Every year, the Employee Benefit Research Institute releases a Retirement Confidence Survey. This year, the survey showed that more workers are confident about retiring comfortably than they were in 2013. In 2013, just 13% of workers were confident they had enough money to retire comfortably. In 2015, the number jumped to 22%.
Of the individuals already retired, 39% were confident in their ability to have a comfortable retirement. This number is more than double the amount it was in 2013 (18%).
Unfortunately, the number of people who are not at all confident in a comfortable retirement — 19% of workers and 12% of retirees — is still quite high. Moreover, the survey shows many people have very little, if any, retirement savings: 54% reported savings of less than $25,000, and 26% had $1,000 or less.
The survey also highlights that many people may not be utilizing — or don’t know how to utilize — the plans and programs provided by their employers, including 401(k) plans.
A comfortable retirement may be difficult to obtain for some, but learning to save, investing properly, and utilizing retirement plans can help you be comfortable with the amount of money you have once you stop working.
Do you know whether you're paying excessive fees in your employer-sponsored retirement plan? Hear from David Meyer to find out!