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Americans' confidence in having a comfortable retirement remains at historically low levels, while the percentage of workers saving for retirement continues to decline, according to an Employee Benefit Research Institute survey released Tuesday.
Among the 1,003 workers and 259 retirees who were surveyed by EBRI, job security was seen as the most pressing issue.
Only 14% of people surveyed were “very confident” that they will have enough money to retire comfortably, according to EBRI's 22nd annual Retirement Confidence Survey, echoing results from 2011 and 2009 surveys.
In the face of such low numbers, “the good news is that automatic enrollments in 401(k) plans are administratively easier for employers who want to adopt them,” said Jack VanDerhai, EBRI research director who co-authored the report with market research firm Mathew Greenwald & Associates.
Mr. VanDerhai said that 20% of respondents would allow their 401(k) plan auto-enrollment contribution to increase to 10% to 14% of their salary, and another 20% were open to 15%.
“We realize that the default contribution rates in many cases aren't going to be sufficient. (Higher employee contributions) would allow the employee contribution rate to reach the levels that many financial professionals would consider adequate,” he said.
Sixty-six percent of workers surveyed and their spouses said they saved for retirement, compared with 75% in 2009.
Thirty percent of those surveyed have virtually no savings or investments, and 60% reported less than $25,000 in savings, excluding the value of their home or any defined benefit plans.
Also in the survey:
• Two-thirds of respondents anticipate income from an employer-sponsored retirement savings plan.
• 56% of workers expect to receive benefits from a defined benefit plan, but only 33% reported that they or their spouse now participate in one.
• 56% say that they and/or they spouse have not tried to calculate how much retirement income they will need to retire comfortably.
• The percentage of workers expecting to retire after age 65 grew from 11% in the 1991 survey to 37% in 2012.
Hazel Bradford is a reporter for Pensions & Investments, a sister publication of Business Insurance.
There will be an increasing number of aging baby boomers in the workplace, impacting safety and workers compensation. Besides considering how employers might tailor safety programs for the trend, observers say employers should help workers prepare for retirement. This Wall St. Journal story, “Bad News for Boomers,” discusses retirement investment challenges for boomers as well as potential solutions. Read the article.