According to the 19th Annual Retirement Confidence Survey published by the Employee Benefit Research Institute (www.ebri.org), a record low 13% of Americans say they’re confident that they have enough money to live comfortably in retirement. The percentage of those feeling confident about retirement has tumbled by half in the past two years.
In light of today’s economic realities, 28% of workers said they expect to retire later, and 72% will be seeking to supplement their income during retirement by working. According to the report, workers are reducing their expenses (81%), changing the way they invest (43%), working more hours or a second job (38%), saving more (25%), and seeking advice from a financial professional (25%).
Savvy employers should be aware of how addressing these needs can impact hiring and retaining a maturing workforce.