The 19th annual Retirement Confidence Survey (RCS) has found that many people expect to work longer as hopes for a comfortable retirement are fading.
Only 13 percent of those polled this year were able to say they were very confident of having enough money to live comfortably in retirement, according to the survey released by the nonpartisan Employee Benefit Research Institute (EBRI).
The number of those feeling very confident about retirement has fallen by 50 percent in the last two years.
Moreover, due to the worsening economy, many workers say they expect to work longer (28 percent), and more of them say they are planning to supplement their income in retirement by working for pay (72 percent versus 66 percent in 2007).
"Given the uncertainties that exist about economy, it is no surprise the downward trend has continued," says Jack Van Derhei, research director at EBRI which co-sponsored the survey with Mathew Greenwald & Associates, a research firm.
"By any measure, the two-year results amount to a very significant drop in workers’ and retirees’ confidence in their retirement prospects," he adds.
The survey also found that many employees are not sure how much they need to save for retirement, with only 44 percent of those polled admitting they or their spouse have tried to calculate that.