Comments Subscribe to Personal Liberty News Feed Subscribe to Personal Liberty
 

Retirement survey finds plummeting confidence

April 16, 2009 by  

Retirement survey finds plummeting confidenceThe 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.
ADNFCR-1961-ID-19125310-ADNFCR

Personal Liberty News Desk

Facebook Conversations

Join the Discussion:
View Comments to “Retirement survey finds plummeting confidence”

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.

Is there news related to personal liberty happening in your area? Contact us at newstips@personalliberty.com

  • Mike

    Now that this economy has fallen into the crapper, I’ll have to work until I’m dead! What comfortable retirement? I’m 57 and I don’t see any way I’ll live to retire. My 401K is worthless, my stocks are worthless! Obama, you have totally screwed everything we’ve worked for so everyone can “share the wealth”. What wealth?

    • Paul

      Obama!!!! He has been president for 4 months, for hell sakes give him one half a chance. You sound like a Bush lover.

      • Joe Sowa

        And in 4 months, Obama has done more harm than Bush did in 8 years. Bush was criticized by the Democrats, Obama included, for a 400 billion deficit. Now with Trillions in deficit spending, Obama is a hero! You can’t have it both ways. They didn’t say Bushes spending was not enough. And when will Barney Frank own up to responsibility for the debacle of more home ownership for those unable to pay for it?

  • Jeannie

    We are in our sixties and invested in the American dream. We have worked hard all our lives, raised and sent kids to college. We saved and invested our money in the market. We have lost most of our retirement savings in the stock market. Although we paid our dues and were proud to do our duty by paying taxes, we will now be working until we die. We have already done what Obama is doing; we have spent years redistributing our money by loyally paying taxes.

    Our son is serving his third deployment in and has served in both Iraq and Afghanistan. We are loyal Americans who love our country. We have watched him go to war three times and cried and prayed for his safety and the safety of all the troops. We are thankful for God’s protection over our son.

    I cannot adequately express the disgust I feel over what Obama and and his friends are doing to our country. This feels surreal. If someone had told me two years ago that we would be held sway by a socialist president and his socialist Democrat cohorts, I would not have believed all this could have happened in America.

    My heart is broken over what is happening to our country. My faith in our system is faltering. May God help us.

  • http://bellsouth.net marcy bernstein

    Let us not give Obama all of the credit. Let us also give the Bush Administration half
    of the credit.
    To Jeannie, we all thank your son and all the other young people for their service, and hope the all come home safe.

  • Elaine

    Obama is not to blame for the economic mess George Bush is, where have you been Obama has to deal with this gigantic mess that was left to him by a skull and bones, evil president George Bush who couldn’t care less about American citizens.
    You need to face the facts and the truth about this whole situation.

  • Roger

    This country is going to hell in a handbasket. We have lost respect around the world thanks to Bush and his cronies. Now Obama goes around glad-handing everyone including those who preach hatred of America. Then we go about selling everyone on the merits of a free Democratic society while at the same time Obama is leading us directly into Socialism. We spend borrowed money from China and Japan to the tune of trillions to save the banking industry who are the ones that led us directly into the financial mess that we find ourselves in now while they in turn pass out millions in bonuses to their corrupt management teams. We have the world’s worst and most expensive healthcare system where many uninsured Americans go without meals in order to afford their prescription drugs (most of which should be taken off the market anyway as the side effects are far worse than any benefits they provide). As a consequence, we have “tent cities” springing up all around the country as more and more middle-class Americans lose there jobs, homes, 401K’s, pensions and finally their dignity. Despite it all America remains the greatest country in the world, that said, we are spiraling out of control and losing everything we have ever stood for in the past. God help us!

  • Bill

    To the KoolAid drinking Bush bashers, it would certainly be appropriate if instead of blindly listening to the lies of your left wing spin doctor’s you would do a little research. Our current mess was initiated by the Clinton administration forcing the financial institutions to grant loans to people who were high risk for non-payment. The Democratic Congress was warned by the Bush administration in 2003 that action needed to be taken to stop the practice or there would be serious consequences to our economy. Barney Frank stonewalled all efforts to reign in the wildly escallating practices of making bad loans and also pushed for deregulating banks of all kinds. Because the banks didn’t regulate themselves, and the controlling democrats refused to take action, all of you morally and intellectually deficient Bush bashers now get to celebrate the fall of the U.S. economy which you have supported all along. The liberal stupidity not only affects the retirement plans of us baby boomers, but our children and their children. I truly hope that your air of superiority makes you feel better when you understand that stupid people like you are responsible for this, not the Bush administration. Bush is responsible for enough bad decisions, but trashing the economy is pretty much a Democrat thing.

    • Ricardo

      Note to ideological idiots like Bob: Bush is the one who cut taxes for the rich as we were entering an expensive war in Iraq. Very stupid. Phil Gramm (former R-Texas) also was involved heavily in deregulation of the financial industry. He’s now with USB Bank (Swiss), which aids wealthy Americans in dodging taxes further adding to the deficit. It’s a Rethuglican problem.

  • WestCoastBestyRoss

    Thank you, “Bill”, for setting the record straight with the “Blame everything on Bush” liberals on this site. I am not a big fan of Bush, but this information you shared is correct with one addition. It was Jimmy Carter (the one that got the Nobel Peace Prize!!)- that started this idea. And Bill Clinton managed, with the help of the Democrat politicians, to forced the financial institutions to loan out money to unqualified people. It is true that the Bush administration tried to put a stop to the run-away, illegal lendings (as it should have been) but their warnings were ignored. Obama was a senator and was a part of the movement against the Bush Administration’s warnings.
    What we have are a large group of people in our government who had/has no economic intelligence. Obama still doesn’t have it or else why did he hire tax dodgers to his cabinet? Those that continues to bash Bush and worship the ground that Obama walks also must not have economic common sense. After Obama was sworn in, I gave him a chance to prove himself worthy, but after two weeks I realized that he has no economic sense (in case you have a short memory-the trillions dollars stimulus plans-remember?) and his vote was nothing more than just a symbolic vote. Sad.
    All you Obama’s lovers and Bush haters (yes, that is what you are-haters), be very careful what you are saying–because the truth will come out someday and you will eat your words of hate. These facts mentioned by “Bill” is on the internet, unless Obama’s cronies have managed to delete them as they have on other facts.
    Obama wants to distribute our “wealth”. He did say it on public TV and I heard him. That is a shocking fact. And that will continue to be an ongoing problem–hence, our retirement will slowly trickle down to almost nothing.
    The latest Congressional plan is to tax the already taxed retirement plans, like the 401-’s and Roth, etc. Sad –this is the road to Socialism and worse. Hope all you Obama’s worshippers are ready for this.

  • Judy & LIVID

    Thank you to Bill & Betsy! You are correct. It is time for all you Obama praisers and Bush bashers to seek the TRUTH! I am not surprised of the ignorance of people; they just stick their heads in the sand and take for granted that someone else will take care of them. They are Part of the Problem!!! They are just sheep and will follow anyone, even when that someone is only concerned for himself. I for one have a mind of my own and can think for myself. I’ve studied history, The Declaration of Independence, The Constitution and know the facts! This administration, Obama, Pelosi, Reid, etc. is trying to change and destroy what Our Founding Fathers have built this Great Country on. What they believe is what the liberals want them to believe. You can’t fix stubborn and you can only inform those who are willing to seek the TRUTH. “WE THE PEOPLE” have started a movement with the Tea Parties and I can guarantee you, Americans are going to fight to take back our Country!!!
    Earlier I posted some quotes from Lenin and Hitler; I think those people who are in awe of Obama better do some research for themselves. But I think they are too afraid of the TRUTH! They’re willing to be sheep that will be led to the slaughter!

  • http://daveo david

    In the 1930’s trains of mercenaries murdered with machine guns, men, women and children. Once printed in the newspaper, public sympathy for workers evolved permitting uninionization. Mr. Reagan countered unions followed by a Federal Court preventing rail workers from striking.
    After the 1929 crash, during the 1930’s regulation was imposed to prevent the problems of deregulation. Mr. Reagan countered this by deregulation, thus companies began cheating on a massive scale.
    In 2003, the Omaha World Herald had an article that stated 50% of new home mortgages were predicted to end up in bankruptcy. Arthur Levitt wrote a book, made many presentations concerning the economic situation during his 20 years of tenure.
    Mr. Greenspan did report trust in the banking system. This banking system was greatly foreign owned, and can be likened to the country not having an armed services. I.E. army, navy, air force in economic terms. How irresponsible to trust our economic power to those whom have no interests in the security of the country.

    In the 1990’s foreign control of U.S. corporations and agricultural land were extremely high, most people did not realize the most senior parent company was not a U.S. company. Thus the new owners could care less about the U.S. domestic citizens.
    By the year 2000 credible world sources stated that the U.S. standard of living was the lowest among major industrialized countries. Thus the quality of life on international rankings had fallen also. Freedom as defined on international websites showed Americans had little disposable income, the very definition of freedom.
    Mr. Clinton’s focus is not in the domestic U.S., neither was JFK, Bush Sr.,
    And Bush Jr. didn’t seem to focus on the national domestic country in any way.
    Since the 1964 Viet Nam conflict, then Afghanistan, then Iraq and now back to Afghanistan the attention of the administration and Congress have not the interests of the ‘we the people’. I the current HR50, as were previous bills to recognize the U.S. Constitution only a handful of congressmen will recognize the document.
    On CSpan 2003, Senator Byrd lamented holding the bible in one hand and the U.S. constitution. What has happened is the same as in Germany. When your neighbor is taken away you somehow escape it by using psychology to excuse your neighbor’s loss of citizen privileges. You continue to deny what you’re seeing until it’s your house, your
    home, your job that being selectively eliminated. Is that not the truth?
    Which president of the U.S. did help the people, labor? It was as the economic powers thought they could save money by eliminating the medium income worker, replacing them with those who could work without paying taxes, providing free medical at the expense of those citizens jobs eliminated, giving incentives to those whom do not pay unemployment insurance, taxes, comply with governmental codes, statutes. Then came health management, education, with nothing more than the profit motive. Our universities set u in the late 1800’s do research, but somehow the venders of pharmacy products come up with the patents. The same with agricultural technology, the universities paid for the research with public dollars of profit somehow end up in some corporate pockets. Tell me you didn’t know all along, what happened in Germany when the Jews were persecuted, how one by one citizens rights were eliminated, until all peoples rights were eliminated. That’s U.S.A. 2009. Is that not true? During the early sixties there was a massive boom of housing, the interstate system, then in the 1970’s the introduction of Medicare, which was soon desecrated. Primarily the legislation from President Eisenhower worked for the unity of the people, and somehow Medicare was introduced successfully. Since then it’s been a downhill slide for ‘the people.’ Mr. Bush simply did not have the focus to fit the job qualifications. By the time President Obama, came into office, the plate was so full of corruption, mismanagement, failure to act in previous administrations, it was and is nearly an impossible task to houseclean the insurmountable filth, even in state statues where the lobbyists control the sovereignty of states. It is a deplorable mess. The current state of the countries economy are much greater than Bush or Obama. Its 46 years of indulgence of foreign investment, deregulation, and opposition to the very instruments that brought us out of the calamities of 1929.

  • Tom

    It’s not working till I am dead that worries me, at 45 and with three back surgeries, and high blood pressure I know how phyisical decline can effect one’s ablity to work, and without health insurance and falling in between the cracks of the ‘social safety net’ I have no faith in Government , None! Government takes plenty but is very stingy when it comes to the likes of me.

  • Virginia

    Hey Bob: Get your facts straight. You say “The Democratic Congress was warned by the Bush administration in 2003 that action needed to be taken to stop the practice or there would be serious consequences to our economy.” Are you so delusional that you forgot the Republicans were in charge of Congress in 2003.
    Best to not forget your meds.

  • http://cabinwood.blogspot.com Marc Boyd

    If you were 100% invested in the market the day after Barry was elected then you deserve your losses. I am 65 and retired. I protected my investments against loss and will have no problems due to the “One”.

    I bailed out early. I invested in Gold (GLD) and made serious money when it passed $900/Oz. I am in cash right now and intend to stay that way for a while. Inflation? When that starts to happen, I will be back into Gold.

    I also sold my paid off house in Houston just before the prices peaked in 2007. That money is in my retirement account. I kicked in an extra $20-$50 towards principle each month for many years, and reduced the 30 years to just over 20.

    I bought land out in the country in “94 (16.5 Ac) and built a small house. Everything is paid off since ’06. I owe taxes, car ins. and the normal living expenses.

    My wife was laid off over a year ago, but she maxed her retirement savings for years. She lost a little money but bailed and moved her 401K to her IRA, so no big deal there. She is working part time just to stay busy. If gas hits $4 again, she will work from home or quit and retire.

    If you can do it, get debt neutral. As soon as you can. Interest will eat you alive in the future.

    Next month I will start receiving the SS Dole for all of the years I paid in. Any bets on how long that will last? I definitely am not counting on the money in the long term…and never did.

    • Nanette

      Good for you, Marc. Yes, you’ve had some good fortune along with your smarts. I’m not complaining . . . am 59 . . . used to have a nice homestead north of Houston, but Hurricane Ike descimated it. Insurance wanted to pay pennies on the dollar for repairs, and even before the haggling was done, mold had set in. I was paying $200 extra per month on my mortgage. Did this for 7 years. So, @ $1,000/month, 12 months per year, 7 years, I paid $84,000 into 1 1/2 acres and a manufactured home. Blood, sweat, and tears. All gone. If you know anything about mold remediation, you know that it’s extremely costly; my insurance policy had a $5,000 mold-remediation cap. Man, I’ll never hold another mortgage. Jesus had, and still has, the only plan worth anything. He said not to put your faith in money, but in Him. He was so right. He will provide all of your needs, if you love Him above all else. Be blessed, all.

Bottom
close[X]

Sign Up For Personal Liberty Digest™!

PL Badge

Welcome to PersonalLiberty.com,
America's #1 Source for Libertarian News!

To join our group of freedom-loving individuals and to get alerts as well as late-breaking conservative news from Personal Liberty Digest™...

Privacy PolicyYou can opt out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.