Forty-five percent of American workers say they are less confident about receiving a pension benefit from their employers following changes to the defined benefit system over the past several years, according to a new study from EBRI.
Also, almost 49% of workers who say they are saving for retirement have saved less than $25,000, excluding the value of their house or a defined benefit plan. In addition, 70% of workers who have not saved money for retirement reported total assets of less than $10,000. At the same time, 72% of workers were confident that they will have enough for a comfortable retirement, according to key findings in the 2007 Retirement Confidence Survey released today by the Employee Benefit Research Institute and Mathew Greenwald Associates.
The survey also found that while only 41% of workers said they or their spouse currently participated in a pension plan, 62% are expecting to receive a pension benefit after they retire.
The 17th annual wave of the Retirement Confidence Survey suggests that American workers may be slow to recognize how the U.S. retirement system is changing, and those who are aware of these changes may not be adapting to them in ways that are likely to secure them a comfortable retirement, according to the study, which was based on random telephone interviews in of 1,252 Americans aged 25 and older in January