Confident Consumers Today; Insecure Retirees Tomorrow - Page 2
In the survey, 56% of workers said they are depending on a defined benefit plan for their retirement but only 40% of U.S. workers are covered by pension plans.
The conclusion to draw from the answers to this 2010 EBRI Survey is that many workers don’t fully understand their financial needs in retirement, they don’t have enough saved, and aren’t taking advantage of available retirement savings vehicles.
Even though consumer confidence percentages are moving up relative to last year, the vast majority of workers are going to have to rely on Social Security for basic retirement income, which may not be there long term and certainly won’t be enough.
Workers may be feeling more secure about their retirement but at this point their financial future is on shaky ground.