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EBRI: 30% of workers are stressed about retirement savings

Three in 10 workers are stressed about retirement, according to the 27th annual Retirement Confidence Survey released Tuesday by the Employee Benefit Research Institute and Greenwald & Associates.

Despite that, only four in 10 have tried to figure out what they will need when they retire, the survey found, although six in 10 have saved for retirement.

The share of workers feeling very or somewhat confident dipped to 60% from 64% in 2016, and came closer to the 59% in the 2015 survey.

Confidence rises to 75% for people with access to retirement savings programs at work. “Once again, it is one of the best ways for Americans to save for their retirement,” said Luke Vandermillen, vice president of retirement and income solutions at Principal Financial Group, a sponsor of the survey, in an interview.

Retirement and other financial worries also affect the workplace, the survey found. Of the 30% of workers surveyed who said they worry about finances at work, half said they would be more productive if they didn't have to, and half of all workers surveyed said programs on retirement, financial planning and health care offered at work would help reduce the worry and increase productivity at work. Craig Copeland, EBRI senior research associate and co-author of the survey report, said workers' key concerns are debt, lack of a workplace retirement plan and low savings.

They survey also showed a continuing gap between when active workers expect to retire, at the median age of 65, and when they actually did retire, at the median age of 62. “To me, that's a very relevant point. It may not be your choice,” Mr. Vandermillen said.