tomorrow, a new survey suggests.
The 2012 Retirement Confidence Survey by the Employee Benefit Research Institute found only 13 percent of American workers feel very confident they will have enough money to live comfortably in retirement.
“Many workers have more immediate worries than saving for retirement,” the study said. “Forty-two percent identify job uncertainty as the most pressing financial issue facing most Americans today, and just 28 percent are very confident that they will have paid employment for as long as they need it.”
That may help explain why many respondents have virtually no savings for retirement. Sixty percent said the total value of their household’s savings and investments was less than $25,000, and 30 percent said they had less than $1,000 saved. Only about a third participated in defined benefit retirement