Only 44% of workers ages 50 to 64 said they were very confident about having enough resources to live comfortably five years into retirement, down from 63% in 2007, according to a Watson Wyatt Worldwide survey released today.
About 18% of workers in that age group believed they had sufficient resources to live comfortably 15 years into retirement, down from 34% in 2007, according to a news release on the survey results.
Also, 55% of all workers who have defined benefit pension plans are very confident about having enough resources to live comfortably five years into retirement, while 38% of those with only defined contribution plans had a similar level of confidence.
Retirement security is a huge concern as individuals have seen significant amounts of their pension and retirement savings decline, David Speier, Watson Wyatt senior retirement consultant, said in the news release.
The 2,232 active employees and 904 retirees were surveyed in February.