Americans’ confidence in their ability to afford a comfortable retirement is stagnant at historically low levels in the face of more immediate financial concerns about job uncertainty and debt, according to the 22nd annual Retirement Confidence Survey (RCS), the longest-running annual survey of its kind in the nation.

• Americans’ confidence in their ability to retire comfortably is stagnant at historically low levels. Just 14 percent are very confident they will have enough money to live comfortably in retirement (statistically equivalent to the low of 13 percent measured in 2011 and 2009).
• Employment insecurity looms large: Forty-two percent identify job uncertainty as the most pressing financial issue facing most Americans today.
• Worker confidence about having enough money to pay for medical expenses and long-term care expenses in retirement remains well below their confidence levels for paying basic expenses.
• Many workers report they have virtually no savings and investments. In total, 60 percent of workers report that the total value of their household’s savings and investments, excluding the value of their primary home and any defined benefit plans, is less than $25,000.
• Twenty-five percent of workers in the 2012 Retirement Confidence Survey say the age at which they expect to retire has changed in the past year. In 1991, 11 percent of workers said they expected to retire after age 65, and by 2012 that has grown to 37 percent.
• Regardless of those retirement age expectations, and consistent with prior RCS findings, half of current retirees surveyed say they left the work force unexpectedly due to health problems, disability, or changes at their employer, such as downsizing or closure.
• Those already in retirement tend to express higher levels of confidence than current workers about several key financial aspects of retirement.
• Retirees report they are significantly more reliant on Social Security as a major source of their retirement income than current workers expect to be.
• Although 56 percent of workers expect to receive benefits from a defined benefit plan in retirement, only 33 percent report that they and/or their spouse currently have such a benefit with a current or previous employer.
• More than half of workers (56 percent) report they and/or their spouse have not tried to calculate how much money they will need to have saved by the time they retire so that they can live comfortably in retirement.
• Only a minority of workers and retirees feel very comfortable using online technologies to perform various tasks related to financial management. Relatively few use mobile devices such as a smart phone or tablet to manage their finances, and just 10 percent say they are comfortable obtaining advice from financial professionals online.

Figure 14, Workers Having Saved Money for Retirement Fi........................................................................... gure 40 .. 14 belo same time, As might workers say th need it at their about t Whil comfortabl up with househol Whe of work that they Expectations About Retireme plann Political for th w ? e th n e workers (Fi d in h compa ers mo di from e e Making mort eir can g retir be ffer 20 futu ur e. Forty-one 19 perc e pl e 1 l e annin x d 2 their s e re valu are re like 14). in ey pla nces may pect ve comforta RCS ment y, s income und T asked to ed, ent say g a u did not a lh ch as n y to gage e of So (9 vin e to work n perc perc perc d saving als g reti ha s do t a payments (9 bl er o ent of work er con entag h ve saved for evaluate cial S ask about t ent very n re at y in r play wns ey are not d i $35, n de ie zin ves a rol e e age 60–64, a f000. curity of idence tirem ficie g conf their t retir or ment e n ers and 34 at h B . percent of e r cl ci e benefits. Twent e Among n ie es in ot nt d in havi all co twee ees an os progress i reasons for ts tirement ent . This to pay ure ( and 1 n 20 lthou nfi ng eno d/or wo her 2 is comp d percent of workers an 1 inc for 09 and 20 ent rker p gh n 7 the wa e pl po percen lba (sta rc 25 u u s, Democrats annin ys y de gh ist ent); arable to most s r sp -one , as they ar ipercent poning retir c ex thos money tistically equivalent retirees feel v ouses t 12, g a d an somewhat con perc pens 7 perc e a the n d havi of r d saving ent g fo hav es e perc r a com 45 e more are more likel ent o e e (of retir ing save ng to tirees r F ment, work of t ig an enta ure for r e fh r d ol ry comfortable shifti care for likely fe e fe ortabl ge o ident). In e 20 to th tes say perc e id tired der rees). tire ). for r t fers de Th workers y than en e retir (compar e ment, 6 hat 17 an they a a spouse o e e re ta tirement these ges percent fact, workers laying reti e porte Republi ment 7 measur e rwith e v ages. On t d more than perc wit d clim i e lik r n m who n ry a household g c ent state h creases w ans and mon r e n e ed from 2003–2011, worke e confident bed slowly lihood asured in other ment feel hal h ey from e ot bette r of family that in t sf inc ag of r ith her 2011). di abo h fro e ome r e ppi one they e 25 hand, 201 u tirees m ng t the – 1 Table of Contents Ruth Helman is research director for Mathew Greenwald & Associates. Craig Copeland is senior research associate at The 2012 Retirement Confidence Survey: Job Insecurity, Figure 35 Figure 8 Figure 6 Figu Figu Figurre ree  37   20 4 Figure 23 Figure 11 but lo 26 perc 44); account or household inc into saving are a Indepen under 59 future valu member RCS gave prepared to sa (54 Another perc perce those cur little wer $35, ent ent (19 d 17 percent o than ents n or t inv t) a e o s 000 report h o in and e followi percent f workers (com a lot ome. Work 200 fr estment to a rto say they y they the Socia ently e not investments d 0 to 53 behi at al partici ) ng l S fing they had saved for retirem . Oth will 74 p ret nd schedu ee reas curi er reti p rcen l co irees are ar e p e nconfidence rpared with 8 percent ating in rcent i ty ben ons: other on e very or s re at o nfident t record say changes in t ecreases as sav le. Alt n enot too lfits, a der a 201 line, about ed somewhat wor als h a in 1 ou g while o k sharp i and confi es and work 200 gh increases plac finding pa uncha now 0 a h ings a 3 d e ret e skil confident in n 7 ent. of n crease stan perc de r nge the in ls re e wi rement nt id e d i tir for pay eds at d decl th ees) pla n n m 47 from from quire t of vestments or savings ployment iperc savin n workers 68 the fut ed d tin r 20 h for perc n ent e 11 from to 11, t g e and investments, s tir t in u in h e wait at l plan r 49 perc percent ei e n and just h e househol 200 ment. t (Fi retire r value of benefits isjob (11 perc is (com 8 g 12 (F ure me e ent measur ast u p igur pared with t 19 nt. 1 d e pe rce to 5e inc ). Re n 35 perc t 22). educatio rcent o n il age ent) ome rise. ed in 20 tirees with ho tage provided or h points 70 fent. By oth ose n ret n, an 10 an to retire, an ie re r o hi d im es fe work-rel by Socia t partici d usehold gher comparison, 20 proved he el very 1 than 1 (Figur d p ated r l S incom atin 7 the e per curity g); t alth e e h ce asons ent of 3 e 9 ). the Employee Benefit Research Institute (EBRI). Jack VanDerhei is the research director at EBRI. This Issue Brief was Figure 15, Retirees Having Wo Saved Mo rker ney Con for Retir fidenc ement e Tha ......................................................................... t Medicare Will Continue  .... 15 Introductio ? Paying n .................................................................................................................. down debt or loans (8 percent of workers and 5 percent of retirees). ............................ 5 Debt Weigh on Retirement Confidence, Savings Retirement Age Expect Retireed e  Con (Work fidenc ers Ex e in pe  Ha ctivnigng  to  En  Re otuigh re)  Mone and Ac y tual to   Wo Wo rkerkr eCon r Con fidenc fidenc e in e  in Ha  Do ving ing  En  a oGo ugh od  Mone  Job ofy to 55 and M those having status. Other comfortabl workers in perce (23 percent) played under perc n $ etage dic ent o 35, are. dica e u 000 of f attempted a segments mor s In a workers w te they workers w are ing cal d espec dition, a rol c wi ulator ll n h ie ith ally o r . S Democrats are e e fe household s e tirement ver retir o likely often co online lt th me retir Reey w Americ tir to say t to ass Amoun eees sa ees nfi e inc (Fi re vi d g   ngs n ent ar ome b mention Buyin behi ure more likely th ih st them ans ey are t 32 nd schedu e  e men of eds e  ). R twe g not e   positi Work with   cal Sa or porting en at (com ving c   fChoosing an ulation $35, ve re ers who le in all co inancial Re pared s 00 2 asons pu   Wo nfi 0 0 an The (com 0 are blica decisi 5 dwit .ent. r d for ny  k pare na h $  oe s or Independents to retiri wom 74,9 Dippe  ons. Even t confi Guar rs d  Think with t 9ng early, e 9n); d report an ent d m h  few in t a oe  arried wo sbt e who ed i such n e out th o r say th g t  -hey h have as eir be rkers being abl ey f fina a cou d n saved (com e o ncial sec n el very t); an ting on e pared to for r d t comfor uaffor h Socia rity i e ose wi tire th those d who n lment table an written with assistance from the Institute’s research and editorial staffs. Any views expressed in this report are those of Assessment of Current Level of Debt to Provide Benefits of at Least Equal Value  About the ? Paying for 2012 RCS hea ............................................................................................................ lth insurance or medical expenses (7 percent of workers and 6 percent of retirees). ...................... 6 Figure 16, Workers Currently Saving Money for Retirement ....................................................................... 15 By Ruth Helman, Mathew Greenwald & As sociates; and Craig Copeland and Jack VanDerhei, Employee Benefit Planning by Overall r ? e The poor tirement con Reti economy (36 rees fidence amon percg ent). wor kers has fluctuated over the 22 years of the RCS, reaching its highest levels in Figure 38 Many workers are adjusting some of their expectations about retirement, perhaps in response to their reduced level of not married); retirement pla earlier decli purchasin currently Security to ned retir by have g pr e ju fin movide a st 6 those who n a e a defi ncial to r nt (3 perce e3 product ne source tire later, on av perce d ben n par tagn of s e te t) or icipate in online poi fit (R income Pa re n wa et ts (from tirem ir y (19 entin  rag efo a in e e percent e, than g to do r defin s) r nt  e 80 Medical  tirement. pla Sour e p n d contri e those somethi (compar of rcent ces work  Figu in E bution w  of x h n ers and 1 e 200 o ex pe g d with  Inc r else e r 9 to nses press co  e18 o tirement pl ( 74 me thos 248  per in p p e who do e e nfid in  rcent) c rcent i Re ent of  Re ence. an tir , but just 8 tn (compared e reti i r not m 201 em ree e )2), whi .n e stn ) or o tp with e le t rcent offer only btaini thos he per ng advic e who centag do not e p e from of ositiv wo ) ; and erkers the authors and should not be ascribed to the officers, tr Fig ustees, or other sponso ure 22 rs of EBRI, EBRI-ERF, or their staffs. Pay Sa fo Inc vr Pr ing o Medical me esp  to ari  Pr  n Pa oduct  gE  yfo x  fo pense r  rRet at  Ba  Re issic r etinm i re Expenses  Re em ntteire ntment They Need for Retirement Ma r rch 2012 • No o. 369 Retirement Confidence ............................................................................................................................... to Benefits Received by Retirees Today 6 Research Institute Figure The 2007 age at (27 17,perc Wo whent very rkers Having S ich workers e confid xa pect to ent ved Mo and 10 retir ney percent efor Retir continues not at ement, a sl all co ow u by Household Income npfwar ident d tr ), e but nd. I droppe n particul ........................................... d to a recor ar, the pe d low rcen in tage o 2011f (Figu worker 16 re 1 s who ). confidence Two-thirds of about their retirees (6 ret 4 ipercent rement f ) i inanc ndicat es. Tw e they enty-five did some type percen of t of fi wor nancial kers in t planh nin e 20 g for 12 retir RCS say t ement. Th he age at irty-fo w uhic r perc h they ent financi with reasons. those who ?househol al Lack of prof report they or ed in ssionals online faith come o in Social their spouse curr f at least (10 Securi perc $75, ty or gove ent o 000ently hav report f work rnm ers an ing ee nt the benefi (1 d y6 7 percent had perce ts from saved nt). of a f defi r oe r retirem tirees) ned ben (Fi ent e gfi ur remaine t e 2 plan 8 (compa ). In d co ge nstant at ne red with ral, comfort 93 thos pee wi r cwho ent th do Worker Confidenc Figu e Tha re t13  Social Security Will  Neither EBRI nor EBRI-ERF lobbies or takes positions on specific policy proposals. EBRI invites comment on this Wo Totrakle  Sa rs vHa ingving s and  Tr iIn edv eto st ment Calcul  Re atep oHow rted  Muc  by Wo h Mon rkeresy , Just 2 percent of workers and retirees identify a longer-term issue such as saving or planning for retirement as the Figure 34 exp Like worker ect to retir coe nfidence, after ag retir e 65 has in ee concrease fidence d ,in havi from 11 ng eno percu ent i gh money n 1991, t foo r retirem 17 percent ent i hn a 1 s varied over 997 and 18 the 22 years percent in 20of the 02, Overall Retirement Confidence ............................................................................................................... 6 of these retir expect to retir ee es say they has changed in t began to he plan past year. Of t 20 years or mor hose, teh before they e vast majority ( retired 88 an ped rcent) 27 perc report t ent repor hat tth be eir gin expected ning to plan Where the world turns for the facts on U.S. employee benefits. (Fi doing th not). gur e 1 ese ta 7). sks online appears to be inversely related to age and to be higher for college graduates than for those Figure research. 18, Total Savings and Investment Reported by Workers, Among Those Providing a Response ............. 17 ? A change in employment situation (15 percent). Confidence in Financial Future RCS Methodology Continue to Provide Major sour  Bene ce fits Minor  of sour ceat Least Equal  Very Somewhat Not Too Not At All Don't Know/Refused most pressing financial issue The facin y Need g most A Amon  to mgericans to   Sa Those 200 ve 5 fo  da Pr r 200 y. aov  7Com iding 201 fort  1a aRble e201 sponse  2Retirement Figure 17 24 perc RCS. It ent in 200 remained 7, fairly anComparison steady at rou d 37 percent in ghly  2of 01 40 percent  2Ex . pecte very d (W confi ork dent an ers Ex d 10 percent pecting  no tot at all  Reti con re) fident from 2002 Ver Ver Ver yyy So So Som m meeew w whhhat at at No No Nott  tTo To  Too oo Not No No t  At  At t At  Al  Al  lAl l l Don' Don Don' t' tK  Kn nto  Kownw /Refused o/R w/eRfuefused sed between retirement a 10 a ge has nd 19 years increase before retirem d. This meanes that i nt. Howev n 201 e 200 r, 2 517 201 22 1 perc perc 2011ent sa ent o 201 201 2 f2y they started all workers plaplann nned to ing fiv postpone th e to nine years eir retir before ement without Confidence a colleg in Other Fina e degree. ncial Aspects of Retirement Fi ........................................................................... gure 31 ..... 8 nd Don't  Don't  Figure 19, Total Savings and Investment Reported by Retirees, Among Those Providing a Response ............. 17 ? Inadequate finances or can’t afford to retire (13 percent). These findings are part of the 22 annual Retirement Confidence Survey (RCS), a survey that gauges the views and Value to Benefits Re Woc rke erisved by 31% Retirees47%  Today 79% (not including value of primary residence or defined benefit plans) Confidence in Other Fi through 2007, but the percentage nancial Aspects of Retirement of very confident retirees declined during the recession years of 2008 and 2009 and, Workers Having Saved Money for Retireme 69n %t,  retirement an (Figure 29). d 15 percent started less than five years before that point (Figure 25). Retirement and health benefits are at the heart of w Social Security orkers’, employers’, and our nation’s and Actual (RetireesFi ) gWo urerk  33  for Pay in kno  Re w tirement know More Immediate Concerns4% ....................................................................................................... Trend in Retirees’ Actual Retirement Age ............ 11 Retirees 69% 23% 91% Workers, attitudes o parti f working-a cularly ol ge an der workers, are slo d retired Americans regardin w to embrace g ret newirement, t technologies to h heir preparati elp the ons for m manage th retirement, th eir finances. A eir confidence bout Introduction 62% ? The cost of living in retirement wi 4% ll be higher than expected (14% 0 percent). Figure 20, Americans Report 6% ing 34% They Dipped Into Savings to Pay for Basic Expenses ................................... 18 C correspondingly, the T T ohe 20 pyright Inf 1 1ormation: 2 Reti percent r r This re aement ge not at port is all copyright confident incr Confid ed by the Em e e ence S ased (Figure 2). ploye u u ervey: Be nefit ReJ J seob Ins arch Institute e e (EBRI curity ). It may ,, be economic security. Founded in 1978, EBRI is 3% the most authoritative and objective source of 2% Like overall retirement confidence, con 10% fidence about ot 9%her financial aspects of retirement has remained relatively stable 11% Fi Figgu u 12rr%ee  10 15 10% 57% 12% 32% 10% 12% by 11% 12%  Househo 10%ld 12% Inco12% me 14% 14% 13% 14% 14% 16% 34% 25% 34% 16% 16% 17% Established in 1978, the Employee Benefit 31% Timing Ver 26% y So mof Re ewh spondent  26% 17% Re at tir Not em  Tooe 17 Respon n%tNot , Among dent  At Al  alnd/orDon'   SpRo26% te u  kn stir eowees /15% Refused14% 19% Preparing for Retirement ...................................................................................................... 15% 19% 2002 2007 2008 2009 33% 2010 2011 2012 .................... 13 25% Very Con28% 20% fidFig entu 28r%eSo  26 mewhat 15% Confident 29% half o with rfe gar worker d tos report various aspec 12% using t a desktop or s of retirement, an 16% laptop with d relate a direct Int d issues. 28% e The rnet survey was co 29% connection 22% (53 percent 30% nducted in Ja ) or nwith uary 2 a wirel 012 thr ess ough 20% Workers 23% 22% 56% 23% 79% The 22 nd wave of the Retirement Confidence Survey (RCS) finds that Americans’ conf 26% idenc 34%e in 24% their ability to afford a used information on these critical, complex issues. without permission but citation of the source is required. since decli ? Wanting to m ning from highs ake sure they in 2007. In have enough particular, 26 perc money to r ent of etir work e comforta ers are bly now (10 percent). very confident t hat they will have Figure 21, Reported Offer an34% d Take-up of Employer Employme-Spo nt nsored Retirement Savings Plans, Among Employed D Debt We eigh on Retirem ment Confide 10%n nce, Sav vings 14% 18% 17% Yes 14% Yes Figu14 15re % % 28 18% ReRtiertir e15% eees  Conf  Haidving en 16%c eSa Work  inv Ret  e ers Ha id rees  vi Mone ng 8% ReDone 20% ty irees  for 27%  aRet  Good irem  Job ent  of 26%19% 53% 15% 16% Yo18% u will have paid employment for as  12%Figure 25 13% connection 20-minute tel (4e 6 percent phone int ) to ervie help mana ws with 1, ge 42% 26 15% t2 h individu eir finances. als (1, But 003 much smaller workers and p25 e16% rcentages say they 9 retirees) age 25 and use smart older in t phones he United Saving for Retirement ......................................................................................................... 18% ................. 13 Research Institute (EBRI) is the only 41% Workers 11% 16% comfortable retirement is staAm gnant eric 21% in the ans f aO 40 ce of b %ta more ining immediate  Inve28% stment financial co  Advice 44%ncerns 17%  from about 73%   job a  uncertainty, debt, and 39% 12% 19% 19% Workers ..................................................................................................................................... 18 enough money to pay for 19% basic expenses 1991 durin19 g r 97e38% tirem 2002 ent 20(do % 2007 wn sha 2010 rply f 20 r11 om 4 12% 20 0 12 percent in 17% 2007), statistically Less 23% than $1,000 14% 21% 37% 20% 27% 29% 30% ? Needing to pay current expenses first (9 percent). long as you need it/You will find 48%  paid  22% Figure 1 B By Ruth Helm man, Mathew G Greenwald & 22% Associates21% ; a and Craig Cop peland and Jac ack VanDerhei ei, EBRI 2009 2012 47% 21% 1 Comfort Performing Retirement Planning 22%  Tasks 46% Online,  Recommended Citatio (20 percent), States. Rando a smart phone app m digit diali n 23% : Rn ug was th Helma used to (12 nperc , Cra obtain ent), iPr g Co e or a p pela a re ar20% nd, i tabl pre ng a s et  entative cros nfo 20d Jack comp %r Re uter ( Va tirnD e11 perc s section of m 21% erhei, ent “201 ent) fo th 2 R e U.S. r this task. e22% tirement popu Con lation. To fidence furt Surve her y: Job TimeframeEmpl  When oyer-sp oRne sotir red Ret ees iree Wosrk eBe rs gan to 43%  Plan Financ 29% ially 72% 74% for  financial insec EBRI focus urity. At the s es solela yme time, on emplo the perc yee benefits research — no lobb entage of workers 9% 17% saving for 26% retireme ying nt contin or advocacy ues its gradual decline, Savings and Investments ....................................................................................................... 19% 44% 35% 36% 44% 22% .............. 16 employment if you should need it 27% equival EBR ent I Em to t ploye he e B 28 ene perc fit Reent searmeasured ch Institute I in ssue B 2011. rief (IS Th Sirtee N 0887 n ?perce 137X) is nt say th publisheey are d monthly not at by 71% 25% the E all con mployee B fident enefit ab Rout th esearch eir Insti abil tutie, ty to independent nonpr Earlier 18%Pr  Thaof nofit, nonpartisan  18 Pessio l% anned 18% nal Abo  Finan ut Wh 43% en Plcaia nnle dAdvisor Later 43%  Th 27% an Planned 41%36% 70% 36% 70% Figure 22, Workers Having T 24% ried to Calculate How Much Money T 42% hey 42% Need to Sav 42% 35% e fo69% r a Com 42% fortabl 42% e 35% 68% 32% 25% 51%33%Retirees 21% 20%24%41% ? Needing to pay for health30 40% ca re%tre costs (7 irement savings per  plan cent). 33% 67% 66% Worke41r%  Con 31% 66%fidence in 36 Ha 66% %ving Enough 66%  Money to 35% increase representation, a22% cell phone supplement 32% was added to th 34% e sa35% mple. Startin 35% g with the 2001 wave of the RCS, all Inse11 cu00 rity, D 13th S e EBRI stand tb . N t W W,e Sig uite h 8 on $1 s alone in em 78, ,000 Re 32% Wti a  -shi r$9,999 e 65% me ngt 37% on nt, D Conf pl Coyee ben , 20 id 050% en 036% 5-c 40 e51, , efits rese S39% 35% at avi $ng 300 s,” pe ar EBRI Issue Brief, r ych a ear or sis an inde 19 included as pend 16 n po a. rt e 3 of n 617 t, nonprofit, and no 9 a m , March 20 ember18 sh34% ip 12. subscription. npa P rtisan eriodi- 45% 43% 40% 31% 40% 34% 34% 37% and many remain uncomfort 20% 20% able usin Among g new tec  Those hnologie  Using 38% s to hel  Inter p themn manage t et 63% De 39%vhic eire finances. 37% 39% Re 62%tire39m %ent, Among Retirees Who Planned for Re36% tirement pay Retirement Sa for basic expe vings Plans nses (level with ...................................................................................................... the 12 61% perce 47% nt in the 2011 R 50% CS), and another 93% 15 percent in 93% dicate they ............... 17 are not too Retirement .................................................................................................................... 46% 45% 46% 13% ............. 19 38% 49% 38% 47% 32% 45% 15% 48% 41% Even amon cals posta g t geh ra ose w te paid i ho use n Was hthese tec ington, DC,hnolo and ad gies, on d45% itional mail ly a m ing oiffi nority ces. P f Oeel STMAS verTy ER comfortab : Send addrles e s perf chaorming various tasks related nges to: EBRI Issue Brief, 1100 organization committed 47% 37% exclusively to data organization. It analyzes and reports research data without spin o 49% 11% r42% underlying agenda. All findings, 46% 12% data ar ? e Nee weig dhted ing to by mage, ake u sex, a p for los nd ed ses in th ucation to r e stoce k market Wor flect kers the actual (6 percent pro) p.ortions in the ad 43% ult 41%population. Data for waves 36% 45% Worker16% s 23% 48% 40%10% 64% 64 10% % 45% 10% Live Comfortably 40%  Throughout Their Retirement Years A At a Glance: : 35% 42% 55% 42% 13th St. NW, Suite 878, Washington, DC, 20005-4051. Copy38% right 2012 by Employee Benefit Resear9% ch Institute. All rights reserved. No. 369. confident (Figure 3). Individual retireme40% nt account or IRA 74% 33% 80% 8% 8% Your investments will grow in value 6% 37% Retirement Savings Needs ...................................................................................................... Very Somewhat Not Too Not At All Don't Know/Refused ............. 18 $10,000 -$24,999 No 39% 13 13 7% 7%13 7% No 11 10 12 Report availability: Figure to financial 23, Am mwheth aount of Savings Workers nagem e52% r on fi e This r nt onan nline. eport is cial data, Roughly availa Think option 4 in ble on th 33% 1 They Need for s 0, or tre ree I port nRet tnds, are reve e feel rnet irees in Ret g very co at i14% www rement aling an .emfortable b 26% ...................................................... ri.org 42% d reli 40% shift able — the re ing mo 71% ney fro aso mn EBRI informatio one accoun 20 t or n is Findings in this year’s RCS include: 51% 74% 6% 38% of the RCS conducted 32% before 2001 have been weight Ret ed iree to s allow 37% for consistent comparisons; consequently, some data in 11% 34% 44% 50% dissemination, research, and education on 68% 68% 37% 36% 68% 31% 49% 49% ? A change in the minimum retirement 67% age for Social Security (5 percent). 31% 66% 30% 30% 86% 84% 65% ? Ameri the gold sta cans’ confide ndard fo n nce in th r priva eir ab t47% e analysts a ility to 200 re 9 tire nd de c c201 omforta 0 cisib on 201 ly is 47% 1 make stagna rs, gove 2012 nt at rh nme istorically nt policy low mlev ake els. Just rs, the media, and 14 4 percent 33% 30% 64% 64% investment to another 44 o% nline (41 percent 34% ) and using 31% calculators onli 30%ne to assist with 33% financial 46% decisions (37 percent), Evaluation o f Progress in 32% Pl 32% anning and Saving for Retire 32%ment ................................................................. 19 45% 35%Very31%  Comforta62% ble 29%Somewhat Comfortable 62% 45% 31% 38 28% % 42% 41% 30% 29% 31% 30% the 2012 RCS may differ slightly with data published in 61% prev 33% ious waves of the RCS. Data presented in tables in this Figure 24, Worker Progress i38% n Planning and Saving for R Wo ertirement kers 23 .............................................................. % 39% 6225% % 20 43% 37% 36% 33% 34% 36% 2935% % 59% 34% 28% $25,000 -$49,999 13 10 12 42% 11 12 33%11 10 26% Oth 4%er per 31% sonal savings and investments the publi economic security and employee benefits c 30% . A Maj21% or A Minor Not a A Ma . jor A Minor 31% Not a 25% 2% 34% 41% are ve ery confident The econom t they wil y will l have  grow an en  av ou e26% rgh age mon   26% e ey to live 26% comffortably in retirement (st 27% atis stically equivallent to the The percentage of workers c24% onfident about 33% 24% having enough money 25 10 40% % % 7% for a comfortable 25% re20 tirement 12 24% is essentially but only 19 percent are very comfortable 23% purchasing fina Retnc irees ial products 16% 23% online 29% an45% d jus 23%t 10 22% 13% percent say they are very 21% 21% 36 12% %39%10% The21%  year you 13%  retired 21% 14% 49% Very 20%Somewh 66% at Wor 20% NotFi k  To ersgur o19%e 320% Not At All32%20%Don'11% t Know/Refused19% report may Planning by not total to Retirees 100 .......................................................................................................... Ob due to taining rou infon rm di 18% ang a tion about nd/or mis   Worke sring cat s 8% egori 37% es18% . 45 16% % .................. 21 34% 41% 75% 13% Problem Problem18% probl 16% 37% em Problem Problem problem 37% The Employee Benefit Research Institut 2% 17% e (EB13% RI) was founded in 1978. Its 12% 12% 13% mission is to 63% Whil Figure e r25, espons Timees to a framequ When Under estion asking th of at  $250   le Retirees as,000 t30  3%%  a $ye Be 25a0re ga ,00  foage rn to P 0  the  to  at which next lan $50Fi 0,00 7% na workers expec 0ncially  to $1, for R 000,0e0ti 0 37% t  to retir rement, Amo to $1,500, e s0h0o 0 w n org R littlee c tirees Don' han t Wh  ge from o o Planned ne ye a r to 6% 10% 6% 5%Wor5% kers 61% 5% 4% R5% etirees5% 5% 4% low off 13 percent m measured in 20 011 and 2009) ). 2011 unchanged. Fourteen percent continue to be very confident 12 % (statistically equivalent to the 13 percent measured in comfortable obtaining advice from financi fiananci l product al pro s onlin fessional e Retirees s online 34% 59% 59% 23% 30% 52% Ret32% irees $50,000 -$99,9 16% contribute to 99 15 , to encourag 13 e, an 10% 12d to enhanc 30%12 e the developmen 40%11 9 13% t of sound empl 10 oyee benefit 35% 10 years 13% 16% Employer-$49 pro9,99 vide9d traditio$99 nal9,99   Wo9rkers $1,499, 27% 999 29mor % e16% 56% know/D15% on’t  Use of Financial Advice11% and Wo Tecr hno kelogy r Con ........................................................................................ 6% 2010 fidence in Having Enough 2012  Money to ............ 21 for Retirement ................................................................................................................ 1% 26% ............ 21 another, the long-term trend shows that the expected r 28% etirement age has crept upward over time. In particular, the EBRI explores the breadth of emplo 1992 27% 1997 2002 2003 20 13% 54% 04 yee ben 2005 20 efits and related issues 06 20 27% 07 2008 2009 2010 2011 2012 27% 19 19 1993 93 93 19 19 1997 97 97 20 20 2002 02 02 20 20 2003 03 03 20 20 2004 04 04 20 20 2005 05 05 20 20 2006 06 06 20 20 2007 07 07 20 20 20 11% 08 08 08 20 20 20 17% 09 09 09 20 20 2010 10 10 20 20 2011 11 11 20 20 2012 12 12 Wo26% rk Ther e syear before 28%  you retired26% Retirees Who we are 52% 52% 25% 29% 2011) and 38 percent are somewhat confi 26d %ent. Twenty-three percent are not at all c24% onfident (down slightly from In theory, the weighted samplepensi of programs and so 1,2 on or 62 y  cash i24% elds a  balance statistical und public policy  plan 23%Retirees 27% precision o through objective 24%34% f plus or 26% 21% minus resear 56% ch and 3 percent educati age on. EBR points I is the only (with 95 per- 25% 23%23%reme 23%mber 22% 6% 22% 50% 10% 23% 5% 23% 27% 10% 24% 21% The Institute seeks to advance the public’ 48% 13% 14% s, 16% EBRI studie Using scal the worl 15 17 cul% % ators od of health and retirement ben nline to assist you  Wo 17% rkers 13% 37%efits — issue 36% s such a 72% s 401(k)s, IRAs, retirement percentage of Expectatio ? Empl ns About o oworkers who yment insecu Retirem Source:  Empl e rity loom expect to oy nt ee .................................................................................................  Benefit Res s lar retir earchg g  In e e: s aft titu tForty e e anr a d Mag 21% -ttwo he 65 has ew Green perc waldent i  & in  Asso crease 12% d ciaen tes,t  tIn d if16% c,y job u ., from  2010, 2012 11 n  Reti ce pe rrt emainty as erc nt ent i Confiden nc th 1 e Sur 9e 9 ve1 m m ys, t .ost pressing ................ 23 o 17 percent ffinancial in 1997 Pay for Basic Ex 12%penses in Retiremen 22% t Figure 26, Americans O So Sour urce: b c$ etain :100,000      Em Empploye ling oyeee  Be Be  - Investmen ne n$24 eprivat fit fit  Re Re9,999 sseeaae, nonprof rrcchh  In Intss Ad ttiittuu15 ttee vice  an aniddt  Math , nonpar Math from ew ew 15   G Grreen een tisan a Prof w waalldd,  15  & &Washington, DC-b   As essional Asso soci ciat ates es,,12   In Incc..Financ ,,  1993– 1993–20 2012 22% 11 12ial A ased organi   Re Rettiirreed m mvi eenn14 tsor t  Co Connfide f.............................. 22 zat idennce icon com e11   Su Surrvvey eyss..mitted exclusively to So Sou uSo rrce: ce: ur     ce: Em Em   plo plo Employe yye ee e  Be Beene ne  Befit fit ne   Re Re fitss  Re e ea asrrcceh ha  rIn In chss ttIn iittu ustttie et  uan an ted d  an   Math Math d Mat e ew wh  ew G Grreen een  Green w waalld d w  a& &ld   A A  & sso sso  Ass cciiaaottci e essat ,,  In In escc, ..In ,,  2012 1992– c., 2005–  Re 201 tir2212% e012  m Reet niRe rte  Cm to irenfide enmt eCno nce tnfid  Co  Surv nfi ence de ey  nce Su . r vSu eyrsv.eys. 27 percent in 2011).So Souurrce: ce:     Em Employe ployeee  Be  Bene nefifit t Re  Resseeaarrcchh  In  Inssttitituuttee  and  and  Math  Mathew ew  G  Grreen eenwwaaldld  & 12%  &  A  Asso ssocciaiatteess, ,In  Incc.,. ,20  2011 05––220012 12  Re Rettirireem meenntt  C  Coonfide nfidence nce  Su  Sur23% rvvey eyss.. cent certainty) of what the results would be if all Americans age 25 a 35% 41% nd older were surveyed wit 27% h complete accuracy. Source:  Employe e Benefit Research Institute and Math Wor 11ew %k  Gers reenwald & Associates, Inc., 1993–2012 Retirement Confidence Surveys. 2012 Retirement Confidence 11%7% 26% Survey Underwriters 33% Inflation will average no 34%  more than  12% 19% with financial decisions Retirees 10% income adequacy, consumer-drive Respo n b ndent enefits, Socia 19% Respondent 17% l Security, tax treatment of both retireme  and/or 35%  Spouse nt and health 2 to 4 ye 7%ars bef 7% ore you8%  retired 7% 7% 5% 19 public 6%% policy r About the 2012 RCS esearch 38%and 6% educat 19% ion on 9% 5%econo6% mic security5% and em 6%ployee benefit issues. and 18 pissue ercenfft in acing m 2002, o 24 st A perce 35% mericans n38% t in tod 20a a 0y. 7, an 31% d 37 percent in the 2012 RCS (Figure 30). Neverthele 37ss, the median 42% the media’ 40% s and policymaker 18% s’ knowledge 8% 8% 8% Retirement Age ................................................................................................................ 17% 41% ................... 23 40 35 8 6 4 9% 11 20 23 1993199419954% 19  fo 96r 19 the 97  ne 17 19xt 98 %  10 19 99 yea20 rs00200120022003200420052006 7%20 7%0720082009 7%2010201144% 207% 12 There are oth Figure 27, Ame ericans Using r possible so This survey urces of error 19 Internet w% as made De possi vi cin all e to Help Manage ble surveys, by t Ret 17% he iree fina howeve s ncial su Finances r, that pport ......................................................... may be more of the followi serious than ng organization theoretical s: calc 22 ulations 3% 27% 43% 30% 6% 37% 6% 6% benefits, cost management, worker and employer attitude 21%s, policy reform proposals, and pension assets EBRI’s membership includes a cross-section of pension funds; businesses; trade associations; $250,000 or more 7 14 121211 10 10 1992 1997 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 (midpoint) age at which workers expect to retire has remained stable at 65 for most of this time. Retiree confidence in having a financially secure retirement is also stable, with 21 percent very confident (statistically Shifting mo Ve neryy fromSo  one me w acco haun t t  Wo Notrke  To rso Not At All Don22% 't Know 24% /Refused Again worker confidence about the future value of Medicare benefits is 41% 17 higher % 28% among those a 68% 3% ge 45 and older, and 9% of sampli Workin ng er g for P ror. Th ay in ese i Retir ne clme ude nt ref .............................................................................................................. 26 usals to be interviewed and other forms of nonresponse, the 24% effects of question and fundi and under ng. There is wi standing of employee benefits and labor un despread ions; health recog care prov nition that if employee be iders and insurers; government org nefits data exist, EBRI kno anizations; and service firms. ws it. Workers 5 wi  to th 9 years before you reWo tirerkders with Workers with 7% 7% 23% Figure ? 28, Work Comfort Pe e er confidence rformia a ng bout Retirem having entenou Plangh mon ning Tasks Online, ey to pay for Amo m m1% en dg ical Those Usin expens ses a g Int nd lo ernet ng- Dev t term car ice ......... e exp23 e enses in The Retirement Confidence Survey (RCS) gau or investment to another onlineges the views and 13% attitudes of working-age and retired Americans SoSo uSo ruce: urce: rce:   Employe     Em Emplo ploye yee eBe e  Be  ne Bene fit nefit  Re fit  Re  sRe esae sreacarhcr chInh  In s  In tsittsuitt5% tiuteut ean te  an  dan  dMat d  Math  Math hR ew eeew w  5% tir G rG  een Gr ees reen ew enw aw ladal d& ld  &   Ass &  A  Asso o34 sso ciat c% icaes iatet,e  sIn ,s ,In c  In .c, .c2012 ,.  1993– , 2002– 24%  Re2t2012 01 ire2m  Re e  Re n58% tti trCierom enfide m en etn tnce C  C onfid o nfide Suervnce ey nce . Su  Su rvrey vey s.s. equivalent to the 24 So perc urce:  ent Employe measured in e Benefit Research  2 Inst011 itute and ) a  Math nd 1 ew 9 Gr een percent wald & Asso not ciates,at  Inc .all con , 1992–201f 2ident  Retireme(statistically equivalent nt Confidence Surveys. to the 4% 4% retirees are more likely than workers to be confident. Even so, just 12 percent of retirees are very confident in the AARP 3% Household Income Household IncoNew York me Life Ho Retirement P usehold Inc3% omle an Services wordi ng and question order, and screening. While attempts are made to minimize these factors, it is impossible to Sources of Retirement Income .................................................................................................. Figure 9 ........... 27 Figure 543% retirem ment remains well below the eir confidence eFi legve ur lse for p  7 ay ying basic expenses. their importance to our nation’ 47% Figur 42 s economy %e 36 . 41% 44% Figur Figu 44% ree  12  21 regarding retirement, thei 55% r preparations for retire 40%ment, their co 39% nfiden 27%ce with regard to vario 22 us aspects of Figure 29, Workers Expecting to <$ 3Retir 5,000e Later Than 38% Planned $35,000..................................................................... -$74,999 $75,000+ 13 18 38 ... 23 17 percent in 2011). 41% 45% Before35% 6%  60 35% 6% 60-64 35% 65 7% 66-69 70 or older value of the future ben 32% 5% efits paid by Me 10EBRI’s work advances knowledge and unders  to 19 dicar  yeare s , w before 8% hile  yo 2 u1  re re tire po d9% rt they are not at atanding of emplo ll confident (up from yee benefits and their 13 percent in 2011) EBRI delivers a steady stream of invaluable research and anal 9% ysis 31% quanti Do Expectations Become Reality fy the errors that may Source:  Emplo result yee Benefitfrom t  Researc11% h?  h In em. stitute an d Math11% eFigur w Greenwale d &  24 Associates, Inc., 1998–211% 012 Retire30% ment Confidence Surveys. Purchasing financial products  Workers 43% 28% 12% 12% 13% 19% nd 33% 26% 52% 27% 23% Guaranteed Income ............................................................................................................................. 28 Retiree Confidence in Having Enough Mone 38% y to retirement, and related isWo sue 10%rsk . Th e 10% r e 20 Conf 12 RCS is th idence in e 22 Ha ving ann  En uao l wave of thi ugh Mone s p y rto oject, making it the longest- American Express Sou12% 19 rce:9   1 Employe Reet  B19i ener97e fit e Re  seCon arch20  In02 stf ituidenc te 8% and Math 200e ew 7  Grin ee nHa w20 ald 08 &ving  AssoPacific ciate s20 En , Inc. 09 Life Ins ,o  2009, ugh  2012 41% 20   Re u 10 Mone trance irement C20 onfide y11  to nce Survey 20 s.12 34 Likelihood importance to  of Pur thce nation’s econo hasing Figur  9% or e  30 Choosing my 11% among policy  a Guar makers, an the news teed38% - media, and the public. It RepoRe rtetdir  Off emeerno  and t n linCon e  Ta fidence ke-up  of Amon  Emplo g Wo yerr-kSp eros,n  sored  (Figure 41). EBRI publications include in-depR th cove etirees rage of key issues and trend 36% s; summaries of research 14% 20%12% 34% Figure 30, Trend in Workers’ Source:  Emplo Expected Ret yee Benefit Researc10% h Inisrement A titute and Mathg ewe  G.......................................................................... reenwald & Associates, Inc., 1991–2012 Retirement Confidence Surveys. .... 24 11% ? Many workers repor rt they have virtually no sav vings and inves stments. In to otal, 60 percen nt of workers r report One question that arises when looking at the differences between worker ex14% pectat13% ions of retirement and retirees’ actual 19Wo 94 19r95ke 19r96  Progress 1997 1998 199 9in 20 0Planning 0 2001 2002 2003  and 2004 20Sa 05ving 2006 20  fo 0734% 20 r 08Re 20t09ir20e10m20e11nt 2012 16% 15% Many workers have more immediate worr does this b ies than y conducting saving for Figand p urre eublishing policy re tirem  39 ent. Forty-tw sear o percent i ch, analysis, dentand ify jspecial reports on ob uncertainty as 20 years or more before you retired runni Do Expectatio ng retirement su ns Become Reality? rvey of its kind in the nation. ............................................................................................... 31.......... 29 What we do Figure 19 17 findings and Pay policy develo  for Longp -ments; timel term Care y  factsheet Expense s s on hot topics;  in Retirem regula ent r updates on legislative and The RCS was co-sponsoredPay by the  fo Employ Pa r Lo y Wfo ng oee B rkr- ers te Bas er nemifit c  Car E Res xpenses eearch I  Expne stitute  nins eRe s (EBR  in tRietir r  Re e I), ees m a teir priv netm ate, non ent profit, non partisan public Income Product at Retirement, Among Workers  Source:  EmployTr ee Beenen fitd  Re sin earc  hWo  Instituter  ankde  Math rse’w   Expected Greenwald & Associat  eRe s, Inc.,t  1991– ire 201m 2 Reetn iremte 43% nAg t Confideence Surveys. 19Re 93 t19ir97em20e02nt 20 Sa by 03vings  Assessed 2004  Plans, 2005 20  Lev  06 Among e 20l07  of  20Debt Emplo 08 2009ye20d10  Wo 20r 11ke20 rs12 that th he total EBRI’ value s mission is to contribute to, to of their house ehold’s savings s and investments, excludin ng the value off their primary y home experience is: How much will curremplo ent work yee benef ers chan its issues; holding educational br ge the re tirement experience iefings for EBRI memb to match their e ers, congressional and xpectations? While Figure 31, Trend in Retirees’ Actual Retirement Age ................................................................................... 25 The likelihood of doing a r Ob eti tarement savi ining advice from ngs nee  financidas calcu l  lation increases with household income, education, and Bank of America/Merrill Lynch Workers 10% 27% PIMCO 31% 41% the most pressing financial issue facing most Americans 25% today, a nd just 28 percent are very confident that they will regulatory de 24%velopment 23% s; comp 24% rehen Figsiu24% ve refere re  41 nce resources on benefit programs and workforce Source:  Employee Benefit Resear21 ch In% stitute and Mathew Greenwald & Associates, Inc., 1994–2012 Retirement Confidence Surveys. 33 Retiree Confidence That Social Security Will Continue  policy r Confidence in esearch orga Entitlement nizatio 18% n; Pr and Math ograms ew ............................................................................................ Greenwald & Associates, Inc., a 18% Washington, DC-based market resear ......... 29 ch firm. 41% Total Savings and Investment6%  Reported by16%  Retirees, federal agency staff, and the news media; and sponsoring public opinion survey 13% 13% 14% s on employee 46% professionals online 42% and an ny defiSo nu43% e rce: d be   Employe n nefit e Be p nelfit a n Res, is search In less than $25 stitute47%  and Math Re ewtir  Grees ,,e0e00. nwald  & Associates, Inc., 1993–2012 Retirement Confidence Surveys. the RCS is not a longitudinal study and does not track Don't know/RFi specif efused gur 7% ic e worker 14 22% s over time as 29% they move into retirement, some The survey was conducted in January 2012 through 20-mi 47%nute telephone interviews with 1,262 individuals (1,003 financi al assets. In addition, married workers (compared with unmarried workers); those age 35 and older (compared have paid employment issue encour s for ; and major survey aage s long as they , and to enhance the development nee s od f pu it. Almo blic at 42% st titudes. two-thirds (62 percent) of workers consider their current 45% 45% Figure 32, Comparison of Expected (Workers) and Actual (Retirees) 5% Retirement Age .................................... 15 25 Source:  Employee Benefit Research Institute and Mathew Greenwald & Associates, Inc., 2009–2012 Retirement Confidence Surveys. benefit issues. EBRI’s Education and Research Fund (EBRI-ERF) performs the charitable, The 2012 RCS data collectRe ion was tire fun e Con ded f by gr idenc ants fro e Tha m ab t Medicar out two dozen e Will public  Con and tprivate or inue  ganizations, with staff 46% RCS Met Sources of Retirement hodology ............................................................................................................... Income toProvideBenefits of at Least Equal Value to  ..................... 32 Percentage of Employed Workers Offered Plan 3% Percentage of Workers Offered Plan Who Contribute Capital Research and Management Com Workers w/mapjoarn  debt y  problem (n20 =190 10) 20 Wor Princi 12kersp  w/ al Fina mino49% r deb ncial Group t problem43  (n=4 % 2945 ) % 10 Savings and Investments insights can be obtained by comparin Among g the ex pectatio ThoseFigur ns  Pr ofoviding work e 32 ers ag  aes 55  Res to po 64 n fr se om the 2002 RCS with the EBRI meetings present and explore issues with thought leaders from all sectors. w worke ith throse s and age259 retiree 25–34)199 ; re 3 ti sre ) age 25 and 199 me 7 nt200 save 2 rs 200 older in the United State (3comp 200a 4red w 2005ith2 n 00 o6nsavers 2007 ); 200 sand , using 8 partici 2009rand p 201 anom digit dialing along 0ts in a 2011 defin 2012ed contribution with a cell plan 2% Like retir level of de ees, s bt too be me worke a proble rs m. Only are lik Worely to educa k16 er pe s tiona  fiHa rcent ar nd t l, and ving hemselves scientif e very  Sav confi ic func e vulner d  Mon dti eons of the Instit a nbl t that e to ey their  an un for  investm Re pla ute. EBRI t nne ired ents wi m early ret -ERF ent is a tax-ex ll grow ireme in valu nt. Th empt organizatio e. e These n CHECK OUT EBRI’S WEB SITE! Source:  Employee BeVe nefit Ver Ver ry  Reyy searcSo hSo So  Inm sm m te ite ue ww tw eh  h an h atat adt  MathNo eNo Not w tGt   To rTo To eenoo owald &Not Not  ANot sso  At  At c iAt a  Al  tAll e sAl l, Inlc.,Don'  2011– Don' Don't t2t  K 01  Kn n2o    Ko Re wnw t/ow ir/R eR m efused efused /eR nefused t Confidence Surveys. Source:  Employee Benefit Research Institute and Mathew Greenwald & Associates, Inc., 2012 Retirement Confidence Survey. 26 time donated by EBRI of sound employee benefit pr and Greenwald. A lot ah RCS ead of materials  schedule and a lis ogr 3% ams and t of underwriters may be accessed at the EBRI Web site: Figure ? 33, Twe Tim nt ting o y-five percen f Retirem t t of e Wor nt, Among Retirees work kers w/ ers i no debt 199 n n th 1  prob e 2199 l012 e m ............................................................................... 7  ( Re n=3200 78) t tireme 2 n 20 t Conf 07 f201 iidence 0 Su 2011 rvey y201 say the age 2 a at which ....... 26 they expect to to Provide Benefits of at Least Equal Value  Endnotes Although the ...................................................................................................................... vast majority of retir EBRI regularly provides ees Bene (91 perc co fits ngre ent  Re )s repo sion cei2%v rt th al testimony edat Soc  by Re ial , an t Security ire d briefs p es To provi doa dlicy y es a m source o ake .......................... 32 rs, mem f incom ber o e for t rganizations, heir and experience of retirees ages 65 to 74 in the 2012 RCS who retired within the past 10 years. phone supplement to obtai (not inc n a represent luding supported b  valueat   yof ive co  prima ntributions cross section of ry  and g resid rants. ence the U.S.  or define populat d bene ion. The fit plans) survey has a statistical (compar A sizable eperc d witentage of h nonpartici wor pa kn ers have vi ts) more ofte rtually no n report tryin money in savin g to do a c gs a alcul nd i ation. n81 vestment % s. Among R 81% 81% CS workers providing this conseque concerns al nces l sh can ow abe relat So heavy urce:i  on Emship ploye . Retir e BeComparison with ne efit es  Re retir swho earche  In retire ment co stitute an ear d  of Math nfi lier  ewEx de  Gr t n ep h ece. nan e wac ldplan  t &e  Assodned a c ia(W tes, Inor cr.,e more  1993– ke 2012 rs) 80%   likely Re tand ireme nthan those t C onfidence Survey w s. ho retire on time or 3% 25 35% 79% 28 www.ebri.org/rcs 77% 34% Charles Sc retire hwab has cha Retirement nged iPlan n the Services past ye a ar. In 1991, 11 percent of Russell Inv w workers sa estment id th h 45% ey e Group xpected to retire after age 65, and the media on employer benefits. sound public policy through objective 74% 44% 6% 74% Figure their spo 34, use’s Comparison o retirement f E (69 xpect perc ed (Work ent say it ers Expectin is a major sour g to Reti ce orfe i) nan com d Actual (Retir e), workers aees) Work for nd their spouse Pa s continue y in to expect to  Bene73 fits %  Received by Retirees Today precision of plus or mi5% nus 3 percent 4% age points (se 72% 4% e m 4% ethodology section). type of information, 606% percent report that the total value of their household’s savi 6% ngs and investments, exc 1 luding the later to say they are not confident a 6% bout having 34% enou5% gh money for 6% 71% a comfortable retirement or about paying for basic 5% 8% Figure 168% 9% 7% 41% 7% 43% Actual (R 8%etirees) Retirement Age 8% 10% Very Somewhat Not Too Not40%  At All Don't Know/Refused and b y y 20 E12 t BR38% Ih issu at ha es pre as grown to 3 A litss rele tle aheadas 7 7  of perc e  sch s on ne eent dule. wsworthy developm 29% 14%ents, and is among the most widely quoted The num EBRI’s website is easy to use and packe ber of respondents 5% included in 38% the analysis is small an 4% d with useful information! Look for d therefore the findings should be used with caution. Retirement .................................................................................................................... 66% 36% 35% 35% ............. 27 The 2012 RCS showed that workers oft EBRI Issue Briefs en guess at is a monthly how much th 28% periodi ey w cal ill34% nee withd i to n-depth accu evalu mulate ation of em (42 peplo rcent), yee benefi rathe t is r sthan ues to piece together their retirement income 8% 33% from a wide va 11% riety of sources. (Social Security is the federal program that Both workers and retirees co22% ntinue 31% to express higher lev 23 16% e%ls of 7%2 confi 1% dence about their ability to afford basic expenses in 24% 22%2002 20Figur 07 3% 2008 24% e 27 8% 2009 2010 29% 2011 2012 value of their primary home and an24% y defined ben26 efit %29% plans, is less than $25,000. This inclu 28% des 30 percent who say they exp enses and medical resear e 26% xpech and education. nses. 11% 25% 12% 26% 17% 27% 24% 27% 10% Deere & Company 11% Segal 28% Compa 30%ny 31% 18% 13% 30% sources o 24% n employee be 27% nefits by all media. 14% 4% 30 33% % Almost two-thirds of workers 59% (62 percent) and 45 percen 29% t of retirees report feeli 6% ng financially stressed. One reason for Worker and trends s Curren , astly well as  Sa ving critical  Mone analysesy of  fo emr plo Re yt ee b ireem nefe it n polici t 34% es and proposals. EBRI 27% However, it appears that so57% me expectat Very ioSo ns about mewhat retir Not eTo ment o Not a33% r e Atnot  All met. In Don'38 t K%n partic ow/Refus ular, fewer ed find themselves working The RCS is Our co-sponsored by the Employee Benefit Research Institute (EBRI), a private, nonprofit, nonpartisan doing a these special features: systematic retirement needs calculation. The propensity to guess or do their own calculation, toget 2012 her with retireme providesnt tha incom ne support to pay for fopost-retireme r the aged ann d t medi disabil cal or ity co lo verag ng-t 26% er e for m car elig e ible exp workers enses. T a wn enty-six d their de pepe rce nn dt of ents). workers Sevent and y-nine 27% 27% 22% 26% Figure 35, Expected (Workers Expecting to Retir 78%e) and Actual (Retirees) Sources of Income in Retirement .... 28 have less than $1,000 in savings (up from 20 percent in 2009 but statistically equivalent to the 27 percent measured in Figures Americans Using Internet De 26%vice to Help Manage Finances EBRI directs members and other constituencies to the informatio 21% n they need, and undertakes new ? Regar rdless of 5% those e retireme Notes 4%nt a is a monthly 4% g ge ex5% pectatio p5% eriod Fi n ns, and consis gu ical pr re oviding curr 29 4%21% ttent wit ent in h formation on a variety prior r75% RCS fin 25% dings s, half o of emplo f cu yrr ee ben e ent ree fit tirees this may be t Use of Financial Advice and Technolog he level of debt carried by many Americany s. Tw enty percent 20% of workers and 12 percent of retirees report Less than $1,000 73% 23% 28% 27% 28% 28% in retirement than planned, 10% and a larger proportion t Workers (n=1 hFi an 00gur pla 3) nned ar e 2 Retiree e r s (enliant =259) on Social Security as a major source of On track 72% 25% 24% 15% 37% 72% 24% 2011 current public poli feelin cy gs of f reseainanci rch orag l s anization, a tress, may hel nd Mathe p to exw plain Green wh71% y the wald amount & Associ s that work ates, Inc., a Wa ers say they shingt nee on, DC-ba d to accumula sed ma te for rket Working for Pa percent of workers expect y in Ret So irement cial S8% ecurity to be a major or minor sourc 35% e of income in retirement, but they believe that 32 percent of retirees are very confident about having enough 23 money % 70% to pay for basic expenses, but just 13 percent of 41%22%11% 31% 69% 13 40% % 69% 69% 17% Fidelity I 2010 and n 29 vestments percent resea in 19 r93 ch on a 2011 19 28% 23% ). Ap 97n ongoi prox 20 topics. EBRI 02 imat ng ba 2026% 03 ely 1 sis. 20 F in 04 un 1 damen 0 20 ea 05 ctals h20 re of Employee Ben 06port totals 20 TIAA-CRE 07 20 of 08 F$2 34% In 20 efit Pr 5,00 09 stitute 0– 20 17% ogr 10 $ams 49,9 2 0offers a straightf 11 99 (10 2012 percent), orward, basic $50,000– 11% 19%12%26% 68% 16% 20%68% 18% 42% 17% Fig Figu ure re • publications 1, 36, EBRI’s entire lib surve Wor Likelihood k y yer Conf ed say t of 15% id h Pur enc ey le ce e rary of research publicat has in ft t Havin ing he or Ch 26% w 17% ogrk f En oos o o ough rce ing a un Money t ex Gpec u32% art tantee ed o ions starts at the m Live Com ly d 51% du Incom e to h fortably e e ealt Pro h problem d 66% Throu uct ain W at R gho s, disab etirement, e ut Th b page. Click on eir ility Retir Am , 66% o or c ong eh ment an g e s at EBRI t t heir 21% 32% 25% 18% their l Endnotes evel of debt is a major 24% 9% proble23% m, and an additional 42 percent of workers an 38% d 25 percent of retirees describe it as Twenty-one percent of 40% 28% workers and 24 percent of reti 5% 4% rees report t 5% hey 22% have obtaine4% d investment 19% 21% advice from a 6% Workers Expecting to Retire La 27% ter Than Planned their retirement incom 19%e. In additio 38% 7% n, while the actual retirement age is lower 45% 45% than the expected 200 re5tirement age research firm. The 2012 RCS data collection was funded by grants fro 26%m about two d 42% 48% ozen public and private a comfortable retirement a EBRI has earned widespr ppear toexplan be rat ation her lo of w. emplo Thirty ead r yee b -fegar our enef percent d as it progr ams of work in the pr ers say th 24% ivate and ey need public to sec save less than tors. The EBRI workers an personal savin d 24 percent gs will also of r pla Re ey tirees a a lar tiree ge r e v role. Con er19% y fRoughly confi idenc dent e two   abou in- tHa hirds t payi ving each say ng for  En medi o they a ugh cal  Mone nex tici pe pat nses after ey rec  to eivin reti g ret rement. Eve irement incom n few e er— EBRI maintains an 17% d analy 8% zes the most comp 10% rehensive databa 42% se of 401(k)-type programs in the The RCS has consistently found that workers are 74% far mor 26% e likely to expect to 26% 30% 17% work fo 30%r pay 27%in retirement than retirees $99,999 (10 Years ......................................................................................................................... percent), 18% $$ 11 0,000 0,000 12%  -$9,999 –$249,999 (11 perc 45% ent 9%), and $250,0017 0 or more (1 13% 15 0 p14 ercent 13% 19%)19 (Figur .................. 7 e 18). Retirees Workers ....................................................................................................................... 13% 28% .............. 28 16% 11% Issue Briefs emplo oyer, such as and 11%d d EBRI Notes ownsizing or for our in-depth and closure. 18% nonpartisan periodicals. Median Retirement 21%  Age a minor problem. Only a min 17% ority of workers (3 16% 25% 8 percent) state that 13% debt is 30% not a problem for them (Figure 11). Source:  Employee Benefit Research Institute and Mathew Greenwald & Associates, Inc., 1993–2012 Re17% tirement Confidence Surveys. professional financial advisor who was pai 22% d through fees or commissions in the past year (Figure 26). Those with higher reported for this cohort 17% in 2002, it is 30% Databook on E still s68% omewhat mployee Benefits higher 68% 22 tha % n for is a ol statis detic r retir al r 16% ee feren es i 16% ce work on em n the 2012 RCS. 200 plo2 yee ben On the efit program other hand, s $25 FINRA Inv orga 0,0 nization 00 (u estor Educatio p s (se from 2 worl e funde 6d. Its co perc n Fo e17% nrs b undatio t in mputer 2 Ao  litx). Th 007 tn le simul  ). A behind e full repo nother a  sched tion analy u18 le p67% ert, RCS rsce ent me s on So fact ntion T. Ro cial Secu sheet a goal we Price rity reform of s, an $250d other resource ,000 and retireme –$499,999. T nt income a ws are online at enty percd ent equacy from an employer-sponsored retirem 66% ent savings plan 16%26% 26% (72 perc33% ent), an 23% individual retirement accoun 23% t or IRA (64 per- 9 percent of workers and 18 percent of retirees—are very confident about having the financial wherewithal to pay for 23% 65% If yes 18% 14% 1 provide are to have ac similartually worked. estimates of t o Th tal house e percenta hold savings ge of workers plann (Figure 19ing to ). work for 24% pay i Workn er sretireme  (expected) nt in 65 the 21012 RCS is an or Live 23% ganization that “tells it like it is  Comfortably Throughout Their ,”  Retirement Years 3 33% 25% 30% 31% 31% In the RCS, retiree refers to individuals who are retired or 30% and work force-related issu who ar es. e age 65 or older and not employed full time. 13% Worker Figure Figure 37, 2, Retir Retiee Con rees Buying o fidence33% r in Havi Choosing a 31% ng Eno Gu ugh ara Money to nteed Income Pro Live Comforta duct at Retir bly Throu ement ghou ................................... t Th 30% eir Retirement 29 levels of financial assets are more l 60% 11% ikely t26% han those with lower36 levels % 24% of assets to seek this advice, 2000but it is unclear 35% 59% 24% 26% 25% 11% 12% expectations about o are uni btaini $que. 10,000 ng at l  -$24,9 east some 99 income from 13 define 9d contr 16 ibution1 pla 4 ns a1 n2 d other 8personal savings appear www.ebri.org/surveys/rcs/ 28% 58% 35% Retirees (actual)        30% 61 think they need to save 57% $500,000–$999,999, whil 30 e %few Wo 3 e4% rr than kers 1Retirees in 10 each believe they n 33 4% % eed4% to save $1 million–$1.49 long-t cent), or other erm care persona in retiremen l savings and t. investments (62 percent). Seventy-nin 11% e 26% percent expect employment to provide 36% 34% 22% 70 perc ? ent, co Those empared with j already in ret tu irem st 27 percent ent tend to express hi of retirees wh g ghe o report r levels they of co worked for nfidence th pa a any in r curre ent tirem wo oe rkers a nt (Figure bout s 34 e e). veral k ey • Visit EBRI’s blog. 31% 29% 31% This l Worker evel o confi f d debt is ence about strongly 33% ha relate ving enou 26% d togh money retirement co 31% to pay for nfidence. J medical ust 4 percent expenses a of 37% nd lo work 30% ng-t ers who erm car descri e expenses in be their debt retirement as a Years ......................................................................................................................... 32% .................. 7 9% 9% 32% 9% 9% refers to all individuals who are not defined as retirees, regardless of employment status. based on the facts 49% . As the Bylaws state: Guar wheth dian er th Life is isInsurance Co because higher-asset mpany 8% individuals feel a greater nee 48% Vanguard Gro d8% of investment u 40% p 27% advice, 30%beca 8% use pro 8% fessional advice to be borne out. Expectations about retirement income from defined benefit plans also appear to 28% 28% be met, although this 4% 44% 44% 32% Figure million 38, (6 perc Worker Con ent) or $1.5 fidenc me illion or That Soc 43% more ial Security (9 percent Wi)ll C (Fiog ntinue ure 23 to P ). Savi rovide ngs go Ben als ten efits of at L d to incr east Equal ease as househol Value d inc ome These fin them with din a s gs o are simi urce of in lar to come in some other 7% retiremeestimates of Am nt, 56 perc41% ent ex erpect ican to rec househ eive i old assets. Qu ncome from an antifia employ ble data er-sponsore from t 7% he d 20 07 A lot behind schedule 32% 38% 38% financ cial aspects of 34% retirement. 6% 6% major probl remains well e m say they below confiar dee very co nce leveContact EBRI ls nfire dent abo garding paying fo u t havi Publications, (2 ng e r basic nough mon 02) 659-0670; expens e34% y to liv es. Th 34% fax publication e com e percentages o fortably 35% orders to throu f wor ghout kers who (20retirem 2) 775-6312. are ent, very 39% $A25,000  deskto  -p $49,9 or lapt9o9p 36% with a di7rect inte1 rn0et 9 13 11 53% 33%6 9 17% 30% Respondent Respondent and/or 33%  Spouse 5%32% 31% 27% increases th Figure 3, Wor EBRI make e lkier kelihood of Confidenc s information freel buildi e in Having Enough Money t ng asset ly e av vels, or ailable to al becaus o Pay e those l for Ba with sic Expenses in more assets a Retirement re better abl ...................... e to afford it. 8 to Benefits Received by Retirees To 16% day ........................................................................................ 44% 4% 24% 30 Two-t 2 may not ho hirds (6 ld true 6 percent for youn ) of ger cohorts workers re 22% por wh t they a o are less likel 23% nd/or t22% h y to enco eir spouses h untera employ ve saved for 29%65%ers w h retireme o offer th nt, a 38% is type o continuin f retireme g decline nt 21% 37% rises, but Survey of Almost all ret per Con ih rsaps not ees who umer Financ “In all its activities 19% as mu worked Ve es ch as n r (con y for ducte pay i ecessa Som n de r wh by the ry to mainta e, the Institute shall tirement at U.S. Not inFe i t 64%  n To h de a comfort o e ral 2010 Reserv 43% Not RCS a bl At 64% e e retirem g  All Board) fo ave a poDon esitiv nt. und t 't  K en reason for doing h ow/ at the Refus me ed dian (m so, saying idpoint) l they evel of traditional • EBRI’s reliable health and retirem pension or cash balanceSubscriptions to plan, and 45 39% pe e 17 EBRI nt surveys ar %rcent Issue Bri expect 17 e% fs to e just a click away through the topic boxes at are included receive incom as part of e from EBRI a payout a membership, or as part of 18% nnuity. In contra a st to Brian K. Bucks, Arthur B. Kennickell, Traci L. March, and Ke connection 16% 15% vin B. Moore, “Changes in U.S. Family Finances from 2004 t 15% 16% o Very Likely 62% 14% Somewhat Likely 62% Not Too Lik 2%ely No 26% t at All Like13% ly Don't Know/ 12% 13% 13% compare confident d abo with u 2 t bein 3 perce g a 61% b nle t o to f61% work pay for m ers we hdi o indicate cal expe de nses (13 bt is not a perc pro ent, do blem. On th wn from 20 p 10% 43%e oth 10% e ercent r hand, in 20 45 percent 07 but leve of l with workers the The Hartfor Retireme d nt Confidence 1% Wells Fargo 9% 9% Orders/ EBRI assumes a public service responsibility to 60% make its findings co 60%mpletely accessible at www.ebri.org 36% 34% 2 59% 58% 39% 58% from the thr benefit. ee-quarters (75 percent) measured in 2009. 1% Fifty-eight percent say they and/or 38% their spouse are currently 33%Very Confid$199 annual sub ent 44%Somewhat scription  Co 42% nfid to en25% t EBRI Not Not Too es  Conf andident EBRI Issue Not Brie at Alfs l Co . Change of nfident Address: EBRI, 2007: Evidence did so be ? Retir cause ees from the Surv the reypor wa t the nte $50,000 dy y to stay active and involve ey of Consume ar - e si $99,9 gnifica 99 n ntly r Finances,” more 14 reli 11 d Federal Reserve a ant (9 on 2 pe Soci 6rcent) or e al S Sec 9 Bulletin urity as njoye , Vol. 95 (February 20 6d w a m m orking ajor sourc 11 (86 percent). 8e o of their 09): A1–A55. The 2007 retir However, em ment the Figure worker household assets of Am Figure 39, 4, expect Wor Retkations, retirees are l iree Co er Conf nfi idenc d erica ene ce n in T s wh Havin hat Soc e oss likel have g En ial t ough y to rely Security hese assets w Money t on a Will C n oo y a Pay ntinue s $2 form o for Me 5,30 to P f 0. pers di r ovide cal Ex onal savin Ben penses i efits gs o n of at L r Reti on Ref employm rement euast Equal sed ................... 9 ent for Value th eir i n c ome the top of the page. Don't know/refused 38% 1% 50% 44% 24% with 12 perc a major ent in debt 2011) an problem a function strictly in an objective and 199 d lo 6 n 199 gr-term e not 7 200 at al care 2 200 e l co 7xpe 201 nfident ns 0 es 201 (about 9 1 pe 201 rcent, 2 having eno down fr ugh money om 17 percen for a t in fina 20ncially 07 but sec statistically e ure retireme qui nt valent , — so that all decisions that relate to employee ben 1996efits, wheth 1997 2002 er m 2007 ade in Cong 2010 2011 201 ress or bo 2 ard rooms or More than half of workers A desk (53 percent top or laptop usi ), nbu g at just one-qua  wireles 37%s internet rter of retirees (26 perc 46%ent), report they use a desktop or 19 19 1993 98 98 19 20 2097 02 02 2020 20 0203 03 2020 20 0304 042004 2 20 005 052005 20 2006 06200611% 20 2007 07 20072 20 008 020 80820 2020 50% 09 0909 20 2020 10 1010 20 20 2011 11 11 20 20 2012 12 12 1100 13th St. NW, Suite 878, Washington, 3% DC, 20005-4051, (202) 659-0670; fax number, Workers who have done a retirement savings needs calculation tend to have higher savings goals than do workers who Survey of Consumer Finances (SCF) is the latest available data from this most comprehensive survey on 45% Americans’ wealth. In saving (continuing the decline from 65 percent in 2009). However, these decreases are concentr 38% ated primarily among to Benefits Received Before 60 by Retirees To 60-64 day ........................................................................................ 7% 65 10% 66-6944% 70 or older Never 22%  retire 30 percentage inco w m he t o re han c port uwor rren kt ting worker solely s for exp nonf e ect to inanc be. ial r 1% easons is smal 11% l. Ninety percent identify at least one financial in reti Subscriptions rement (Figure 35). Overall Retirement Confidence 11% Mass Mutual Financial families’ ho Group mes, are based connec11% tio on the highe n st quality, most depe ndabl39% e information. EBRI’s Web site posts Figure 5, Worker Confidenc 7% e31% 11% in Havin 27%g En 27% ough13% Money t9% o Pay 13%for Long-term Care Expenses in Retirement ....... 9 compare to the 9 perc d witent measured h 14 percent o in f work 2011) are u (202) 775-6312 ers with nout a changed fro de ; e-mail: bt pro m 20 blem subs 11.(criptions@ebr Simil Fig18% ure arly, the percentages 12). i.o 16% rg 18% Membersh not at ip Information: all confident Inquiries have laptop with a direct Inter So28% urce:n   Empl et connect oyee Benefit Re ion to search In hel stitutep  an ma d Manage thew Green their wald &fina  Associnces. ates, In17% c. Almost as ma , 2010–2012 Retirement ny say they Conf17 iden% ce Sur1 ve9 ys% . use a desktop or Confidence in Entitlement Progra $100,000 -$249,999ms 19 20 13 10 15 12 12 prior years when both surve SoSo uruce: rce   :Em   Em yploye s have bee ploye e eBe  Be nenefi fit Re t Re sn esae ta racrhc hken, In  In stsittuittuetRCS an  ean  an d dMath  Math 21% ew d S ew  G rGr een CeF findings ha ew nw aladl d&  &  A sso Asso ciacitaetse, sIn ,v  In ce .c, . matched ver 199 , 1998– 8–2012 2012  Re  Re ti20% rteirm em eneytn   clo Ct oCo nfide ns fidely. nce enc eSu  Su r21% vrey vey s.s. unbiased manner and not as an advocate SourSo ce:u  rce: Employe   Employe e Beene  Be fitne  Re fist eRe arsceha  In rcsht iIn tustteit  an uted  and Mat  Math hew Gew reen  Grw een 19 aldw  &% al dAss  &o  Acisso ates cia, tIn esc,. ,In  2012 c., 1 9Re 96– 8% tir2e012 men  Re t Ctoirnfide emen nce t C oSu nfide rveynce .  Surveys. have not Older workers done ten thed calcul to So Souurrreport cce: e:  atio   Em Employe ploye n. T higher ee  Be Bew ne neenty fit fit   amoun Re Ressee-two aarrcchh  In Inss perc tttiitts of assets. Nine uuttee18%   an and ent o d  Math Math12% ew ew f   GG wo rreen eenrker w waallddteen   & &s who   AAsso sso 17% ccipercent of workers iaattee hav ss,,  In Incc..,, e  120 993– do 00–2012 2ne 012  Re Re a calc ttiirreem meennttu  age  CCo loation, com nfide nfide45 an nce nce  Su Surrvveys d ol eys..par der c ed with ite assets 9 per-cent of workers w • Need a number? Check out the ith household income under $35,00 EBR 0. I Databook on Employee Benefits. 14% 14% reason for having worked, s 13% uch as wanting to buy extras (72 percent), a 10% decrease i 13% n the value of their savings or 7% 11% 11% all research findings, publications, and news alerts. EBRI also extends its education and public service Figure 40, Worker Confidence Th at Me regarding dica EBRI re Will membership an Continue to Pr d/or con ovide tBene ributio fits of ns to EBRI-ER at Least Equal F should be dir Value to ected to EBRI 18% 12% Despite remained at rece a nt improvem plateau,16% with ent24 s in th perc 16% e e ent cono now not mic pict at al ure, A l com nferic ident ans’ conf about having eno idence in th ueir gh money ability to r fore tir medical e comforta expebly nses (up 12% 36 laptop with a wireless Internet connection (46 percent of workers and 18 percent of retirees). Much smaller 18% 16% Figure 6, Worker Confidence in Doing a Good Job of Preparing for Retirement 20% ............................................. 9 5 7 10 of those The reason t ? who Altho h have not, u u at workers m gh 56So p ure ce: esti rcen   Ema ploye mate they t o y be less lik ef  Be 5% w neo fitr  Re ke s ne eras rcely he e e  In d xp s to expect inc to a tite utc e t to re and ccumula  Mathew ce  Giirve benefits fr een te at ome fr wald & le  Aom ast $ ssocia Soci tes1, o o Inmillion m a cal Sec ., 199 de 1–20u 1for r fin 2rity th  Reetid re em ti ben erement. At a ntn  C retir oenfide fit p nce ees ar 5% l a Sun rv the i eyn n s. retir e other to receiv 21 24 12emen extr t, e it em o only 33 is e, Workers’ ex $250,000 orpe more (vs. cted sourc 1 epe s o rcent o f incom f worke e in ret 19% rs age irement 25 have –3 20% 4). At the changed slight same time, 7 ly over tim 16% 7 perc ee . A nt of lthough workers virtua age lly all 25 –3 retire 4 ha es ve total 18% Mercer role to improving Ameri President Dallas cans’ finan A16%  sma cial kn Salisbur rt phone owle y at th dge e above ASEC thro address, ( ugh its a 17% Charter 202) 659-0670; ward Partners -winning p e-mail: ubli salisbur c service y@ebri.org campaign investments (62 perc or opponent of any position.” 19 ent), 94 19 95 needi 1996n19 g 9money 7 1998 19 to make 99 2000 20 en 01 20 ds0 meet 2 2003 20 (5 04 15% 920 per 05 c 20 ent), 06 20 or ke 07 2008epi 2009 ng 20 health 10 2011 ins 201u 2rance or other In additio Benefits Received n, few are opti$ mistic abo 250,000 by Retirees Today  oru  mo t th ree immediate fi 15 ........................................................................................... 14 nancial futur 12 e. J12 ust 7 perc 12 ent 21% of work 17 ers an 1517%d 3 percent. 31 of retirees 12% 21% 12% 10% 10% 9% 9% 1915% 92 1997 2002 2003 2004 2005 2006 2007 20 8% 08 2009 2010 2011 2012 remains stagn from 14 percea nnt. Just t in 2007, 14 sta percent tistically e of work quivers are alent to very c the 2o 3nfident t percent mea hey will sured have in enou 2011 7% ) and gh mon 34 e y to perce live comforta nt not 30 at all bly in percentages manage the 3%ir financ ® es using mobile devices such as 4% smart phones (20 percent of workers and 4 percent of Similarly, t As previous • Instan he wpercentages aves of t tly get e-m he RC ofail noti S have retirees very fou ?cations of the latest EB nd, confident a sizable 14% abo percuentage of t having RI data, eno wor ukgh money to ers report surveys, publications, and m th ey have cover me virtua dical exp lly no savi enses eetings (24 ngs per- and 27 because savings an percent o conf perce d ifn i d n those who n venc t re estments of e port in Socia that hav llte Sec e hss than do ey a u ne rity’s a nd a calc /$2 or t 5,000, bh h iu lity to mai eir spouse c lation, com compar ntai p e u uar d rrently have n w th ed ith ewith valu 48 3 p e of 9 e rc s s per uch a ben ent of bene cent fits work who paid t efiers age t have t with o retire not, th a c 45u a es is lo rrn ink th ed n n ol t or der. As o w. Si e pr y nee evio x perce dus to ne m employ save less nti of ght er. continue to reCport rec hoosetoSave eiving income and the from S companio ocial Sn site ecurity, ww thw.c e perce hooset ntage of osave.o workers rg expecting income from this source Figure 7, Retiree Confidence in Having Enough Money to Pay for Basic Expenses in Retirement .................... 10 benefits (40 percent). 40% 38% are very confident that inflation will average no more than 4 percent for the next 10 years. Only 8 percent of workers 1% 1% retireme More Imme confident Figure 41, nt abo Ret (statistically e u diate Concerns iree Co t havinnfi g eno dq en uiu cvalent to e gh T money hat Me the dica fo 35% lr long-term ore w of Will 1 Contin 3 perc care e ent measur ue to xpe Provide nses ed (up from 21 pe Bene in 20fits of 11 an at d 2rcent 009 Least Equal ), a in 200 nd 37, statistically V 8 perce alue to nt ar e so equivalent mewhat So Souur19 rce: ce:   92   Em Employe ploye 19e97 e  Be  Bene nefifit 20 32% t Re  Re 02 sseeaarcrch20 h  In  Ins03 sttitituutete  an 20  andd04  Math  Mathew e20 w  G  05 Green reenww20 a33% aldld  06 &  &  A  Asso sso20 cciaiat07 etess, ,In  Incc.20 ,. ,1994–  2002 08 –22012 012 20  Re  09 Retitrieremm20 eennt10  tC  Coonfide nfide 20 nce nce 11  Su  Survrev20 ey ys.12 s. retirees Editorial Bo ), a smart pho ard: Dallas L Son urce: e .   Salisbur app (12 Employee Be y,ne publisher perc fit Resent o earch;  Stephen Blakely Insft work itute27%  and Math ers an ew G , editor rd een2 pe wal.d Any  &rcent  Asso views ciat of r es, In expr c.e , 1992– tirees), essed in this p 2012 Re or a tiremeublicat t nt a Coblet nfidion and th ence comput  Surveysose o . er (11 f the author percent s shoof uld investments. Among RCS workers providing this type of information for the 2012 RCS, 30 percent say they have less cent, statistica and sem lly unc inars by clicking on the “Notify Me” or hanged from 27 percent in 2011) and long-t “RSS” buttons at the top of our ho erm care expenses (18 percent, statistically unc me page. hanged than Merck workers are v $250,000 for r ery confident t etirement h. at the Social Security system will conti 12 MetLife %nue to provide benefits of at least equal value to has dec suspect, total lined frsavings and investments incr om 88 percent in 1991 to 79e percent ase shar in ply 2011 with an househol d 2012.d Th ine come, edu percentac ge o ation, f workers and health expectin status. Workers g to receive 34% 45% and Preparing 10 percen for Retirement t of retirees are very confident that A smart pho the ec ne apponomy will grow an average of at least 3 percent a year for the not be ascribed to the officers, trustees, members, or other sponsors of the Employee Benefit Research Institute, the EBRI Education and The actual Figure 8, Benefits Received Retir retiee Confidenc rement age reported by by Retirees Today e in Having Eno retiru ees has c gh Mone ........................................................................................... h y to anged Pay for even Medic more 35% aslowly. In l Expenses in Retir 1991, only ement 8 perc ................. ent of retir . 31 11 ees said Those al confident. O to the 33 perc ready n in r ent measur the oth etirem er h ea ed nt nd tend to e i, a n 20 quart 11) (F x er o pr ig ess high ure f workers s 4 an er l d 5) (23 evels . percent of confi ) cont denc in eue to than say they workers are about not at each all of confident t these financ hat ialthey workers an The Whil likeli ? e th e More hood RCS d 4 perc does t tof f han e ha eli ent o not n lf of g a lot disti f rw w etorkers (56 n i be rees) (Fi guish hin how d sche gure pe m rcent dule is u 27). ch mon ) The report inversel elikeli y is t they a h saved in y re ood late n o d/o f usin d to eac r t h h h g heir spouse o each o type o usehold inco ff savin thh ese a ave not tried t g m s vehicle, devices e, house increa wor hol o od assets, he calc ksers who es sharply 14 39 19ulate h curr oalt w wwi much hently status, th One reason that retirement confidence may have stagnated is 2% that many America 47% ns are preoccupied by more from 1 than $1,000. 6 perc I en nt in total, 2So 011 u60 per rce:)   Em he plo ld s cyent of work ee Be tea nefitdy. T  Research her  e In perc ss report t titute anenta d Mathges ehwat  Gr een not at a thwe total ald & Asso ll con valu ciates, In fe icd .,of the  ent 1992– about 201i2r ho  Retir m euse men etdical  h Coold’s savi nfide ( nce 1  Su 6 p rveyngs es.rcent i and ninvestmen 2012 and ts, EBRI is sup ported by organizations from all industries and sectors that appreciate the value of 36% 42% Guaranteed the Few retir who ben have efits ees don rwho ee ceived Income a r have etirem bynot retir ent already savings n ees today, worked for e an eds calculation d 29 pay in percent a retireme (comp re somew are nt anticipate r d wit hat confident. Nev h those etuning who ha to paid ve not ertheless, 34 )emplo tend y perce to have ment. Just nt higher of wor 2 percent levels kers benefits from a defineUnder d ben  55 efit plan 55-59 has als60 o decr -64 ease65 d from 766 0 -perc 69 en 70 t in  or  2 older 002N to ever 41% 56  retperc ire Don' ent t kn in ow 2012. At the same Research Fund, or their staffs. Nothing herein is to be construed as an attempt to aid or hinder the adoption of any pending legislation, regulation, next 10 years, while just 16 percent of workers and 11 percent of retirees are very confident that their investments will they retired after age 65. This percentage increased to 20 percent in 2010 and remains at 18 percent in the 2012 RCS aspects of reti will have enourement, a gh money to nd t li hve comforta e 2012 RCS s blh y throughout t ows little chan hge fr eir r eom th tirem Prudential Retirement e e le nt years vels me (slightl asured y belo for re w t tire he es27 percent in the rece mea nt past. sured MFS I Evaluation of Progress nvestment Management in Planning and Saving for Retirement household inc immediat Figure contribut and education 9, mone e e f Retir to inan em a ome an .y y ee Confidenc Among other ncial co theyployer w d e ncern ill n duc -s ee e e pons s ation. in Having Eno s d to . Asked to more like ored have Workers retir sa lna y t v ve ed me the o un ment s u descri gh Money to by der th most pressing a 45 be e tim vin are the gs e they pl m also mo Pay for se anlves as a l ar retire e mor Long-t financ re lis kel so that eio than a y erm Care Expe t behin l issue than o th tw ey c d sch facin ice lder a a a workers to repo n s g e live likely as t most America dul nses in Retir e co armfo e sin hr rose w tably in gle en rt using eac ment work s today, ho r do not ..... e ers (co tire11 both ment. h m to of pared excluding the value of their primary home and any defined benefit plans, is less than $25,000. 41 14 perc unbiased, reliable information on emplo or interpretative ent in 201 ru 1) an le, or as d lo legal, ng-term accounting, care actuarial, o expense r other such prof s (30 pe yee b rcen essional advice. enefits. t in 2012 Vis anww d 20 it w. www.e 11 ebri. ) als org bo ri.o do rg not sho /about/join/ w any statistical for more. ly are not say it is very at all c likely they onfident t wil hat l work for future Social pay some time Security There’s lo ben ine th fits e f will uture, ts more! match and or only 8 exceed th percent e va say it is lue of to somewhat day’s benef likely. I its (dow nstead, n Saving for Retirement time, the of savings. perc In entage of addition, thos wore w kers ex ho hav pectin e sa g to rec ved for ret eive inc irement ar ome from e mor 11% em eployment likely tha has i n those w ncreased from ho have not 72 saved to percent in have 199 1 Source:  Employee Benefit Research Institute and Mathew Greenwald & Associates, Inc., 2012 Retirement Confidence Survey. Worker responses suggest t 2001 h200 at they 2 200 wi 3ll be abo 2004 u200 t as 5 likely as 2006 200 curr 7 ent r 200e8tirees to 2009 purc 2010hase a 2011 fina 201 nci 2 al product or select a grow Worker in va confi lue. dence t Whileh 2 at t 8 perc hey are ent of doin work g aers are v good job o ery con f prefp id arin entg th financ ey wil ia l lly for have retir paid em ement has ployment also hel for asd long as they steady. The nee d A tablet computer (Figure 31). The median (midpoint) age at which retirees report they actually retired has remained at age 62 Not al Worker l worker concers who n abou have t Me sa dicved are’s l for ret evel o irement ar f benefits has als e currently o be savin en rg e lativ for this ely stabl purpose. e (Medicare is th Fifty-eight percent o e federal h f workers in ealth care After in 201decre 1). Anot asing her from 24 perc 48 pe enrcent i t are not too n 2007 cto 34 onfident t percent hey iwill n 2008, have the enou pegh mon rcentage o ey, ma f retirees v king nearly ery co ha nfid lf of ent all work in havi er ng s not these with ma report savin devices rried gs workers); t and exce inv pt aestments of at tabl hose who hav et comput le er. east n ot saved $50,000 for r (45e p tire ercent ment vs. 22 (com pared percenw t). ith savers); those who have not done 32 a workers and retirees are most likely to identify job 42% uncertainty (42 per 41% cent of workers and 41 percent of retirees). meanin When workers gful changes are asked to (Figure sevaluate 8 and 40% 9). their 39% progress i40% n plannin 40% 4% g and saving for retirement, 67 percent state that they f most say a ret substantial rom 39 percen levu et i ls of rn to n 20 savings. pai 11d ) (F employment ig In ure 38 fact, ).nearl is either y two-t not too hirds ( 63 (21 percent) o percent) of those r not at who all (67 perc have not saved ent) likelfor retirem y. ent say Figure to 79 p10, ercent Ret iin ree Co 2012. nfidenc e in Having Done a Good Job of Preparing for Retirement ................................. 12 33% Although retirement pla one might n optioexpect t n that pays gu hat America aranteed n workers wo income eac uld react h month to for the life. Twelve perc ir lack of retirement of work ent confidence ers say they by improvin willg be their 29% it, just 9 percentage of percen workers very t of retire 27%es t chink th onfident r ey co emai uld f ned at rou ind paid em ghly ployment 25 percent if th be ey shoul tween 2 d n 00e3e a d it nd in 20 retirem 07, and ent has since (Figure rem 13). Lack ained througho ? Only ut thia as mi time. nor ity of w workers aVisit EBRI on-line today: nd re etirees feel ver ry comfortablwww.ebri.org e e using online tec hnologies to perform various insurance pro the 2012 RCS greport t ram for th hat th e elderly ey and/or and disabled). their spouse Four are c percen urrently savi t of workers are very ng for retireme co nt (dow nfident t 24%n fh rat th om 65 e Medicare system percent in 2009, enough mon Many workers too or not EBRI Issu at a e eBrief y to pay ll con continue is rSo f eident o u gister r for ce: to   Employe ed in the U. basic ex be f having eno una e Benefit ware S. penses  Re Patent and T sea of rchu  Ingh money sh remains at tito utw muc e ran adem d Matar hh for ew k th 32  Office. Gr r een ey nee e perce wtirement. al I d S & SN: 0887  Ass d n to t in ociat save es 2 , In ? 013 c1 ., 2 2001– 7X/90 for retir . At th 2012 0887  Re e sam e tirment. e ? m13 ent7X/90 $ . e  C time, o More t nfidence 1  Su 50+. r0 h vey an per s50 . hal cent cont f (56 percent inue to be ) 21% Other retireme issues n nt needs calc amed inclu ulatio de: n (com pared with those who have); those who are 20% not 19% participating in a retirement savings are a lot (37 percent) or a little (30 percent) behind schedule. This is statistically equivalent to the percentages reported their assets total less than $1,000. Retirement Savings Plans preparations for retirement, that does not appear to be happening. The percentage of workers who reported they very likely to purchase or choose such a product, compared with 12 percent of retirees who report they bought this of con Figure steady at ro fidence 11, Assessment of Current Level o ughly 2 in the in imme 10 (22 diat perc e financia ent in l f 20 fu t Debt 11 a ure is n ................................................................................ d 1 also str 9 pero cngly r ent ine 2 late 012 d t ). Th o lack of e perce con nta fige o denc f eworkers in a secwho ar ure r ......... 13 etireme e not a nt t. all Retirement Savings Needs Worker Nevert heless, concer tasks only a mi related t n that the onorit fin elia a gyncial i of bility a workers a ma gnage e form n Medicar d r ent. R etirees feel eelativ migh e ely few t increase very com use m may fort o obi a be ble le devic contri usine g onl s buti s such as in ng e tec to co a s hnolo ncern ma art pho gie a sb to per out th ne orfe t orm v a a futur blet to arious e of One r will report t but statisticall contin eason fo hey a ue t ny equ o r the di d/or provi their ivalent So d ffer e urce spo ben :e   Empl t nc o e u e between oy the fits of se have ee Be perc ne at fit Res not enta leas e wo arch tried to calc  In t equal val ges measur rkers’ expect stitute and Mathu ew ula ed in e  G t a reen o te ho tions w the a20 ld & be w muc 10 and retir  Asso an nef ciates d 2 ih ,ts  In money they ce 011 .receive , es’ 2012)  experienc Reti (Figure red m eby re nt Co w n1 fill n id e 6 tirees today, e of retir ). nce e  Sur ed to vey. emen havwhile e t age is th saved by 31 perc at m the e time nat are ny Although the not at a ll confpercentage of ident about paretirees v ying for basic ery co expenses nfident th (Fi at t gure hey ha 7). d done a good job of preparing for retirement fell from Confidence It is like plan at work ly that th(at Social c not al ompare l worker Sec d wit uh rity wil s who participa l conti woul nts d l n)u ;i and e to ke to provi thos work in e d w e bene h ro do etirement fi not c ts that a u w rrill ently hav re at find pa least e id empl e be qu nefits al to to oyme from a nt. As pr day’s v defi alue eviously ment ne 16 d is hi ben gher efit pla among ioned, n It should be noted that although 56 percent of workers and/or their spouse expect to receive benefits from a defined in 2011, but 12 percent200 age 2 points h 200 igh 5 er than th 200e 8 55 percent o 2009 f worke 201 rs who 0 felt201 be1hind sche 201 dule 2 in 20 05. While the T and/or type o he dif f th f e produc re eir s nces b pt or chose ouses ha etween w d sa this oved rke pla rfor ret s’ n o ex pp tion e ire cted ment in wh ag en t e of h crease ey r reteirtir d eme e brief d. Anot ntl a y in nd her 2 re 0 3 t09 ire 4 percent (to es’ act 75 perc ual ofa w ent), ge of retir orkers indicate but this emen perce t reveals they ntage will ha a be s slowly One of th e primary vehicl 1993es 19 that work 97 2002ers u 2003 se to save 2004 20for 05 reti 2006 reme 20nt is a 07 20n 08 em20 ployer-s 09 2010 ponsored r 2011 20e 12 tirement savings plan, Among r confident rose etireesslightly , confidence from 12 perc about havin ent in 200 g a fin8 ancial to 17 ly s peercen curet i retirem n 2011, ent has a but has remai lso heln ded statisticall steady. Twenty-one percent are y unchanged since tasks related t manag g oe th finaei ncial r fin ma anc cnagem es, and ent. A just 1 1 m0 perc ong those ent sa wy yh they are co o use one or m mfortabl more of e o the bta te iinichnologi ng advic es me e fr rom ntione financi d in al the survey, Americans f somewhat co Medicar ? eMaking en ben inn e dffits. Forty th ideemselves nds meet (1 t in th -two e s retirin y perc stem. Twe 0 perc g ent o uent nex f of nt p wo e y-nine ctedly. wo rkers report rkers and 13 perce The R n th t are CS ha ey percent of retirees). are very co not at s consistently fo all confident ncerned t un d th th hat t at Medicar at a lar he agg e at ee perc ’s be whi entage of nefits will c27 h they beco retir cont me e inue es to 39 they retir Many workers percent e so in 200 that they continue 7 to 26 can live comforta to pbe ercent i unaware n 200 of 8, bly in r hit has r ow muc etirem emaine h theey nee nt. d stea d to dy since save that tim for retireement. (27 perce Less than nt in 2 half 012 of ). Lik workers ewise, Figure The pro 12, portio Retnirement saying they Confi d have saved fo ence Among W r retirem orkers, b ent y al Assessed so increases a Level of s educat Debt ............................................. 13 ional levels rise or health status workers a Thirty-four there (compar is a ed wit g large discrepa e per 45 an h cent of those d ol So work uder rwho ce:ncy   Em th a er ploye betw an amon rs report t e ent e Bene een fiittled to  Re work g you seh arey ch Inbenefits). er con sn had to tiger tute and workers, f   di Math idence p Wo ewinto  Grr een in ha kand er w their als who d &vi r  A e savings ng pai sso tirees ar c say t iates, In dc employm .h ,to pay  e more likely 20 ey are 02–2012 for a Rete lot irent basi menfbehin t to  Cc ex h r as lon onfide an d sche penses nce workers t  Sug rv as eydul s wi . needed (28 e thin th o may be conf plan e past 1 ident pe to rcent make 2 benefit plan in retirement, only 33 percent report that they and/or their spouse currently have such a benefit with a percentage of workers who say they are ahead of schedule has changed little (7 percent in 2005, 9 percent in 2011), th decli considera somewhat l ned an ble d n ikely to buy or gap ow betw stands een at 66 perc ch wo oose a rkers’ e ent. T guaran xpect hations an e perce teed income product ntag d ret e iof rees workers ha ’ ex(Figu periernes 36 ving ce. Just save and 37). 8 d for perc retirem ent of work ent in ers say they creased from 199 plan to 6 such as a The likelih 40 ood 1(of havi k). Eighty ng save -one percent d for retir of e el me igible nt amon workers g both work (38 percent of all ers and retire workers) s es is stroangly r y they elate partici d to p househol ate in sucd h a in pla come. n very confi then (19 perc dentent i about n 2 havin 012). g Combine enough mon d with e the y to live 17 1100 13 perce comfn or t of St tably thro reet workers NW · Suite 878 ughout th who say t eir r hey etir are not ement y too co ears (statistically nfident, this means Source:  Employee Benefit Research Institute and Mathew Greenwald & Associates, Inc., 1993–2012 Retirement Confidence Surveys. just 34 perc profe ens st of sionals onlin workers a e e. nd 23 percent of retirees state they feel very comfortable obtaining information about leave t equal eligible or exc h for e wor Me ee kdicare d force earli the ben will i en e fits cr r than receive ease befor plann d by be e ed th (50 percent in ey retir neficiaries e. An to ot 20 dher ay, a d 12) 33 (Figur perc ecrease en e 33). Ma t say they from tny ret he are 34i p rees somewhat co ercent who r measur etirn ec d ed erned. Just a earli in e 20 r tha 11 but n 14 (42 percent) r percent of e retirees co port they a ntin nd/or ue to their be not spo a use have tried to t all confident abou calct havin ulate how g done mu ch a good mone job (statisticall y they will nee yd uncha to hange ve save d from d so very confi improves. In ? The den economy a t and 4 ddition4, marri perce (9 perc ed wo nt somewh ent eac rkers are h). at confident more likely th ) and retire an those not e confidence married to ha in finding ve set asi paid emd ploy e mment shoul oney. Other gr 29 d they oups current months. A sm or prealler vious employ percentaege o r. f retirees (22 percent, down from 33 percent in 2011) say they had to take more than the percentage who indicate they are on track has declined from 37 percent in 2005 to 22 percent in 2012 (Figure 24). Figure 13, Confidence in Financial Future .................................................................................................. 14 Washington, DC 20005 through retire before a 2000, dec ge 60, line compar d signifed with icantly in 40 per 2001c an ent d of hovere retirees d aroun who r d e70 port pe trcent, someti hey retired th mes above at early. Sixt that and someti een percent of mes with t Furthe hr, th eir curr e decline ent em in ployer savin g (Fi for gur retir e 21 e). me nt over the past few years is found almost exclusively among those workers equival that 36 ent percen to th t indicate they e 24 percent lack con who expresse fidence in d that th sentim eir fina encial preparati nt in 2011), wo hile ns for 42 percen retirement (Fi t are some gure 6). what confi 2 dent. At the financial products online, although another 41 percent of workers and 30 percent of retirees report they feel somewhat plann statistically equivalent quarter ed cite are no ne t too (15 gative reason to th perc eent) or not 30 s for l pee rcent aving t at inall 201 he (9 work forc 0 (F perc igur ent e 40). e, ) concer inclu din ned about this g health problems o possibility. r disa bility (51 percent); changes 13 percent in 2011) (Figure 10). © 2012, Employee Benefit Research Institute (202) 6 ?Educ 59-06 ation and Re 70 search Fund. All rights reserved. www.ebri.org www.choosetosave.org ebr ebr ebr ebr ebr ebr ebr ebr ebri.org ebr ebr ebri.org ebr ebr ebr ebr ebri.org ebr ebr ebr ebr ebr ebr ebr ebr ebr ebr ebr ebr ebr ebr A A res i.o i.o i.o i.o i.o i.o i.o i.o i.o i.o i.o i.o i.o i.o i.o i.o i.o i.o i.o i.o i.o i.o i.o i.o i.o i.o i.o i.oearc r r r r r r r r r r r r r r r r r r r r r r r r r r r rg g g g g g g g g g g g g g g g g g g g g g g g g g g g Is Is Is Is Is Is Is Is Is Is Is Is Is Is Is Is Is Is Is Is Is Is Is Is Is Is Is Is Issue Bri Issue Bri Issue Bri su su su su su su su su su su su su su su su su su su su su su su su su su su su su h rep e B e B e B e B e B e B e B e B e B e B e B e B e B e B e B e B e B e B e B e B e B e B e B e B e B e B e B e Br r r r r r r r r r r r r r r r r r r r r r r r r r r r oiiiiiiiiiiiiiiiiiiiiiiiiiiiie e e e e e e e e e e e e e e e e e e e e e e e e e e e rtte e e ffffffffffffffffffffffffffff from the EBRI • M • M • M • M • M • M • M • M • M • M • M • M • M • M • M • M • M • M • M • M • M • M • M • M • M • M • M • M fff • March 2012 • March 2012 • March 2012 a a a a a a a a a a a a a a a a a a a a a a a a a a a ar r r r r r r r r r r r r r r r r r r r r r r r r r r rc c c c c c c c c c c c c c c c c c c c c c c c c c c ch h h h h h h h h h h h h h h h h h h h h h h h h h h h 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 2012 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 • • • • • • • • • • • • • • • • • • • • • • • • • • • • E E N N N N N N N N N N N N N N N N N N N N N N N N N N N N • No. 369 • No. 369 • No. 369 ducation and o o o o o o o o o o o o o o o o o o o o o o o o o o o o. . . . . . . . . . . . . . . . . . . . . . . . . . . . 369 369 369 369 369 369 369 369 369 369 369 369 369 369 369 369 369 369 369 369 369 369 369 369 369 369 369 369 R Research Fund © © 2012 Employee e Benefit Researc ch Institute 20 13 15 17 24 25 14 21 29 26 10 32 18 30 19 11 28 23 12 22 16 27 31 2 3 4 5 6 7 9 8

Volume 369

Pages 36

EBRI Issue Brief

Ruth Helman

Craig Copeland

Jack VanDerhei

Retirement