The 2016 Retirement Confidence Survey: Worker Confidence Stable, Retiree Confidence Continues to Increase

The 2016 Retirement Confidence Survey: Worker Confidence Stable, Retiree Confidence Continues to Increase

Volume 422

Pages 40

While overall confidence about being able to afford a comfortable retirement has plateaued among American workers, preparations to save for retirement are still lagging, according to the 2016 Retirement Confidence Survey (RCS) by EBRI and Greenwald & Associates.

2016 Retirement Confidence Survey: Retirement Confidence Stable, But Preparations Still Lag

The 26th wave of the Retirement Confidence Survey (RCS), the longest-running survey of its kind in the nation, finds that American workers’ confidence in their ability to afford a comfortable retirement has maintained its increase after the record lows experienced between 2009 and 2013. However, retiree confidence in their ability to afford a comfortable retirement continued to increase in 2016. While workers and/or their spouses who have a retirement plan have much larger savings and are also more likely to have taken steps to prepare for retirement, in the aggregate, only a minority of all workers appear to be taking basic steps needed to prepare for retirement.

Findings in this year’s RCS include (see also the six RCS Fact Sheets):

  • The percentage of workers very confident about having enough money for a comfortable retirement, at record lows between 2009 and 2013, increased from 13 percent in 2013 to 22 percent in 2015, and, in 2016 has leveled off at 21 percent. The percentage of workers somewhat confident increased from 36 percent in 2015 to 42 percent in 2016, while the percentage not at all confident decreased from 24 percent in 2015 to 19 percent in 2016.
  • This move out of the not-at-all-confident group is observed primarily among those reporting they or their spouses do not have a retirement plan (defined benefit, defined contribution, or individual retirement account). Whereas in the recent prior years, increases in retirement confidence occurred among those with a plan.
  • Retiree confidence in having enough money for a comfortable retirement, which historically tends to exceed worker confidence levels, continued to increase in 2016 reaching 39 percent who are very confident (up from 18 percent in 2013). The percentage not at all confident was 12 percent (statistically unchanged from 14 percent in 2013).
  • Worker confidence in the affordability of various aspects of retirement continued its increase in 2016. In particular, the percentage of workers who are very confident in their ability to pay for basic expenses increased (43 percent in 2016, up from 25 percent in 2013 and 37 percent in 2015). The percentages of workers who are very confident in their ability to pay for medical expenses (22 percent, up from 14 percent in 2013) and long-term care expenses (16 percent, up from 11 percent in 2013) are slowly inching upward.
  • Sixty-nine percent of workers report they or their spouses have saved for retirement (statistically equivalent to 67 per-cent in 2015). Still, a sizable percentage of workers report they have virtually no savings and investments. Among RCS workers providing this type of information, 26 percent say they have less than $1,000, though those who indicate they and their spouse do not have a retirement plan—a defined benefit (DB), defined contribution (DC), or individual retirement account (IRA)—are far more likely than those who have a plan to report this low level of savings (67 per-cent vs. 9 percent) and far less likely to report having saved at least $100,000 (5 percent vs. 34 percent).
  • Retirees are more likely than workers to describe their level of debt as not a problem. Sixty-seven percent of retirees and 44 percent of workers indicate they do not have a problem with their level of debt.

2016 Retirement Confidence Survey: Retirement Confidence Stable, But Preparations Still Lag

EBRI Issue Brief

Ruth Helman

Craig Copeland

Jack VanDerhei

Retirement

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( s i r sa n 2 et o0 c v th om i1 e rem 6 e a t y e P a, a en c or o h rtic u ty n s e c ip a ot a av a r n i a f tin n liv r g om sou g s e p in c lr n o a c p ow m n e r: of e f W o u vr io iL o n tn a r u to c k b is lom er y ly e ng ou s m in e n p e i =2 r- n lo e xT y t p y 4 ie ou r e e 5 e r c ,rm m s t r R ’ t ( et e r o a e n n itir r t r C e d ? ees t / e y i H m rou a e n o e so y r =1 r w n sp e t 3 m s I ou 7 ou a uc ) vn in se c h asu g ’ di n s) s p l d y r iv la r ee t o a n i c u r:e n om W (m oc o r e f re or n y ko te t ? ur a r s b s n ly po = t 5 h us 2 r0 ou e , )R g c e h a tir ou lcul e te a y st ou e n y = r 2 o9 u 4) v nur ea xlu psi en e t ng so e ho s t d hm e u b r ein o en g re y ho fou its m r r r e ee he ceiv tira em e ltd h en b ca y r tr ?e e (2 , tsho ir 0ee 16 ul s W d y tod or o a k u y? er ne s ( n 2 e0 =1 d i 16 , t0 dur W 00or )ing ker yso n ur = 1 re ,0 t0 ir0 em ) ent? (2016 Retirees 2 R CS Methodology ................................ n (= H 2455 0 ow 16 c R (on a e g tf e iir 85) d ee en s t /n a 503 = r5 e0 y (5 a ou )ge a 95) ................................ bou )t your abilitF y ti o d gu o a r g e ood 36 ................................ job of…? (2016 Retirees n=505) .................................................38 N To o t p in rep clu ad rin e f gor S r ocia etir l e Sm ecu en rt it , y t did a xy e ou s or (or e y mou ploy r se prou -pr so e)… vide ? (2 d m 01 o6 ne Ry et , di ire d ey so n u ( =5a 0 nd/ 5, p oe rr y cen our t spo yes)use) personally 4 t a t bih m aD e se y C ic , a p e 30 re lxp an p re e e o ns ad rr ce I e ys R n tA d to ur o o re f r ing w th ire o av r r.e k e O e t ir b rn s e ee m n a ie g s efe n ittsh ts e 55 (iu nd p e a o fr c rD io s oB im lo d n p e37 lran t o c ip t tfe ak e ro ra c e m e s s a na e tF Fi l to c isi n u a gu g o n rre 2015 u f f$250, r ro r ne e tm 5 o 41 a r n t4 000 h p de re 25 ir vo p io r p lan u e m sr .c o e e N rm e n e tp arl ( lv io nsy y .2013 e o 2 r np a ere e )q r. c u m A eart n to tt re e h or e f t( h w s 2an a 3 om r p k tee e w rc r tiis cm e ea n e g a t,) e s 12 so l if25 k p e th le – ye r3 c s as 4 e e). n t FiFgou rr ex e 30, amp S le, our inc 2 e 0o1f4 A jd uv stic 3 e p W er he cen n tM oo f w ving ork M ero s w ney h of d roesc m E rim bed t ploy he eirr’s de Pla btn a ................................ s a major problem said................................ they were very confiden ...t 22 t H ehe x op w y e e c av tc e etd r, u a (2 lly 97 p p w ee r arc citee e nd n t) ) t ra o (F etf tir ig le re eu m a tris er et n e t? 5 e unt 6 s (2016 ). sil ay a g W te h o rat 7 ke0 ri stt ) o w r as et in re o ta at nd al 6l p he erlp ce fu nl. t o f workers indicate they will never retire. As one on specific policy proW p wo oo s ua ld rk l n s.ee e Er dB W s’ in RI t a o o inv tr an l k b d ier t ye R th ss ee c tim o Ar ti m erm y e M e oe e unt rs’ re o o tir P n r ee e sto hi r th L c si e ak r t y e p el s oti e uy a co r at c n n o h. liv o eThi c fo W mnk foh rtae The bly th in e rey r tir W P emr eo i nlt? f l e (2s 0s 16 i onal n=R 50e 5)tiree Confidence in Future Social Security Benefits save any money for retirement before you retired? These savings could include money you personally Very Confident Somewhat Confident Not Too Confident Not at All Confident Don't Know/Refused How interested are you in purchasing an insurance product that would help finance the costs Figure 25 37% V Ve er ry y C Co onfi nfide dent nt So Some mew wh hat at C Co on nf fi id de e M n nt tajor s N Nou o ot t Too Too rce C Con onf fi id de en n M t t inorN N sou o ot t A Ar t t A A ce llll C Co onfi nfide dent nt D Do on' n't t K Kno now w/ /R Re efu fus se ed d Percentage ofF Inicgu ome rN e eed 23 ing to be Saved, t a w ho ro erk sno ee rw ts it a ctho ur aut ll rec nt a ony nf ly id coo e fnt nt t W he r o ib a rs b kut e e o r s in u p n tla g =t 1, ns he t000) o ir tto he a b b ire ilit rv e ye t irtry o e V m c p e o a e rnf y y nt L id f i k o s e e ra l nt yv bing a F (si2ic g s 6 u e p pr xp la ee rn e c 1 e ns re nt 2 p e s o w rt in iteh d re a tt h ir pat e lam n te hvnt esy . (1 h d0 ad o w p e e n r vc fer er o nt m ta w k1e it 6n ho pa e ut lro c an e ant p fla ro in n) m 2 0 (tF 1 hig 3 e)ur ir e 3). E abo ndu no t h te as v i................................ ng enough m Per oney cen V t ero y C lt oiv nfi a ................................ e de g c nte om o fSo o f r me tW a wbl hat o y C t r oh nk fr ider o enu tgh s C o F ................................ Nu oia t tg r Too lu et c Cr u ion re 1 em l fid a ent en t8 in t, c g Noo R t A m t A e pa ll t Cr oie nfi ................................ rd w em dentith en 2 Do9 n't tper K N nowc eed /en Refuts o eds f w............................. orkers who indicated 39 How Retirees With Higher- might expect, workep rs u t in who to a r aerte ir eno mW etn c to o pla nf rn k id aer te w nt or s ’ k a E .b (2 ox 0ut 1p 6 P R tec er he ec tFig ien i rt r eed e tf a sina u g n e r = Sa A nc 5 e 0y 8 g 5ia in )e g l s Ya es ec tur R ite y t in irrem etireen men tt say they p3la 8% n to retire later, on associated with long-term care, such home health care, nursing home care, and health care costs? Financial Advisor is Providing Advice in Their Best Interest Figure 31, Workers’ Prefe Yo rre u tW ry d t S o o io nr u ck re rc a e sin e y o o fR u r a Ae d sst v eir tic lee e ve R m l ee ve g e ra yn y rd et ai T r b ng yh T an hei r R Se av tiir ng e se Ps la A nsc ................................ tually Did 75% ........................ 22 100% 100% How confT id hien nkt a a br oe y ut h ou ow y tho au wo t t bh ye S H ulo d o ocia us ceh cupy l S oecu ld y o P ur ra it r y ttiim c sy ie p s ia tn e tim Vo en r w y i cn ill o R nfc iet d on en ir t tem inue en S o tt o p m P ew la rh ov n at c id oe nf b ide enn tefits of at le 59a % st Many workers acknowledge their savings shortfalls for retirement, stating they need to save a sizable, perhaps 36% 2005 2013 Worke 20 rs14 20 35% 15 2016 49% A c (F R ur diet g d ru it ei r io nt remen ena 5 p). la lly n , ( w Fi ot g r C k ue re ro s 27) n wfiti.ho d Th e ue n t a tc o e p pla rn eaa sro ens m m ore ent tha ione n tdh F r fo e ir e g tu ta im r king e e 5 s a t6 hi s s li klo ely an to in c slud ay 2 e the 0 p %a yy a in re g no offt 84% d ae t b atll (c 2o 1nf pid erecnt ent a)b , out their debt was not a prob 95% 95% 95% lem. On the oth Aer pr h ofe an s Sso d, io m n 4 e awh 9 l fin per aa tn Lcc ik ia en e l a lytd o vis f ow r orkers with a major debt problem were not at all confident about WouW ld yo ourk saye you r 11% s ar ’ eP …e ? (r 2016 cepti Worko e 11% rn o s n=1,f 000; Curr Retiree esn nt F =505) inancial Situation Workers’ Reasons for Saving Less Than Needed a Co vepra yg rieg, htha t In nfto ho rm seat wiho on s a : e v xp i nT g m his re os r s er m e cp o o ne o nf r yt o id ris R e r enc e c iSo nv 14% o ti e c ep 13% is.r ay t ilee ng r Sec ig diht u vCon ir de e itd y nd sb af y nd i d t… he en Ec me plo in ye D e B oe ine ng fit a Re search Inst3it 3u %te (EBRI). It may be retirement 90% 90% equaW l vao lue t rk o t er he b s’ en C R efT u it e sh r t re i r a r ceiv en n ee - eE t d L Co x by pec e ren v tirel f ee i tdence Abo ed E s o tod fa S y? x a (pens 2v 01 i6 n Rg ees ts ut ir ee a s Co n Thei nd =5pe 0I 5n )rv estm5en 4% ts Retirees 14% 62% 29% 90% Have y 21% ou (or your spouse) tried to figure out how much money you will need to have saved b91% y the To what extent do you agreeR o e rspo disnde agr16% e nt e th at theR ae dspo vice nde you nt r a ec nd/ eivo er fr So po muse a profession 29% al fin ancial 22% 19% 0. 0. 9% 09 09 unmanageable, sharD e R o y ea of ou l is 21% tthe t ic h a in i llr y k , t y ao ou tt w a w h l a ill ho t a dus o a ge d e no y ho w you ld or e k inc x for pect p om a y to e a r fFi in t ee tr irg y o eou u ? r ( dr r 2e 0 e et r1 3 ir 6 te o W ? 4 /liv o H ra ke v e e rc s y n o ou m =1 w f ,0 o or 0r0 t ka )ed b lfy or in pay re sin tir ce e y m ou en re t. tir W edhile ? just over one- 85% 85% 26% 41% 27% 26% 32% 14% fpina urcnhcas ial insg e ca ur hio tym in e ( r1 et 7ir p ee m rc ee nt n t()1 , 1u nd pee rc re ta nkting wit h a ho a pm laen im vsp . r3 o8 v epm erecnt ent (1 w 3 itpho eru ce t nt a )p,la an) nd. having a 26% health problem or having enough money for a f Age ina 8 n5 cially securN eo r t t et oo L irem ikel en y t, compar 9% ed with 16 percent of3 w 4% orkers without a debt problem. 80% 80% Reasons Wh Ley av e R ie t in ti th re ees’ plan Savi 38% ng s and Investments Figure 32, Workers’ atnd ime Re yout r ir et eir ee s ’s o t Pe hr ac te yp ou tio can n liv ofe c W om he 15% for the tab rly in Pro rf ee tir sem sioen na t?l F (2ina 016nc Wior al ker Ad s n v= is 1o ,0r0 0 is , p P er ro cev nid t ying es) Advice in Their used without permission but citatio 17% n of U tn he de rs 1 o 0ur %ce is required. 11% Figures (2 a 0 d 1 v6 is W oror is38% k ier n y s o eu xr p b ect esin t ig n t ter o r es et tir ? ( e W n= o9 rk 4er 2;s R n et =1 ir,e 0es 00 ; n R =5 et 0i5 rees ) n=505) Overall Retirement In C t Es oo t tim a Yo n l,a u f a D t t i e bo e de ry tc h t ut id e on a in ho m m c g a o w w e iG n u t n h m ate o i o n uc n y fo to yo h m ou d ta u r 14% rc o S k u J ne o e rr ob c S e ia yn o w l tc S a ia o eP sc ul l su er d r tit lep y e y o ve bu e l a n s be a yri fy it y a n o tu g ( f and y oro R ur e spo ti us re em ) curren entlt y have in sav38% i5 ng 9% s and The 2016 75% 75% 75%R T H hi et onk w di ing i d r a yem b oou u cto y pe ouen w r icu th t rrt he en C s t e f in hiaonf gn he cia r-l th sit ai u nde a -e tion xpec , h nce S tow ed e w 9% xp ou en ld s y es 44% ou ?u d (2r e 0sv 1 cr 6 ibey: Re et y ir ou ees 74% r lev eW xp el of enor s d eseb ik nt ?er Confidence 29% Very Confident Somewhat 19% Con fident Not Too Con 12% fident Not At All Confident Don't Know46% /Refused Why are you currently Em A sa p b v lo in ilit yg er le -sy sp s o tt h no a so n r P y eou da ty h f inko yr ou B nee ad s i to s c a E vxp e fore ren tirs ee me snt?44% (2016 Workers third (38 percent) think they need to save less than 20W poe rr ke cre snt of t18% he 46% ir income, 131% 7 perce 77% nt say they need to save 28% 70% 71% 46% 49% 15% 71% 86% 35% 70% 70% Very interested d Ois na eb re ilit as y o (n 1 3f opre trh ce e ngtT a ).h p e be R twe ea eso n wo ns f rkeo rsr ’ e 1 O x 9p 9b 1et ca tai 2tn 0 io 0i1 n n sg a A 2 n0d 0d 6re vtiic r2ee 0e 1 f 1 s 10’ r %eo x2m p 0e 1r 5 ia en nc 2 e O 0 1i6 s n th lin at em P ar no y v Ai m dee ric rans find themselves withdrawing only the earnings on yo yu oru ir r nve ets ire tm m ent ens t age investments, not including the value 25% of y our primary residence or defined benefit plan a5 s3 se % ts? (2016 Best Interest ................................ 18% Security retirem N e o n tt b at ................................ e a nll e L fits ikely 68% 68% ................................ 68% ................................ 14% 19% ........... 23 (r2 e0 ti1 r6 e m W e or ntk er hi26% g s he n= r1 T t,he ha 00 67% r n e 0e ; R tx ir e pe e tm ic re t e e e nt d n= s pl n=a 1 5 n pr 8 08 5,) o to vp ide mr 4% entions) 18% 65% 65% 22% Retirees 19% 18% 37% currently savH inga le v rset e s t ir h em B aneen n en eted sa e H vi dn fg or isg p rh et laer or L ir nement66% n=3 ow 2 67 % ) (er multTh iple a res n p E onsx esp aec ccept ted ed 23% ) 66% 3 Overall, ho 25% w confident a 10r% e y to o 1 u th 4% at you did65% 25% a good job of preparing financially for your retirement? 0.07 Workers 0. 7% 07 18% 64% Workers Retiree 64% s 64% T b Th Fie he gte u w rinc 26t e ee 1, r n h e 2 a W as 0 nn e o a rua in nd kel c r 2 o Re C 9 nf 60% 60% o tp nf id ire e e id rm nc ceee n e nt nt c b e o e C A fto w b tnf he o eut id eir n e H inc nc 2a0v e o 1ing m 3 S ur e a R E nd v e ano spo e nd y2 ug nde 0 (aR 1 no h C 5 nt M S tohe )o c ,Fi c ne trur h g 2 y e ru 2 e RF lo e d r p o spo e ng e rp ra r5 c nde e im 11% e s Cnt to a nt -rr m a unning ily ind f nd/ o a ric o tm a a r S b toe po le ng s ur t use he Re tvho e y t54% y i rne s e o em f e w e id tit nt sth o k ................................ ind a s a p 63% v la in en, 3 t he 0b ut p na e rtc he te iont n, c ha ofr ind ng m........... s e o s r ein . 5 These findings are 95% inOv lin ere w all, h itow h o ct on her fid eest nt a im re y atou es o thaft a yss ouet ws ill h ow avn e ed enou by gh A m m on er ey icta o t n f ak a e c ma ilrie of es. E you st 38% rim ba a stic es e o xpf en d sa es ta from the 2013 Workers n=1,000) 62% 62% 11% 61% re Rec tirio nm g m unen exp de ed ct eC diltya . tT io he n :R Rut CS h has He clm onasn, is tC en ra tlig y fCo oup nedlan thd at , 3 an % a ld arg Jac e k p e Vrc an eD nteag rhe e i,o f“ Th reteir e 201 es 6 le R av ee ti rte hm e ew no t rk Co fo nrfcid ee e narl cei er Stable, Ret 55% 55% 55% iree Confidence C 22% ont 22% inues to Increase 29% (E 2016 stimaR te e t hio re w m es n uc =h 505) incomR eol 59% yo l i u wo t ove ulr d ne inte o a d e n a I cR h m A onth 49% No way to k 7% now 17% 35% 19% 19% 21%21% 21% 37% 0.09 17% 28% 50% 50% d W ur h in at g y isou yor u r ret m ir ae in m re en at s? o (2 n f0 o1 r6 s R ay et in ir ge th es a 40% n t? = 5 (0 25 01 ) 6 Retirees expec 1 15% 2 t% ed higher/lower level of savings and Workers 19% 57% 76% You don't mind spending down you R as ea seso ts a n s fn o ere S de ad ving Less Than Needed 19% 44% Have you ever obtS ao ine m 66% d ew 15 fi% h na a tt nc o i 1 n i2 a t 9% e l0 a r 0es dv 5 tied ce 2 fr0 o1 m 1 an o 2nl 01 ine 4 adv 2i0 ce 1 5 provi2 de 01 r? 6 (Workers n=1,000; Retirees H c Ao m onf w eid e riv c ee a nc r n, ew j us in ork t 2le e 0rs s 1s6 ’ tco h oc a n cn fu id o rre ne endc - e q a ua m in 11% o rttng h ee r it( r ho 2ab 2s ip e li19% e tw y rc it teo ho n 34% t re ut ) ts ire a a yp c tla o he n. my f A o drt m oab o no ng lyt, k tw ho no hsiw c eh ho w w itw as ho m u auc t t a re h p cto la he rd n W y , o lto s rhe ke ho wrs suld p b ee r t c b w eent e s ea a ng v e ing 2 0s0 o 9 (m Fi an e gw u dha r e 2 t 0 20) 13. S Fiugru vr ey e o 33, f C W ono su rkm er er s 45% 45% ’ F aind nan Re ces tir(e Se Cs F’) I (nt Sc tro e on r ne du gly st a c tin ged by Em reU eps loing y t m h en e U O in tnline rFi et .S ig r.em u F ed P er nre to er v 2 a id l7 R erese forr vIe n B ve os atrm d)e fnt in d Ed th ua 2016 cta tth io en/ m 2016 Aed di va icne a........................ mount of financia 23 l Worker Con 43% fide 48% nce in 7% Their Ability to Hav4 e 7 R % etirees than planned (46 percent in 2016) (Figu 18% re 43). M 18% any retirees who retired earlier than planne 19% d cite hardships for leaving Survey—Worker Confidence Stable 48% , Retiree 53% Confide63% nce Continue 12%s to Increase45% ,” EBRI Issue Brief, no. 422 (Employee EBRI Employee Benefit Research Institute Issue Brief (ISSN 08Ret 87 ? ir13 ees 7X) is 8%pu17% blished m 25%onthly by the Employee B35% enefit Research Institute, 40% 40% investments, top mention 23% s) 42% 17% Figure 2, Retiree C75% onfidence About Having Enoug 61% h 33% M oney For a Co46% mf ortable 27% Retirement ................................ 39% ........... 6 n=505); W 38% hat type of advice did you r 20% eceive from the online advice provider? (Obtained financial Very Confident Prepa Sor m ing ewh a at bud Confg ide en tt Not Too Confident 68% Not At All Confident 22% D21% on't Know 90% /Refused 0.05 Anoth 59% er financiaR l se e59% du rvi ce ce d o s ctom herp s ape nynding Ha 42% ve No 0. 5% 05 35% 35% 35% 36% 31% 26% By Ruth Helman, Greenwald & Associates; and Craig Copela 74 20% nd % , Ph.D., and Jack VanDerhei, c bo enf foid ree int nc in rec arseeass e ind 2f014 rom a 2n V1 ed r yp C2015, e onfi rc de ent nt Cl e os in v t So e of 2 me le 0 liv d w 1h 5 in at o g C ft/fo od n a a f2 id y- te 9 t nto- th pe de a rv y c Ne e oer t x n Too y pt e - n c C in so on enf s f2 id0 id en1 te6nt , a Nle nd otv Ae t A tl he llin Co nfi p 2de e 0r nt 1c6e;nt 28% b Da u o g n' t te K t h no no e w /tp R ee a fur t sec da ell ntcaognf es id o efnt wo de rk ce re rs a swh edo (liqui110 d c0 ou 13t nt h S abl t.e Na W s,set Sus, ite i 8 .e. 78, , s W to a Pshi c uk ts, i ngt t i bo n on, to y n D ds, ou C 48% , r m 2 p0 eo 0 rson n 05 ey -a 405 l, sa in 1, vd in at iv g $3 s o idu r00 al p aecr cyo ear or i unt ret s iin rem cluden e23% dt as pl 28% pa anrt s,of et a m c.)e 4 a mber 0% sset 48% sh s f ip 48% o su r A bsm crier ptiic on. an P fa em rioildie i-s was 20% to 29% 30% 34% 19% 30% 30% 46%C C au lcrul ren ate t h Lo ev w m el o uc f Sa h mvi one ngy s y Lo o uw w er oul d need for 72%47% Curren 24% t Level o56% f Savi 44 n% gs Higher t Bhe ene wfo itr k Re fosre ca er w ch he Ins n t the ituy te d , id M,ar inc chlud 201 ing 6) he . 54% alth problems or disab 29% ilit y (55 percent), changes at their company, such as advice fE ron m ou onlin g e a hd W Mon vico e prk rovi e e dy r ers W :F W or orkh er B o sas n Ha =6 ic 5; v R E et e x i T rp ees e 12% a n n k 23% =2 e s4 e n )s a in L 46% o Ra en tir 13% em Ret 46% e irn ees t 100% 70% 9% 70% 70% 52% 52% 2004 2011 2012 2013 2014 2015 2016 69%Pl 69% an* Plan 0.07 Workers 29% 40% Figure 34, The Rea 25% 25% sons for Obt36% aining NA od t to v Nic o o as e in V se te 6 f err t 8 44% y so r% / e L n m sio te kt e ap a d lyn pliO cab nlline e Provider ................................ 44% 69% 44%..................................... 24 cals postage rate 100% paid in Washingto 50% n, DC, and additional mailing offices. POSTMASTER 13% : Send address change 67% s to 67% : EBRI Issue Brief, 1100 95% than Expected (n=175 in ) vestm 43% re 6 et n 7its % rement 43% 11% than E 11% xpe 11% cted (n=103) 67% 67% 6 In 6d % ividual retirem 66en %t ac51% count or N 6I 6 o RA % t 27% paid eno 66ug %h 131 % 1% 40% 51% 47% Ph.D., Employee Be 48% nefi At dj uR ste ed b se udg arec t,h ada Ins ptedt,i m tut anae g ed, 42% live 42% d 42% 10%7% 10% 10% 42% 42% 10% fr aro em s o 44 mepwh ercaetn cto tn of 20% 20% i38 denpte irnccern eta.s H ed o w ae nv de wo r, t 9rhe % k e rpse wh rceo nt a arg ee n voetr y a tc 16% a olnf l cid oe nnt fid e re nm t d ae ine crd ea sste ad t15% is .6 t 5 Ti% c we ally nt y un -ocn ha e ng pee rc de a nm t o ofng wo tho rkesres $17,500 in 2013. Fo 55% 95% r those families owning an individual acco 26% unt 7% retirement pl 33% an, the m26% edi 26% an financ11% ial asset level was Figure 3, Retiremen 90% t Confidence 2 % by Plan vs. No Plan 28% ................................ 26% Retirees 18% 24% ................................ Have Retirement Plan (n=33% 7 8................................ % 79) 7 downsizing or closure (24 pe6 rc 3e %nt), and having 9% to care 18% fo r a sp 63 o % use or anothe 42% r family member (17 percent). Others say 13th St. NW, Suite 8 15% 78, Washington, D Som Cew , 200 h 30 at 05 % a T t y g -4 o pe r 3 ee 05 o 9% 1. C f Advo icpy e R right eceiv20 ed f 16 ro m byO E nlm ine Adv ployee B ice Pe ro nv e ider fit R *esearch In 12% stit ute. A 29% ll rights reserved. No. 422. 15% 15% 8% 8% 14% 18% 25% 8% 8% 8% 8% 0.09 90% 21% 27% 85%Overall, how con 61 fid % fer no t am r30% e y T ou h the ai t r R you w e ill h tir a 5% e ve m enou en ght S mon a ey vtio t n 34% g aks e cP arl e of an your basic expenses Less than $1,000 29% 38% 30% 28% 36% 28% 7% 26% 9% 57% 67% 0.03 Somewh 24% a Et duc Lik22% e aw t ly io ith n e inx m pe ense anss 10% 26% 0. 0. 3% 03 09 10% 10% You have be 19% en unable to add to 20% 19% 11% 33% 55% Choosing he 14% a lth insur 45% ance on your 19% 10% 6% 85% 80% Calculate how m A re ula ch m tive o,ne fry ie y n od u, o wo r c ulo d l -w iko elr yk ne (e to re p men d to tio Yns our ) savings and investments have 27% 22% w arie th no ouw t av e prla yn c o (10 nfid peent rc e the n 17% t y i n w 2013 ill hav ae n d e no 12 16% ug p e h 7r % c m e38% o nne t in y 201 to li5 vet o c o 10 m 15% fp o e rtrab celn yt tih nro 20 ug 16) ho 3. 16% u 7 % t their retirement years (statistically $ R1 e0p 3 o ,0 r1 t0 a , w vahila ile f bo ilit r ty h: e f Ta his mi lr ie es w poritt his o u atv su ailcah b pl le ao nn s itthe w a Is $ nte1r,ne 50t0 a . ( t S w ow urw ce: .e u brn i.or pu 25% N g bl o R i sh etir ed em est eni t Pla man te (s n f =2 r2 o1 m ) the SCF by the 5% 5% 56% 6% 31% 26% 15% 14% 22% 28% 55% 6% 19% 74% c Fiha gu ng ree 35, s in W the or kse krills s 80% 75% a rnd de uq r in uir Re g ye tou ir de rf e ro et sr irW tehe m oe uld ir 42% n tj ?o P (2 br 0 e ( 11 f 6e 2 W r p or to e k r er M c 49% s 26% e e n nt e =t 1 ) 3% , a 0o 0 n r 0 )A otdhe vis ro w r o in rkP -re erlsat on edRa re the aso r n Tsh ( a 11% 2 n 1O pnline erce11% n ............................... 31% t) played a role. Of 24 your savings and inv 24% estments 5% Workers 5% Spend N it o ot a r u t a sll in e it to ter p es ate y o dff debt 21% 23%22% 42% 65% 0.05 0% 0% 40% to 49% Don't Know performed be 12 t% ter than expected Workers 35% own, not thrco oug ver h h a ea n e lth m ex P pl a po y en y in e sg es r of inf r F ot et ih igu rer em d en r eb e t t 20 11% 28W %orkers 75% 70% Ha Otvh eer y o p u er esvo en ra tla s ka evi n n ag lo s a an n d fr i o n m ves yo tm uren cu tr srent retirement savings plan? (2016 W 3o 7r % kers currently Figure 4, Worker Co19% nfidence in Financ 20% ial Secur39% ity in 44% Re 3% tirement, by Debt ................................................................ 41% .. 7 14% Age 95 Not too Likely 43% 43% 61% -5 -5 -5% % % 30% 12% $1,000 D -r$9, ew 999 down mon 54% e Ay d f vric om e a sa 17 bo vu i 42% n t i gn s/ vie n 18 s ve tm ste m ne ts n18 ts 16 10% 10% 17 16 23% 15 201 10% 616 Retirees unchanged from 22 70% 65%p199 1993 e 2000 r3ce 199 1994 n 4 2001 t 199 1995 in 5 2015 199 1996 2002 6 199 1997 41% 2003 7b199 1998 ut8 u 2004 199 1999 p9 AT fr 200 2000 2005 o 0m 200 2001 13 12006 200 2002A G p 237% e 200 2003 2007 r Ret c 3e 200 9% 2004 i3 rn ees 7 2008 t 4% 200 2005 iL n 52013 200 2009 AN 2006 20% 6 200 2007 ) 2010 . 7 CE 200 Fo 2008 830% r 2011 200 t 2009 y- 99% t 201 2010 wo 2012 050% 201 2011 pe 1 2013 r 201 2012 ce 2n 201 2013 2014 t 3s201 a 2014 y 2015 4 t 201 2015 he 5y 2016 201 2016 a 6re somewhat Employee Benefit Research Institute, 2015). 40% 40% 28% 39% course, some retire - -10% 10% es 18% mention positiv38% e r 38% easons for retiring early, such as being able to afford an earl 0.07ier retirement 36% 65% 60% co Yn our tr s ib au vitin ngsg C a t u no r d i r r e nv e n tir e ts ly u te m m en nt eem n st s p a loye ving 37% d s o pr la u nn n d= e4 re 97 m ); p W loye hyd did yo3 u4 t % ake the loan? (2016 Workers if taken a Very CoS nfi ode mnt ewhat d Some is 9% a wg hr at e C 8% eonfident Not Too Con9% fident 41% No 8 t% At All Confident Don't Know/Refused35% 7% 0.01 6% 36% 32 % 25% Retirees 31% 0. 0. 1% 01 07 - -15% 15% Talk with a profess 33% ional f5 in 0 a% nc o iarl m ado virse or about re 34% tire ment 34% 60% 55% An o 2013 nline or telephone 16% pr16% ofe16% ssional fin 2016 anc 5% ial 13% 45% 16% 5% Figure 36, Percentag 32% e of W 32% orkers 2014 Cal Advc icu el a at N b 40% o 2015 iou n t at g t h a R ow lle Lt m ik ire 32% e uly cm h te o sa 1% nt ve Needs ................................ 2013 2014 2015 ................................ 4% Retir2016 ees 4% ............. 25 Work41% er Estim 3%ates of Need 3% ed 13% Annua 3%l Savings Ra 2 3% 3% 0 t1es 5 Reti 3% rees confident, compared wit ha 31% h ve3 pe 6r fo p re mr ed w ceo nt rse t in han2015 and 38 percent in 2%2013. Nine 19% teen 2% percent 2% of workers are not at all - -15% 20% 20% Yl eo ara lyn n=100) 1% 1% 1% 20% 1% 1% 1% 1% 25% 29% 55% 50%Y Ye ear arly ly Em1% ployer-provi2 d8 e% d traditional You hav 1% e been able to add to 28% your 1% 47% 1% 1% 1% th 0% W 0% ent b Ala rc eThe Em 0% k a dy to w ha ov re kplo ,t s hp iy s o p ee ur so educ Benefi wot r 0% kint Research Institut g 0% W , ro ern ke terd s 27% e (EB 29% R0% I) was founded in 1978. Its 0% 0% 56% 48% mission is to (33 percent) or wa 100% nting $10, t 2 000 o 7% d -o $24, 29% so 999 me Ht ehing alth c oe st ls s/e he 10 (a 2 lt5 h i p nsur e R 12 ref c 2 a u e 7 p nc s% lnt ed an eni ) c.ng o 11 sts 8 7% 12 27% 27 12 % 2 16 7% 434% 27% Figure 5, Worker C -25% onfU id ne de nrc $25 e in 0,00 T2 he 06%ir $2 A 50 b,ilit 000 y t t oo H 28% a $5 2v 6e 00 % E ,0no 00 t u ogh M $1 2% o ,0ne 00y ,0 00 Fo tr o Ba $1 sic ,5 00 Exp ,000 e o ns res Din onRe 't kn tow ire / m ent 0.03 ........................ 8 - -25% 25% Roll it over into a plan with your new employer 29% The 26 wave of th50% e C 4h 5% R anget e inir13% ement Confidence Survaey dv ( ice R sC eS rv)i, ce the lon 25 ge %st-runni 15%ng s 24% urvey o 25 f i 24% %ts kind i20% n the nation, finds that 4 C Ch ha an ng ge e i in n expected 7% 15% 7% 95% 3% 24% Fig3u %re 2 18% 22% Advice about budgeting sa2 v3 ing % s a 2 nd i 3% nvestme22% nts 23% Caution should be u - -30% 30%sed in using t pen Pla h se io nse n n in o n r g fo u cam s r r hber e b tir als a e am nce s t e n p th lae nsa Ret mpl irees e si 54% zes 6% a 30% r7 e % smal17% l. T24% h47% erefor77% e,16% the r esult 12% s in this paragraph are 40%22% 20%20 20%1 22 6 H % a R ve R et etirieremen D m N o e o n' n w t t k P ano la y t n w o *t k r C oom now o fn orf inicd om en e ce Survey 19% 13% No R U etn irem derw ent Plari n ters 17% 45% contribute to, to encourage, an 11%d to enhanc e the development of sound employee benefit confident that they 90% will V V Ve e ery ry ryhave- 1% eno 7% ugh money -t 1% o live comfortably throughout their ret-ir 1%ement ye -1% ars (still above the low of Ha9 v % en't thoug -1% $4 ht99 eno ,999 ugh about $9 -1% it99 /no ,9 pl 99anning -1% $1-,1% 49 99 %11% ,9 699 % 11% 11% -m 1%ore Don’t remember - -35% 35% -2% -2% -2% -2% -2% - -2% 2% -2% 33% 0.05 35% Ever Taken a Loan from Plan 10% 16% Reason for Taking Loan 0.09 40% A Yo bo u ha utv e w w hia thdr t p 15% a e w rce n m n o tra eg te haof n your total household in-c 3% ome do you 15%10% think you (and your spouse) need t10% o 85% -4% -4% -4% 10% Ame Figuri re c a37, n w A om rko erusn ’ c t C C Co W o o onfi nf nf nfo ii ide de der d nt nt ntke enc rse S 13% in t ay he Th ire a yb W ilitill y t N oe a effo d tro d a Ac cco um mfula orta te b le b r y et t11% he irem Tim en-e t 5% 2 h 4 T % ahe s m y a Re int ta irie n ................................ ed its increase -0.01after the r ........... ecord 26 - -40% 40% Advice about d -6%eveloping a financial plan - 0. 0 -1 05 .01 % Who we are -5 3% 0% $25,000 - 9% $49,999 1% 9% 9% 35% Strongly14 disagree -11 7% 10 9 9 11% 9 10 13 4 80% 1993P1994 repar 1995 e a fC 1996 out rm ba aprograms and so 1997 l, w ckr o 1998 ittre di n1999 fd in w an 2000 it ch iao l p ut 2001 la und public policy , f no 2002 fo und r re 2003 c tir he em 2004 ae pe nt11% r 2005 2006 through objective 2007 2008 2009 2010 2011 resear 2012ch and 2013 2014 educati 20159% 2016 on. EBRI is the only more qualitative than q *u Hav an e Rt ei tt ira emteint ve 8% Pl. an defined as respondent or spouse having at least one of the fo -9% llowing: IRA, D9% C plan, or DB plan 13% 8% Figure 6, Worker C - - -45% 45% 45% onfide exn pe cce te d f Ab roR o mut se av t iA ng D ir f on sf ae o nd 'tre k dn C ing owo / R M n ee ff ud id se ic da el n Ec xp ee ns Ab eso in ut Re H tir a ev m in 8% ent g (to E ................................ p m neo ntu iog nsh ) ........................... 9 10 AAR pP er cent in 2007 2b 5% 19 u sa 94 tv e b 19 ea H e 95 alv o ch 19 ew e 96 y n ea t 19 ou h r97 e f gr h om 19 24 , e 98 m np 19 ow pe 99 loye r c u 20 e n r 00 tn con il y t 20 ou i01 n tr ib e 20 2015 x u 02 16% p te e 20 s ct ,03 h ta o r a 20 n ve 04 d et 4 ir 20 28 0e 1 05 (k so y p 20 )e 06 ou rN c 20 c eat 07 an n 5ti 20 % o liv i08 n n e c wi 20 2013) om 09 de 20 for 10 F t.a i 20 n b Fi ly t an 11n20 a hcl r 12 ilou al y20 ,g 13 h 35 ou 20tp 14 ye ou 20 rc 15 re n 20t 16 of workers are not 30% 75% 7% Figu 10% re 436% 7% 22% 7% 7% 7% 9% Workers - -50% 50% Source: Employee Benefit Research Institute and Greenwald & Associates, Inc., 2016 Retirement Confidence Survey 0.01 20% S S So o our ur urc c ce e e: : : E E Em m mpl pl plo o oy y ye e ee e e B B Be e ene ne nefi fi fit t t R R Re e es s se e ea a ar r rc c ch I h I h Ins ns nst t ti i it t tut ut ute e e a a and nd nd G G Gr r re e ee e en nw n41% w w1% a a al l ld d d & & & A A Asso s ss soc oc ci i ia a at t te e es, s s, , I 2016 2005, nc., 2016 R 2013 etirR e-m e 2016 te irnt em C R e o e nt nfi tir C e de o m nfi nc ent de e C S nc u orv nfi e e S de y urnc vee y. Surveys. 6% 25% Source: Em 4pl 0o 1 y( ek e) / Bp ene or fit tfo Re 5% lio sea a rcllo h Ins ca titio tute n a s nd , d G iv re e er ns w ify ald in &g A ,… ssociates, 2016 39% Re tirement Confidence Survey 43% lows experienced bet 70%ween S S So o our ur urc c ce e e 2 : : : E E E0 m m m0 pl pl pl9 o o oy y y a e e ee e en B B B id 2 n e e ene ne ne vprivat efi fi fi stm 0 t t t R R R1 e e e es s s3 ne e ee, nonprof ts . a a a H r r rc c ch I h I h Io ns ns nsw t t tiiihe t t tev ut ut ute e e a er a a a lit nd nd nd th/ , nonpar , G G G c rr r re a e e er e e et i n n nir w w w ns e a a al l lu e d d dtisan r & & & ac A A A nc o s s ss s sn e oc oc oc , fi i iiWashington, DC-b a a aden t t te e es s s, , , 2016 1993 2013 ce i - -R 2016 2016 n et irt eh R R m e eei e t tnt i ir rr e e C m m a o e enfi bi nt ntased organi de C C lio ot nc nfi nfi y e t de de Su o nc nc rv e e e a y S Sf u uf rv rv o e ezat r y yd a s.ion com comfo m ritted exclusivel table retiremen y tto S So our urc ce e: : E Em mpl plo oy ye ee e B Be ene nefi fit t R Re es se ea ar rc ch I h Ins nst tiit tut ute e a and nd G Gr re ee en nw wa al ld d & & A As ss soc oci ia at te e 3% s s, , 1993 2000- -2016 2016 R Re et ti ir re em me ent nt C Co onfi nfide denc nce e S Su urv rve ey ys s. . - -55% 55% 48% 3% 5% retirem 2%ent? (2016 Workers 34% n= 1,000 2% ) You paid off debt or a mortgage 2% 20% 15%Y S e o ar uly rce: Employe e B Pe an y eifng it R o esf efa m rcho Ir nt sg tia tug te e / an ho d G usi ree ng nw e alx d pe & A nse ssocs iates, 2016 4% Retirement Confidence Survey 14% 1% 65% $50,000 - $99,999 0% 0% 0% t Fi og ou o re r no 38, t a Pte r acll ec nt oa nf gid e e ont f W th oe ry k e 40% w rsill W ha ho ve 11 H e ano veug Ta 9h km en one Re 10y tir fe om r 10 reent tir P em la9 nning ent, 34% d o S 10 w ten ps fr................................ o 10 m 49 23% p 13 er cent 3in 201 0.03 ........................ 3 (Figure 1). 26 - - -25% 60% 60% 7% 15% 10% Money For a Comfortable R Paye ot ffi dr eem bt ent 0.07 5 Change S i on urce: Em p1loyee Benpublic efit Resea poli rch Insc tiy r tute aensdearch Greenwaand ld & Asedu sociatcat es, 2016 ion on Retiremecon ent Coo nfm iden ic s ce Suecuri rvey. ty and em 21% 49% ployee benefit issues. Ameriprise Financ60% ial Retirement planning (general) Fed 42% er al Reserve ERet mp irlees oyee Benefits System -65% S So our urc ce e: : E Em mpl plo oy ye ee e B Be ene nefi fit t R RR e es se ee a ar rc ct h I h I ir ns nse t tiit tut ut e e e s a and nd ’ E G Gr re ex e en np w wa ae l ld d & & r A A ie s ss soc oc n 2% i ia at tc e es se , , 1994 2015 o - -f 2016 2016 RR Re e et tt iir re eir m me ein nt nt C Co og nfi nfi de denc nce e S Su urv rve ey ys. -37 30 0.03 continued to increas - -65% 65% e in 2016. While workers and/or th5% eir spouses w 3% ho have a retirement 28% pla n have muc - 0. 0 -3h 03 .03 % larger savings and Fi T gh uirs equ 7,est Wio or nk w er as Co n 10% 5% n oftid ae s Dk on ne c 'td e h i a vA n eb t sao h viut e ngs 2016 ,P saa viy ning gssu rfvo e 9% ry .L ong-term Care 42% 9% ................................ 10% ................................ 35% 57 48 ................. 9 Expenses related to providing care to someone else 55% 49% 4% Very We -1% nt into debt 5% -1% A Major A Minor Not a A Major A Minor Not a 5% 0% Don't k -2% now 11% -2% -2% -2% 50 Under 10% 8% 7% -3% 50% -4% EBRI’s membership includes a cross-section of pension funds; businesses; trade associations 45% ; Source: Empl In oy ce o em Be e ne p dfi e rt p o R lj e e e t se c ed tio arch nIs ns , fin tituta en ac nd iaG l c rea elc nw u ala ld & to A rssociates, 2016 Retirement Confidence Survey Confident -5% -0.01 -5%Ov $100, erall, 000 how - $249, con 999 fident are you that you (and your sp0% ouse) will Pur ha cv ha e e se ho nou mg eh money to liv17% e 0% 1993 1994 1995 1996 1997 199 13 8 1999 200 14 0 2001 20011 2 2003 200412 8% 2005 15% 200611 2007 2008 10 2009 2010 201 121 2012 201 17 -7% 3 2014 201 1 5 2016 45% 39 are also more likely to have taken steps to prep Ot ah re er f so ar v r inet gs p ire rim orit en ies t, in t3 h% e aggregate, only a minority of all workers appear to 1993 19 P 94 rob 19lem 95 1996 1997 Pr19 ob 98 lem 1999 2000P 20 rob 01lem 2002 2003 20-04 9%2005 2006 20P 07 rob 2008 lem 2009 2010 Pr 20 ob 11 lem 2012 2013P 20 rob 14 20 lem 15 2016 Fi Aon gu rH e e39, wit t P e rcent-ag 45% -10%e of Retirees WhoE H ar av lie e Tra , L kea n tRe er t,ir o em re W nt h PP la e rnning in nc P iplan a l SF te in n pa s e n ................................ d cial Group ........................ 27 -5% 40% 1993 1994 1995 1996 labor un 1997 1998 1999 ions; h 2000 e 2001 alth 2002 car 2003 e prov 2004iders and insur 2005 2006 6% 2007 2008ers; 2009government org 2010 2011 2012 2013 a 2014 nizations; 2015 8% 2016 and service firms. 1998 1999 20007% 2001 2002 2003 2004 2005 2006 2007 2008 7% 2009 2010 2011 2012 2013 2014 2015 2016 Help from family/others; moved in with 0.01 -15%comfortably throughou In t y sur ou ar nc re et : ir liem fe, he enta ly tea h6% , a rsut ? ( o 2016 Retirees n Y16% = ou 5r 0 i5 n) come improved 11% 6% 6% Figure 8, Retiree C -10% onfidence About Their Ability 5% to Pay for Basic Expenses .............................................................. 2 0.05 10 While many worker 35% s reBcef oor gn e 6 iz0 e they ne 6e 0-d 6 4to save siza 6b 5le amou 0%nts 6 6t-o 6 9live com 7f0o or rt ol ab dle yr in reN tie rv eer m re et nirte , lower percentages I F It n ina saho dnc duld itiia o n b l A et o no d e vtsic e td im e t a ha tiSn t o ur g a c elt t : h ho Ee mi pl ug ro yr eh e e B t5 ier ne 6 efi m tp Re e esr n ec atre cs h I nt a nsv to iitn ut f g ew as nd o n r Ge k ree e enr d w ss a , ls d a s &o A y sm st oc he e ia two y es , e 1993 rxp ke -2016 erc st a Rt en o tird er m e r ee c nte t Ciiv r onfi eee de s b nc e r ee ne Sup rvo f eit yrst s . tfh ro em y haa v DeB 52 tp ala ken n in other steps 7% Something else Home improvement Workers The RCS has consis -2t 0%ently found a re 2%lat1 io 0% ns t 2%hip o 14 % between the level of5% d 6e %bt and 2% r 2% etirement13% confidence. 0. 01In 2016, just be taking basic step -15% s nYe eaed rly ed 6% 1% to prepare for retirement.Fi 6% gure 29 16% 1% 30% 0% 5% 5% $250,000 or more 4% Did you retire earlier tha 9 fa n m yo ly u pl , in 10 a hnne erite d, d fr la 10 to em r t fa ha m n ily 12 you planne 11 9%d, or a14 bout whe 14 n you pl18 anned? (2 4016 -25% You paid off debt or a mortgage 3% Figure 1 3% -13% -20% 6% 15% 2% Cha Yng ear ely in Somethin If y g e els se FINRA 25% 0% 0% Prudentia0% l Retirement Source: Employee Benefit Research Institute and Greenwald & Associates, 2016 11% Retirement Confidence Survey -65% -30% Source: Employee Bene W fito Rr ek se ea rrs ch Institute and Greenwald & Associates, 1993-2016 -14% RetirementR Cet onfi irde ees nce Surveys. -0.03 Fi o t re o fg tw p iu re re roe m rp k40, e are en rs t , P fso o e an r ryc l re y e t he n t 3itre 5 -a y 25% g p m a e e re r e o n c fe c t .ur W n T Vte o rh rre yre e C k nt p o se nfi e o ly r de s rt inc s nt De a th lud va ling atSo y eti me h n tte he g hink wy ht at s h an C ee ing o nihig d r fi d/ E eo a nh x tr b pta o e h m u Do cte e Nto i o n' r ho tunt d Too ts k p w R no Co s on e .u w tti fhe s F idre eo e ny r tme c u w erre xa o 5 n N % uld t om n tAg Atp t l A y o le e l lc ,h C ................................ c oav 5 up nfi2 de e y nt p se tu he rc ch e i Drnt o a n' ttim K b s no a e e w y n / in e Rtehe f fu irt se eir w dt ir i.............................. ne tehm e a d ee n cu d t rre (s6 a7 n v ing tp o er rsc e isn m t o o 27 fr e Moreover, not all work S So oe ur urrc cs e e : : w E Em mh pl plo o oy y e eh e e B B av e ene ne efi fi t ts R Ra e es sv e ee a ar rd c ch I h I f ns nso t tiir t tut utre e e a at nd nd ire G Gr rm e ee en ne w wn a al ld dt & &are A As ss soc oc c i ia au t te erre s s, , 1991 1998 nt - -2016 2016 ly sR Rav e et ti ir ri e en m mg e ent nt f C Co o or nfi nfide de th nc nc is e e S Sp u urv rv u e erp y ys s.ose. Sixty-47 three percent of Preparing for 20% C R hanget e Ve in ryirement FiguHr ee 7 alth problem or disability Retirees 9 percent of workers Rw eth iro ee d s e n= s5 c0 ri 5b )e their debt as a major problem say they are very con13% fident about having enough Savings and Inv -3e 5%stments 13% 40% Workers who are c -30% urrently contribuEBRI’s work advances knowledge and unders ting -3% to e Ye m sployer re Fti irg eu -m 3%r ee -nt 3% 49 sa 6% ving -3% s plan hatanding of emplo ve various optioy ns 43% ee benefits and their to obtain financial *Have Retirement Plan deW fined o as rrk esponde er nts’ or s a pousn e had ving R at le easti t one r oe f te he fs’ ollo wI ingn : IRv A,e DCs pltm an, or De B pln an t 11% Figure 9, Retiree C15% onfidence About Paying fo-r 4% MedD ic on al 't k En xp ow ens 35% es ................................ -4% ................................ -4% ............. 10 38% Figure 51 -40% Conf V ide ery nt No 15% to 19% -1% 9% 4% -1% -0.01 Findings in this year -35% ’s RSC our Sc i e:n Ec mlu plo de: yee B enefit Research Institute and Greenwald & AsY soc ou ha iates v,e 2016 withdr Ret a iw ren m l e e nt ss C to ha nfi n e dex nc pe ec Stu erv dey -7% Work -2% er Confidence About Having Enoug25% h 0.03 An important issue10% for S ot urho ce: s Ee m plha oyev e B ing enefi s t Ra ev see ard ch I f ns o tr it utree at nd ire Grm eene wn alt d, & A psa soc r -3% t iaic teul s, 2005 arly -2016 foR re tt irho emes nte C ow nfiho denc -3% w e Sill urveha ys. ve longer 32 longevity, is how tE hxp an 1 ec 5 p te arc ti eo ntn os f A the bir oiu ncto R -m 4%eet s, icremen omparedt w ith -4% 50 percent of those currently saving w -4%ho say they a 36re currently saving p wro ervkio er us s aend mp 5 loy 9 p ee r. r -4c 5% ent of retirees), estimating how much income they would need each month in retirement (49 per- G wu oa rkre drs ia n in L tih fe e I2n0s1u6 Cr o a nf R in de SCS oce nt urc e: re Em ppo lort yee B th en at efi tt Rh ese eay rc han Insd tit/ uo te r ant dh Ge rei er nws ap ldo & -u 5% As sse oc 9% iaare tesT , 2016 h cu e rre RSe etiren g mtea lnt yl Cs G oav nfi ro de iu n ncp g e Sf uo rvr ey reti9% rement (up -0 44 41 .01 fro m 57 percent in m Ro CS ney M toe liv th e od com ol -f 40% 95% oog rtaby lH y e atlh thr cao reug coho stsimportance to , gut ot si rce k,tire 2m 3%en thte nation’s econo , compared w 0%it my h 3 among policy 2F ap me ily s rce itu nt at ioo nfm w akers, orker the news s who ind media, and icate deb the public. It t is not a 5% Source: Employee Benefit Research Institute and Greenwald & Associates, 2004-2016 Retirement Confidence S10% urveys. advice on decisions about money in t Ea he rlie ir r Tc hu anr P re lan nn t er detirem Ae bnt out p Wla hen. n P l fW a ro nne 11% mhe sd avn ingtshe and s Lia e nv t e er rs e t Tm h ti a er n P nt esm lann ent ed savings plan participants are -50% Refused Work 77e %r Confide5% nce About Paying for Long-term Care Retirement Plann -45% ing 18% 14% 12% Fi One gu rm e ig 41, ht W exp ore kc etr st’ 0% h E ax tS p otue he rcc e:t R e in Em d e c p lr t A oe yig ee a re s Bee C en ea ef tin i tR Res reo e ea ttirr n ir ce he If m nm i std e ite un ten nt e t a................................ n c dc o Gre nf eenid w ian e ld nc &F Ae su s ono ct iau tet sr e , 1993 e M d a -2016 bo ................................ ed v Re et irw em ic o en a uld t Cr oe n fb ide en Ben cb e Sa us rve e e yd s.f i ot n ................................ san improvement in .... 28 S beel cam ec e dist ab io ledns With Money Moved i 17% nto an IRA -55% 0. 54 09 to convert the assets that have been accumulated into income in retirement. Workers who have saved for retirement Worker confidence -50% in M W edo icrk aree ’sr ca ur does this b n red nt R lee vti ey l r co oe f e b nducting e I ne nftite s rand p b e es ing t iublishing policy re m na L int oa n ine ge d v in ity the sear I n fut ch, analysis, su ure r a isn ac lse o lo and w (special reports on Me dicare is the le cesn st to ha f b n o1 th 5 p we orc rkeen -5rs %t (an Fig du re ret i2 re 2e ).s ),M ano 2 d 4% n ee sty im F aor a ting t he Com amo funt ort o afb the le irR Se oti cia rl em Secen uritt y benefit at their (planned) Fi 2013 gur– e2 10, 014, Re btu irte s et iC ll obnf elid ow enc th ee in 65 The peir rc e An btilit m ye taos u Praeyd fio nr 2009) Long- t(eFi rm gu C re a r17) e E.x W peo nrske esr ................................ households with a ret................... irement plan, 11 What we do • The percent -a 60%ge o 1993 Sourcf 1994 e w : Eo m 1995 r plk oyer e 1996 es B v ene 1997 er fity R1998 c e2 se 0 o a% rn 1999 c t h I fioden ns 2 2000 ti9 tut % t e 2001 aa nd bo G 2002 ru eetn h w 2003 aa ldv & 2004 in Ag ss en oc 2005 iateo 2006 s,u 1993 gh 2007 - m 2016 2008 on Reey t2009 ire 19% f meo 2010 ntr C a onfi 2011 cde om nc 2012 ef So u2013 r rvtea ybl s. 2014 e r 2015 etir2016 ement, at record lows problem. On the other hand, half of workers with a major debt problem are not at all confident 201 a 6bout having enough -55% *Caution: small sample size 10% Not working a Ts he kesd e a find bout ing ts he a rlik e- 10% e pliho art o od f to hfe s 2 e6 etkh ing annu adv aic l e Re fr tio rm em se ont m e C o onf f tid he es nc e eo p Stur iov ns ey , ne (Ra CrSly ), 7a in sur 1 9% v 0e s ya ty ha th t ag t atug hee y sa trhe e ve vie ry wls ike and ly o r J R.P e.t iM re or m ge an n t Age T. Rowe Price Workers’ confidenc-e 65% that they are doing a good job of preparing financially for retirement contin 12% ues- 0.t 03o rebound from retirement preparations, but this does not ap9% pear to be the case for many wor22% kers. The perce 8% ntage of workers who -60% 75% employee benefit issues; holding educational briefings for EBRI members, congressional and C Oo nline nfid ae dnc vice e i pn ro E vn idteiC rts ol m e ame pa re r erd w nt ec e itP h ivr ho ing ogr w ym o a ur o m r m es o a ne tt ye w nt asio inn, ve sb te ut d i n only your 2 e m ppl eo rc ye e rnt s’ pl o af n, w wo he rk n y ers ou m an od ve d t 1 he pe m rc oe ne n6% y t of 0. 01retirees say that The likelihood of tr -15% ying to do a retirement savings needs calc ulation increases with hous 22% ehold income, education, and were asked in this yeH aS ow Sr o o’ur s ur c c c eRC e: on : E Em f m S id pl p len o oty yha e ee te B a Btr e en e y ne if ef fi iou t t t R he Re es s te ea hy aa r r c c tw h I h t Ih ns o ns e M tuld tiit tu ut te e ed a aw nd nic do a G Grr r re s e ek e e n nw y w ws a atit lld d em & h & A A w a s ss s o oc ill c f cina iia at ton e es s,n , 2016 t 2016 in ciua 5% e R Rl e et ta to p i ir rd em em v ren e ov int s t C o C id o ore b n nfi ,f id de ho en enc n cw e e e f S Sit u uim r rv sv ey e of yp ao tr le ta an stt e t qhe ual y think it will be for the f Th edee rac al tu he ala re lth tire cam ree in nt Ov s u ag erran a ell, re c he ow p p o ro rt con e gd fram id b en yt fre ao re y r tire tou he e ts he ah ltd a ye ou srl c w yh ill h an and g av e e d d e is ne ab ou ve g le n hd m m )on . oJey re us tts o p l1 oa 1 w y lp fy or 4% e . lon rc In e gn 1 -t t9 er o 9 m f1 c ,w ao o re n rk 4% ,l sye u ch rs 8 p as se ay rc e th ne t yo fa re re tv ire ery es said retirement age (40 -65% peOv rce e rn alt l, ho of w wo cor nf ki 3% e de rs n t a an red y o5 u t 9 ha pe t y ro cu ( en at nd of y or 3% ur et sipo reus es e) ). w F ile l ha we 55% ver e s no ay ug t h h m eo yne hya tv oe li vtea lked with -a 0.03 professional such as a DC plan, DB plan, or IR 2%A, are more likely than those without such plans to report having saved for retirement m Fig ou nreey 42, fb oer t w R a e eft e in in ran e 2009 ec s -20% i’al Alg y a e n s d e a 2013, c t uR re et ire r ien tm ic re re e m n ats e ................................ e nd t, f r co om m 13 par p ee dr c wi en th t i 1 n7% 2 2013 ................................ perc teon 22 p t of wo ercr ek ne t i rs n 2015, wi................................ thou a t nad ,d ie n 2 b 0 2016 h t1 p 5roble as m l e.................. (vFeig leur d o e f4 f )a.t 28 Yearly 1% s ao ttm itud ewehsat o fl ik weoly rk tio ng s- (e W ag ehe k 53% e n ad an yovd uic r re e et itf riro e, re )m d H o A tw h m ie ne itr er rire c es an t tied re s m d re o e g yn o at u rd th piln an ing k y re p oro u ti w re vill id m 0% e be er n (( a t7 , rP e 1t u y h rp c oe hu) e as ir rc i en p a c ere pur n artp ) ca , ha ran at sing io in a nd n se if ns poe ur r nre ad nc e ti e n re t m fin ean nt,c ital h esie r rv coic ne fisd ence 6% the low in 2013. The 52% ip ne to t rch e ent IRa Ag de id v yfederal agen e ou ry c hc oose onf… id ?e (cy nt 20 s 1 52% inc 6 taff, and th If r re ola les de ov d e news etro i n 52% 2 to I 8 Rp media; Ae : W r 52% cor ent kand sponsoring public opinion survey e rin s n=2 20 01 8,6 R,e up tire efs n ro=m 13 5 1)7 percent in s on emplo 2013 andy ee -25% re W p he ort n e rd et t irheeeys an we dr/e o r a v ns t a uh k lu re e se t in idr g o if s h tp om hto e he b u e or e sy n e e w h fh it om it ad shd re e 3 h ceiv sr 0av e ea %w t e lt e o d hd a 3 b c n 9 a y r fry % o e e r ,m ts ir re ho ee ou tne isre ld ty od y m ou b ae y? e n ny e t (o 7% 2 ed p nd 01 e it 6a d w R k u e e ha r tin d iree g tin yt sou he n 2= r0 y 5 r0 0 et 51% no 9 5ir ) e (r m tm o e a n 7 tll5 ?y (2 p w 0 e 1 o r6c uld W ent or ha ) k, er v b se ut w ditehd cline raw dn the frorm ea ftthe erir a nd Fi So gm uree wo 11, rk W ero sr k ae re r C a Chd o anjn g cu e o f is id m ntfie o nnc rg ta b e slo yin t m he rD o u o o ging fh o th u te a yi r o G ue o rx o re p d te i rJ c eo t m a b et n iP o t r n ye es a p ra a s? b r ( ing o 2016 ut fwh o W r oRe e rkn e t rti sr o n e =m r1, ee t 000) int re ,................................ perhaps in recognitio........................... n 0.o 07f the fact that 11 Ma t fina hessMu yn c aia rel ta v ue sas rl y eF tin s in .t a e W n re o cs r ia k te l ed r G s r in o re u o pp b o tra ting ining the fin 24% ya o nc r ia the l a ird s vp icoeu in se tp ha isr tm icip an a 50% ne V tea rn in . g Ta u hir a D rtC d y -p nla inn e a preerc se ig n 50% nif t oic f a w nt olrk y e m r50% s o rse a y lik te hlat y ttha hen y ta ho res e advis or to specialize in converting assets into retirement income. Thirty-nine percent say it would be56 very important and c the onf yid re etnt ire td h a atf tte he r a -30% M ge e d6ic 5a . rT ehi ss y spte er m ce w ntill a 49% g ce o nt is inue 15 p teor cp ern otv id ine 2 b 0e 1ne 6 (fsitts a to isft a icta le llya s etq e uiv 49% qua ale l nt va lue to t he to 49% t1 he 4 p be er 34 ne cefnt its m re ecaesiur vee dd b in y financial advisor about retirement planning (36 percent o 5% f workers and 34 percent of retirees), calculated how much (88 percent vs. 21 ppr erc oduc entt ) w.i th a porti48% on of your s48% avings tha 48% t begi48% ns providing guaranteed monthly incom T eh ae t s re 2 o0 m as 1e 4 on wo rkers may be 21 percent. The Veryper 2%centage of workers somewhat confident inc 38% reased from 36 percent in 2015 to 42 percent in 2016, Retirement Plan 55% s benefit issues. EBRI’s Ed 47%ucation and Re -1% search 47% Fund -1% (EBRI-ERF) performs -1% 47% the charitable, -35% -2% -2% c woitm hp re an gy ard or tad o v va isri oo r u(s n 69 =a 1,sp 0p 0ee 0rc )ctesn o t)f, re an tid re a mfe in nan t, an cial d sre erv latic ee ds is cs ou m ep s.an T Ey h du e re c as tt iu o ai nr e n vxe e pe y dns w b ey sas t hce o 46% in r d eu m cp te lo dy fero r m to J pan ro.v i2 d,e 2 ad 01v6ic -Fe e b . 3, -3% 5% 36% However, workers and retirees report that -4% 45% they are less confident in their ability to plan sfto ar tis re tic tire allm y e en qtuiv tha an le nt fo r too tth he er s st aa vtiis ng tic aand lly inv rem ea stins mCe oa nf nt it de st nt hin att h leev e pl a(s6 t 9y e pa err cfe ont r v in ario 20 u1 s 6e)xp ( -5% Feig ns ur ee s, 1253) .p T ehe rce p ne t rscay ent ta hg ee y o dfid r e stoir e fo er s m ha ajvo ing r e x sp ae vn ed se fso r s uch as -40% F 3% F igu igu rr ee 19 22 -6% 46% -0.01 e th ite he ir rf is no an mceiw alha pre t int pae ra re tis otn esd fo or r no retti re tom o ein nt te m reay st eb de in inad obe ta qin uat ing e .o In nline 20 1a6d,v 1 ic7e .p e Orc f e re ntti ro efe s w, o8rk 3e p rs e rc say en tt h ae re ag no e tat at w al hli ch they Fi w g ho u rd eo 43, no tRe pa tir rteic eip s’ a po E te xp i nin te ir n s ie V tu he en rc ych C fe o ut nfi ao ur de fp e nt la Re , sn uc tir t h So o ing a me s ha a w g E hv e at a e 8 Cr o 0 lie tnr o fie idr re, 8 d n tL 5 a ? a ( tc 2016 ea Nr ol,c t Too o uW r la C o W t on rio k fhe ie dn r es nn ( n t5 = P 8 1, la 000; N pnne oe t A rc t A Re d e llnt t C ................................ io rnfi ev e de s s n . nt 3 =505) 4 p Doe n'r t K ce nont w/R)e.fu I sn ed a .............................. ddition, married 29 43 percent say somewhat im Verp y Co or nft ia den ntt. O -8% Snly ome w7 ha tp Ce onr fc ide ennt t sa Ny ot Tit o ow Coo nfuld ident not N ob t A e t Aa ll C t oa nfll ideim nt por Dt oa n'tnt Kn. o wC /Ro efns usee dquently, workers with r 2015) etiree s (Fi to gd ua re y ,42) wh.i lT e he 33 m pe ed rcian en t( m saieduca y d p th oe in tiona yt )a ag re l, and e s oat m scientif e wwh hicaht ic func rce otn ire fid e tie s ons of the Instit n re t ip no trt h e th sey -9% ys tre e ute. EBRI m tire . T dwe han -ERF st y re -sm is a tax-ex ixai pneerd c eat nt empt organizatio ag sae y 6 th 2e tyh ro are ug nh n oo tu at t they would likely n -45% eed for r Ve ertyi C re onfi m de e nt ntF hi 4e So gu 0a % me l t t wh r o h 4 e ate C 9 46 x % op nfe iden ns t e2% s N (2 ot7 Too p Ce onrfc ide enn tt ofN owo t At A rk ll e Cor nfi s de a nt nd 3D7 o n'p t Ke no rle c we /s Rn s e fu tlik so ede f ly re ttih ra en esr)e , ta irn ed e sp r to e pared Mercer Figure 24 Wells Fargo while the percentage not at all confident decreased from 24 percent in 2015 to 19 percent in 2016. Figure 12, Retiree Confidence in Doing Fig a u Gr oe od 1 J1 ob Preparing for Retirement ................................ 44% ........................... 12 ( 2016 67 pe th rcre ont ug)h . T 20 he -m lik inut eliho e toedle o pfho se ne ek ing inte a rv die vic we s fw ro itm h 1 a,n 50 o5 n line indiv oid r ua tele lsp (ho 1,0 ne 00 p w roo fe rk se srs iona an l d fina 50n 5c re ial tia re de vs ic)e ag seer v 2ic 5e an redt aoine ldedr -50% 3% 23% prior peak levels measured ac Onte iv io tife tsh . eW phriilm e a 3r0 y p ve erc hie cln ets otfh a wto wo rkerrs ke s rs ay u s th e atto t s ha ev ye a fre or vre ery tir e cm onf en id t eis nt a in n e the mp irlo a yb eili r-tsyp toons do or e ad g roeo td ir ejm obe nt of s pa la vnning ings p fla on, r r th et ei rp eu m rc eh nas t ce li m ofb a ed 100% c ar sloo w r ly m fr ajoom r ap 59 pp lian erc ce en , t1 i5 n p 20 erc 00 en to t s74 ay p he eral ce th n te ix np 2011 ensesb , u 1t3 npoew rc s etn atn d day s a -tto 64 -dapye r ecxe 0.pn 05etn (sFi es g,u 9 re p 16) erc.e nt e xpect to retire has 35% 10 0%ch Soan urcg e: e Ed mpl ion ye et B hee ne fip t R as est e ay rch I ea nsr, tit utan e and d Go refe ntw h ao lds &e A, s st och iae te sl,arg 1993e -2016 mR aj eto ireri mt ey nt C(o7 nfi 7 de p nce e r Sc urv e en yst .) report their expected int woe rk re esrs te ( dc o in mo pb are taid ning -55% wit h o nline unm a ad rriveic d supported b e w (o Frk igu ere rs) y 3an 3 co )d . ntributions retireme and g nt sarv ants. ers (compared with nonsavers) more often report assets accumulated do appear to be v28% aluing this typeF o i 45% g f ad urve ic 17 e as they approach re 45% tirement. 44% th all isc o tinf me id.e nt that MedicaR ree ’st b ie re nee fit ss’ w Cill P uer r co rnt e cen n inue t tL a e tg ov e of e F e Fig qi l u g o au u l f W o r r S r e 9 e ork a e 4 xc vin eer eg ds’ s the an In bc d eom ne In fitv e se re sc te m ive edn b tys beneficiaries today a formal, written fi95% 95% nancial plan for retirement (17 percent of workers and 24 percent of retirees) (Figures 38 and 39). 95% 10% Investments with less risk expect to receive income from 43% 8% 12% 43% -60% 10% Sourc W eso of rk Re er C tiro em nf ein dten Inc com e in e 42% Fut42% ure Social S7% ecurity Benef 42% its b Fi in yg tu the he re ir U 44, nit em e W p dlo o S ryt ke a er tre s w 90% s A .a r R se a s nd M ig Im o nif orm e p ic L a a dik n c ig tet ly it ly o d lo tia o fw ling S T ehin ra ( v 4 w ki 3 a n T s phe g e us ry L ce e es W dnt t il) s o l ( W o Th Fi b o g tra u k a in r e n in a N 31) R re eeed t .pi rre em seed ent nt a 13% f tT iv h o e ar n c r R R oe e ss tt i rs ie r ee em cs t io An cen to ufa t ltlhe y D 40% U id........................ S. population. T o30 90% 11% M sue cthL ia fe s a 401(k) plan. W Indo er ek d,e 7 r8 C po ern 5c0e f % n id or t e o m fn or ec e m e p in loye Do d wo in rk g e a rs 11% (53 percent of a 41% ll worke brre e st tw iin re e te m hn 20% e e 2003 n RtC , S 6)3 a rp n ee d prc o2007. re t ntth e re yp a orrt e travel •, an Thi d s7 m poevrc e o e -65% n ut t o fSo of t ur r cc he e:ar E no m e pl oo t y- r eat e B su e -ne al p filp t- R c o eo rt sV en er a rff cio y h I den ir ns na t tier tt ut gr re es e17% alt nd o a ed u t G ip v re i e ens .w 21% o a ldbs & A er ssoc ved iate sp , 2016 rim Ra etr iriely m a e40% ntm Coo nfin de g nct eh So urv se ey 28% repo rting they0. o - 0. 09 0 9% 09 .03r their spouses do 40% 40% 40% 39% If one is able to get financial retirement age has 85% increased. Howe ver 39% , increasi13% ng retirement confidence may be dampening t19% he perceived need to trying to do a calcu8l5% ation. 28% Figure 35 39% 39% 26% Figure 13, Worker Confidence in TheFi ir g Ab uilit re y 1 to3 Do a Good Job of Various Activities ................................ ................. 12 (Figure 48). 38% 14% 33% 38% 4% Social Security is because W W So ao r vk r ed e kr er C Ls a o R sn t Y epo fid ea er r f n t 37% i cng or R e in The 41% e Fin ti 37% y rem an Arc en e ial t 37% 80% 80% In total, a 20% 19% bout how much money would you say you (and your spouse) currently have in savings and 15%Retiree Confidence A 36% bout Paying for Medical Expenses further increase representation, a cell phone supplement was added to the sample. Starting with the 2001 wave of the 75% 19% However, the percentage not at W M hile ana a gi lm no g Fi st an ll a on f 75% c 7r 5% e ets ir i en es R (9 e1 t ip re erc m EBRI Issue Briefs e enn t)t report thatis a monthly Social Sec u periodi rity pro calv with ides i e ni-depth t22% her a evalu majo a o ttha fr ifon of em e otrr e tm he d is n yuc o plo a r h r0.s e y 03o a ev u ep e r benefi la r cy en cob ofnf y t is i ntid c he so u ees m nt ir e i n not have a retirement plan (defined benefit, defined contribution, or individual retirem aden victe a a cc t oeuqnu t) al . W cohser t f ea ros i mn an th e What do you think the im 19%pact will be of currently saving less than you need for retirem 18% en pto ? s (2 tp 01 o6n e retirement, as the Good Job Preparing for Retirement 39% How confident are you that the Social Security system will 18% con tinue to provide benefits of at least 70% 70% investments, not including the valu 16% e of your primary residence or defined benefit plan assets? (2016 Figure 45, EW xpe o crk ted e (rW s a ork n ed rs R Ex epti ec rte ine Do gs n' to W t kR no o et w u ire ld ) aP nr de Afce 31% tu r t al o (R M etire ee est ) So 26% urces of In 27% come in Retirement ................ 31 31% confidence in Social Security’s Worker Confidence in TheiF r A F ii gg u b ur rie le 3 i 3 ty1 t 3o 21% 16% About what percentF agi egu of yr oe ur t 40 otal housFig ehold u inc re om 1 e di 5d you (and your spouse) save last year i24% n 5 65% 65% and trends, as well as23% crit ical analyses of employee benefit polici 51% es and proposals. EBRI RCS, all data are weig Wht ore ker d sb cu y ra reg ne tly , ssae vC x, S inu g e a les rre c nd u s t r e hn it a d nt uc yl ny ee a in td S io ed a n R v for e tio r ng t e r ir te irf e em le fm o c en tr e t R t he n n =e 3 t 2 a t ,7 b c i)t rua em y l De pen rob po t trtions in S the inc e a d m ult an p yo re pula tire tio esn. h ad Da tta o for Figure 14, Retiree Confidence in The Som ire A wb ha ilit t in yte to re sD teo d a Good Job of Various Activ 22% ities ................................ 0.07 ................. 13 The m Our ethods of obtaining estimates of retirement savings ne eds found in the 2015 RC Wo Sra ke c a tll u he r re c srre o ir q nf n uit atid b e e ili e m n tvy ta p 0. ri 07 is t l 7% o o e y 1 d d e6 .o r, p a W an e g roc d o rk e o m nt e drs o jin re o b in for te he qum ar l ec va and lu en e t t p t o t he rh io ir er b sy en p ea o e Rfus e r its, tsir r e ee i e n ( ceiv sc 6 n r2 ea =5 e d p 0 se e b 5r y )s i c re en tnt ir r ee et ssa i r ty od em it a y? en is (t2 a c 0 1 m o6 na W fjiden o orrk er sco s e o ur n=c c 1e c ,0 u 0 o r 0f r) ed a incom m oe n)g , t w ho orse ke w rsi ta hn ad pl the anir . spouses continue to Worker confidence60% 6a 0%bout the future value of Medicare Fig beu ne rfe its 3 is 8 higher among those aa gd evsis 5 o5r a ond ne o m ld ee ert,s a w nd ith re in tirees -5% 26% Figure 26 overall percentage of workers Overall, how confident are you that you a Th re e d sa oin me g ty a p ge ood of in job ve of stm pr eep nts arin 7% g financially for your 23% 1993 retir1994 emen 1995 t? ( 1996 2016 1997 Wo 1998 rker 1999 s cu2000 rren2001 tly sa 2002 ving 2003 for r 2004 etir 2005 emen 2006 t n2007 =702 2008 ) 2009 2010 2011 2012 2013C 2014 om2015 par2016 ed with what they Overall, how confident are you that you will have enough money to take care of your medical 55% 55% 55% ability to maintain the current Notes is a monthly periodical providing curr 27% ent in formation on a variety of employee benefit A majority of retirees say they try to maintain or increase their level of assets. When asked ab 9% out what best represents an Advisor 36% in Person Rather Than Online waves of the RCS conducted before W 2ork 001 er hav s’ e P beree n fw err eiged hte d S ou to ar llo ce w of for A cod ns v is ic tee nt comwi pa th rid so ra ns w ; m co ons ree tq hue annt ely xp , e sc otm ed e 50% D 50%o O Sv o e ua r ra ce: l G l, E ho m W o w c ploo yo o ee B d nfr i de en k Jn ef 7% o er ti tab R res s e o y ea ’o a ru t cf h V Ind ha nst ta it yu ori tu ( e R ao nd ae nd u G tryi es or e ur nw F ees A s aipo lgu c d &ti us A ’e s v r ) sI wi oc e in ti ia l 42 ltt e ha e ser , v Is n e c es .e , 2014 noug t- i 2016 h m n U oR ne ety ir es tm oi e lng int ve C c oo nfi O m 38% de fo nc nl rt ea S bl i une y rv thr ey oughout Another decision is what to do with the W a Im sso pe atr cs tk o in er f Sa as v r i W n eg L tiress ho em Te hR nt anepo N sa eed ving ed rt s f Ha o rp R la et v n iriem w ng he en n t the ind 2016, ividua cl ole m ap va e 0.rs 01e a dn weitm h p21 loyp ee r.r cent Fi o Ta ex fg tp e u rble e e n rtc e irtg em 46, ue t o oen sd f s W tr ? a a C o (2 w tr o 0k ho 1 te nt 6 hr W w e C ie r or m o P nt r A kn e u er rer f e tc id si s h y rne ou e c =tm nc 1 en he (a ,0 ee n 0y n d 0 t t in / )w a or in ill F g y cut ou e o ne m ur o rF e se e p id f gu ou f S rt W o so o em c r ) a io e cu a ca l c r 55 r rum S k wi ee n er tc d ly ula u es r s it av D tvy e ari in B g ( el e 3 fe or t9 ne y a r p y o efe tit fi ir rn s s e c ................................ m o e g u nt en rc ) t?,e s r (2 a . 0 t( 1 he S 6o W rc i or tal hka er S n se 5% d n c= u o 1ri ing ,0t................................ 0 y0 a ,i p s tpr h s er ta y h e ce n se pa t n e 8 tfr m e yiin e d n a sg e )t10 ral ic a r bu (e p85 tro dge ire g pm ra et.............. r,e m c nt 3 e 9 tn h ne tpe at ) e o rd f cs e 31 nt Figure 53 person and an online advice are more likely than w exo prk ene serss d o uv rin eg ral you l o r r f ean tirem y ag ente ? (2 g0 ro 16 u p Re t tir oee bse n =5 co0n 5f )ident. Even so, just 1 Ret 5 i2 rp ees 0e w 1rc 6ho en 2 st0 a 1 o y 6f tre hety ire ae re s s pay os ttp ho ening y are Very Confident 45% 45% Somewhat Confident Not Too Conf 3% ident3% 3% Not At All C 3% onfident Don't Know/Refused topics. EBRIef is a weekly roundup of EBRI research and insights, as well 2% as updates on Percentage of Workers 43% 24% W ho Have expected when they first Yearly 51% 1% Figur publications e • 15, Ret W iree or c ke or nsfW iden W yo o h uo c rr r e i k et R 0%ie e n rem p h ro s’ Sa en arv t t i 0% y n H ea g e a rsvvi ?in no g n u g S gh a s m ve ad on n M ey d 41% o I f n o n eryv a fe c or s o m t Rm e fo tire rte an m bl 0% t e e r s nte ................................ tirement, which hist 9% ovra iclue ................................ ally t ofen bd es t neo fit ex s c pe aed id w too ...... rker 13 their behavior when 40%it comes to their le -14% vel of assets, 20 percent say they try to increase their asset level every year by 40% Not too interested -12% Suppose you were a -25% ble to get financial advice at equal cost from an advisor you meet with in person data in the 2016 RCS may differ slightly with dat 49% a published in previous waves of the RC HS av f.r e o Dm at No tahe pr ire s s 0.e a 05nt ving eds in and tab les in Change in 7% 7% 7% 7%42% 0.05 5% c Fal ort cu yl-at seio vn en . T pw erc enetn y 35% 3t- 5% so ix f w pe orrcke ent rs ind and ic a 5t4e pte he rcye n dtid o t f he reir ti re ow es n sets attim eda tth ea a t nd th e2y2 hpad er cpear ntt is ca ipyat in te in e h li2013 d e gc y iiho b na l e s a o k a s ere e n ing m d d t p i a re 12 lhe ofm y in a e p e a le e tn n h s rtc c (ins e s ial 4 av n5 tu ad ip n irn a e g v nc rs 20 ic s e e p e08. n r. l an t Re protv irid H eow m ese cnt inc on fC id oo m en nf e t a id r re e e 35% p y nc ou lae c a ................................ e bm oue t y nou t f ro ar b ilit tW he surve y t ill n o ad ee g y R o a e P s, studi d er d e t g o s cg a ood en nd a a ................................ tv a r es, e j gd ob m d e o 6% is litig i of or n fa e … Ig b n ? la c ili ation T o ( tt 2 36% e m y 0 h re 1c e 6 ,Sa 37% leg o W iv vr ed o e i r 6% r S sl k L a ea ation and r ag rs sv e t n Y i = f ea n ................................ o 1,r rg 0 f 0e s o 0lig r ) R Pl eet ib gul a ile rem a n tion affe w s en otrkers ct 38% ing e and ................................ 6% m t2 he 0 plo %iry d ee e benef pend e itnt plans, while s.) ........... 5 very confident in the value of the Pr fo ut v ur ider e b R 12% ee ne fto ir fit re s I e p na s v id ’es A by t g m M ee en a d 12% ic t R a tr E e e ,duc tir while ea m t 2ie 0o n p n/ e trc A ent dv ri ece p po ro rt 10% v itd he er, y 5 ar 8e p no erc t e an t ta o ll f cw on or fikdeers nt Very Confident Somewhat Confident Not Too Sa C5% on v fed M ide 5% nt No o 5% t A ne t A 5% ll y Co5% nfi fde o ntr R 5% e Dot n' 5% i t K rno em 5% w/Refu en sed t retirem5% ent has decreased from Retirees Re ’ tS ir t a e h v e ei in s’ r g A E s c x C t p o u ec al mt p E ed a xp r R ed ee n w t sie ris em t in h Th en Re ei tt A ir r E e ge m xp eec ntt ations 38% 30% Very V 29% ery C onfident Somewhat Confident Not Too Confident Not At All4% 50% Confident4% Don't Knor we /Rteir fue sed d 32% , ret 4% irees are more likely 95% and an online advice 30% provider? W -1% ould you…? (Workers n=1,000; Re -1% tirees n=505) -1% confidence lev 3% els, 3% continued to increase in 2016 reaching 3 -2% 9 percent who are ver 3%y corneftiden ireets ( iu sp f lorw o.m J 1 us 8t per 10 cp en ertc ie nnt In total, about how much mo Vne ery C y o w nfi ode ulnt d you sa So2004 me y y wo hu ( at Ca ond n 2011 fide yn o tur spo 2012 Nouse t Too ) c Con ur 2013 fr id een nt tly ha 2014 N ve ot i an t A sa 21% ll C v 2015 o ing nfide s a ntnd 2016 D -3% on't K -P 3% no law n/* RefusP ed lan Fi sag vu ing re 47, mo rRe e m tiroene e y C o onf r r id ee inv nce es tin ing F ut div uT re id ak eSnd o ecn sial aR n Sd e e c t in u ir tri e e tre ym s Bte e an n n ed t fi P t3 s5 ................................ lan perc ne in ntg s ay St t e hp ey s try ................................ to maintain their curre .............. nt asset 32 25% this report may not 25% C ot nfo ide ta ntl to 100 due to rounding and/or missing categorie 30% s. investments, retirees would EBRI’s Blog supplements our regular publications, offering commentar -0.01y on questions f 100% rom a previous employer. O Wnly ill h ao ve ne les -q s tu oart live e o r n( i2 n5 r ep tie rem rce en ntt) of workers and 30 percent of C re otm ire be ining s rep to he rte 1 d6 t h pa et rcth ent ey of Other methods of obtaining this estimate include using an online calculator (10 perc 0.e 09nt)1 ,o o 8frn % eal a the ld w ing ir o rk oow e r r n he s)( no a sray ing t tth hho re oy ug w h ma uc nh Figure 16, Retirees 2W 0% ho Rep 28% ort HavIin nvg e sS tm ae vne ts d w M ith o m ne oy re fro isr k Retirement ................................ and ................................ 38 percent of retirees...... say 14 (Figure 49). 100% 20% Suppose you were making decisions about money in your current reti -r 9% e 36% ment savings plan, 2 s 2uc p h a erc s ent in 2013 to 13 -45% How interested would you say you are in obtaining financial advice from an online advice provider? in Do vey sou tm n en ow ts, n exot pect inclu to r din etg ir e la the tv ea r,lu ae t of an y old oue r p r a rim ge a tr hy V a er n res y b cid e onfi fen or de e ce nt ? or (2 d 0S 1 e o6 f m in W ew ed or ha b tk c e e or n nf se ide n fit = nt 1 pl ,0 a0 n a 0)ssets? (2016 95%Overall RetiremenN t oC t o innf clu id din enc g Se ocia ................................ l Security taxes or employe................................ r-provided money, have you................................ (and/or your sp to ou s se a)y their ............................ expenses in 5 15% 15% 9% Although 20w 13 e) ll . T be hlo e per w 95% 15% C o the cm en ctp o aar nf geid no e ed nc t a W etN le a o it ltv l c a e h t a o l T nfi o ll in b h d ste e e e nt r rir e v w se t E d ea d x r se 1 p g2 e a p rc de t ing ra ce t nt io pa (y n sing ts ati sftoic r ab lla ys unc ic eha xpng ens ed e fr s, o o w m fo 1 w rk o 4erk r p e e crrs ocnf e s nt id ay e i n 2 nc the e 0y 1 a 3 a b)re o . u tv ery level by withdrawing o Hnly ow otlh d e w er ea e r yning orece u whsived from en U o y n n o du e the r r 10% etir ir news ed in ? 13% v (e 2016 R reporters s tmeent tirs e.e, p sN no ine =lic 505) tyem eakers n pe,r can ent d others say t. The hey dE oBRI Databook n’t mind spend on Employee ing down their 39% 9% 10%21% 41% 32% 27% E 90% ighty-f 15% ou r percent oH f L e ac s vu s e y trh re ou an n (or $ t 1w ,y 0ou o 00 rk r se prs ou sse)… ay ?t (2 h 14% e 01 y 28% 6 e W xor pe ke c28% rts S n= o 1c ,0 ial 031% 0 ,S pe er 10% cce uri n 29% t t y y et so ) b35% e a 16% ma 27% jor or 5% minor 55% so 10% urce 0.0. 03 03of income in 10% 15% then be exp 3%ected to have 75% Compared with w10% 90% hat ho y So ou ur w c e t e:x o E p im e nct pl ve oe y sd e tW e t w B he ie ll n h ne en m fi ee t o R yne d ou es t ey f o w a,r w ir ch I sha t or ns rk t e ti t t in tut ir oe e r do a d e nd ,t w ir w G e iou rt e m h en ld en t w he a y tlou d m & s A oa ne ssy oc y y i a ou w tehe sr , cu 1993 n y 27% rr o -en 2016 u l te lev a Re vte el of ir t em he e s nt ea C m v oin nfi plg o de s 0. y1 nc 09 e5 r e,% o Sur rv w eyha s. t to do 75% is sp ne ent W e d it or e ko d er r s(us n 10 =e 1 p d ,0e 0it 0 r c )te ont p 44% () 2 a ,0 y 1 a 6o s W k ffin o 21% d rg ke eb s rso t . n m = Re 1 e,o 0t0 ne ir 0e , R eo e stt he im ree o rs s tn tha 22% =o 5n f 0 t5e a )n fina citenc pia ut l ta ing dv is the er ( m 6o p ne eryc e int nto ), ta he nd ir w fp c illing ee o om r rk nt sp o e rl ib na o rs o 21% y ut ut e l w r) s ea h a m o v an w ing o sod ay ne r k s40 y ts a h h nd tp e o ee y e t rthe are c o eir n r tn f o o orm n t at 199 pe 1rs 199 on 2a 199 lly s 3 199 aved 4 199 an 5 y 199 m 6on 199 ey 7 199 for 8 r 199 et9ir200 em 0e 200 nt? 117% 200 Th 2 es 200 e 3s200 avin 4 200 gs 5 cou 200ld 6 in 200clu 7 200 de 8 m 200on 9 201 ey 0y 201 ou 1 p 201 er 2son 201a 3lly p 2014u 201 t in 5 t 201 o 6 85% that the16% y stro 0.n 09gly prefer to meet Figure 48, Worker C 5%onfidenc 15% e in Future Medicare 14% Benefits16% ................................................................ 13% percent in 2016 ...................... (Figure 40). 33 85% 5% Benefits is a statistical reference work on employee bene 12% fit prog retrams and work force-related irement are higher than 9% 9% 15% ha Co 80%v ning fide e nno ceug inh Om tho ene r Fyi ntan o p ca ial y6% fA osrp m ecetd s ic oa f l Reexp tire ens me es n ta ................................ nd long 14% -term care exp................................ enses in retire cm onf ent id ecnt o ................................ nt th inue at ts he a n So inc cia re l ment a 8l In thC e ao n o m dr iy pa nv , re t eh st d w e m e iwe tnt h w si g a ha rh e 0% tt h y e w ig od iu t 17% h h er s eta x ,he pe m ab m cp ou te l oe d t ne t s w h yo e he w fs n y he a1 m , n y o 0 e, u 0 o or f0 u r ir low swo t e r te ir e tr e r ik r . H t ee h d, o r as w n w y a lo io kn ul u e ed d y ly do x5 o pe 0 u y c 5 sa t o e u t r y d t 17% e y hi t o he ir ur nk e m y e e xp t o s o u w be en yie s o a es ld ul t d be t in hi a r s po et s ttir oa e ist n m e is te i et n k n ic a t a dv l ip cer Wo e frc ois rk mio … ers ?n of plus or minus 3.5 per- assets as needed (80% Figure 57). 65% 11% Figure 17, Str o Wo nglyr p ke rerfe s 0% rR to e m po er et t a inng a d Tvh ise oy r in Are Currently Saving for Retir 15% em ent .................................................................. 14 retirement, but the -65% y as ra ey tir e the men y t b pe lalie n av t w e or t W ha 10 k i. ll ( % n t2 t e p 0 o e 1 e d 15% 6 14 r t s W 64% o % o r or na et 15% ker il re l ss a n a= v te 1 ing r ,64% 00s 0 , p wer ill cea nls t o ye sp )la 58% y a large ro 14 le %. At le lo aw ste t rw le ov -e th ls -i 0rd . 03ofs c eur acrh e nt say sa tvhin eg y s G 75% iven the increase in the Medicare premium 199 s1 facing 200 1bene 200 fic 6iarie 201 s 1 in 20 201 16 5, the 201 26 23% 016 RCS asked retirees to what extent invest •m W ent orsk ( er 5 c 1 opnefr i -5den c %ent c) e i , le n t ah ve ing af fit o rin dat bi he lit yp o lafn va (4 ri6 o ups a erc sp ent ec) t,s o and f ret ro irlem ling 20en 1 6itt c oo v 2n e 0t 1 ri 6 n to u ed a 0.n 07itIsRA ianll c(rc4 ea o4nf sp e i id 63% er e ncn 2 etn 0 w 1 t)6 it . .h I Wn to he r pa k e 1 rtr2 isc u ple arrc , ent (6 perc20% ent ). 75% -5% <.5% 12% 15% e d m ec pid loing yer ’w s he pla n n. to take Social -5% $199 1,0 3 0 199 0 - 4 $ 199 9,5962% 9 199 96 1997 199849% 62% 1999 2000 14 2001 2002 200 19 3 2004 200 16 5 2006 20017 715% 200 8 20011 9 2010 20115 1 2012 201 a13 3n 201 a4dv 201 i19 s 5o 201 r 6in per son. Another 1993 61% 2000 1994 61% 2001 1995 1996 2002 issue 1997 2003 1998 s. 2004 1999 2000 200520012006 2002 2003 2007 2004 2008 2005 2009 2006 2007 2010 2008 2011 2009 2010 2012 2011 2013 2012 2013 2014 61% 2014 2015 2015 2016 2016 70% a ti rm e h e? ig ( h2 er 0,1 a6 b R ou et ti r te h -10% e e s s ( S n a W o= m ur o 5 c e, r 0 ek :5 e or E )rm s low c plo uyrA e e re e r l B r n t e e ha tly a ne dy fi n c t R o ha yn o estr u e e va ib e rc t x u h I pe hi tin ns s c t pr g t ite ut td o o e duc t e ahe nd mp m G t 60% lo re t e y o n e w be ra r ld e a & tir t A t e shi s m oc s e ia po n te t s si,n a 1991 t 60% v iin n t -g 2016 i sm pe la R ?n e t ( in r2 e= m 0 2 1 e7 nt 6 6 C )onfidence Surveys. 70% 5% 12% expected (38 percent) rather 55% -10% person 38% 59% r cie snt e farg oe m p to hint e lso ws for o wbosre krevre sd a ind n 2 4 0.1 41 p . e M rc oe re nt w ag oe rk p eo rs int are s f o nro rw e tv ire ery es c(o w nit fih de 9n 5t p ab ero cu etnt b e cie nrg ta ab int Sely e c) ur to o itf y pw ay sha y sft to er tm he m w erd e ill iscul cal ot nt s w ino ue uld to 65% Preparing a budget 58% 63% 29% 91% 58% Difficult retirement; hardship Have No 0.0. 01 01 anticipate receiving -1 5% retirem Tho ent ught inc aboo um 5% t ho ew y fro oum wo a un ld oe cm cupy plo y 2o % y ur 1% e tri- ms ep inonsored retirem 1e 0% n28% t s 57% aving 57% s plan 5% (77 6p 7e %rc 1%ent), an IRA FigW uro erk 49, ers Re ................................ tiree -15% 65% Confidence in F ................................ ut 5%ure Medicare Benef................................ its ................................ ................................ ................................ 0.07 and invest............................ me ...................... nts than they 33 8 they think they will need to cut back on other exp Don ens ' 4% t ke ns ow due t 4% o this premium increase. Ele W ve hile n 4%p reers cp eo nt ns se asy tto he ay q w ue os uld tio n m 60%ent Rio etn irtee h le e p sa nv =5 er ing 0c5en )itt a in ge the of w pla on rk er (4s1 w ph eo rc a e 15 rnt e %) v t er o a nd 19 y 3% c % o ro nlling fiden it t i o n t v 3%e h 19% re itro a a bin litI 3% yRA to p (3a8y f po e 3% rr b ceant sic ) t ex hRe p et o en S m fi rees e wo s o c es sutrr i k io n te y fct r re s rea e n wh ts i(red Fi e om g ( su e 4 arn 3 y et p t 28) b h er e ec n y .en eN afrite te is arl n .n y o t 2% 50% 12% 3% 3% 3% 3% 0.07 25% -20% 2% 2% 1 in 10 say they somewhat -20% 60% YY ee ar aly rly 1% 1% 2% Respondent 1% 1% 2% Respo 1% ndent and/or S 1% pouse 2% 1% 43 2% % 2% Figure 18, Workers’ Cu Yearrre ly nt Level of 1% S Ve av ry i in n 0% g tes r ean s 1% ted d Investm 28% en ts ................................ 32% 28% ................................ 1% 35% ............... 15 2004 2011 20 41% 12 0% 2013 2014 2015 2016 0% Plan* Pla 0% n than 0% lower ( 43 21 percent). 55% Somewhat prefer to $ m 10e ,0 e 24% 0 t a 0 n - a $2 d4 v, i9 so 9r 9 in 12 ret8 irement 8 12 7 13 12 14 expenses (22 perc-e 25% -2nt 5% , up from 12 percent in 2 13% 011) and long39% -te rm c 12% are expenses (16 perpcre on vtid , e u pb e frne om fit 9 s o pfe r acte le nta s in t be if all Americans- 25% 55% age 25 and older were su38% rve yed Ve rw y lik ith ely com So p m le et we h aac t likc eu lyracy. There are other p6 o3s% sible sources of error in CC hha anng gee i i nn Little/no impact 9% Considering the agg Chr ae ngs e is nive savings target percentages acknowledged earlier, it is not sur W pr oirk sing ers t h wa itth m a ore st tw ire om rke en rs t p l an (50% 69 percent), and othe 31% r perM so una ch ll ow sa ev rings and investment 2% 2 s0 ( %65 percent). Seventy-six perce ha ntd s e axp y te he cty e d e.xp Ne ec atr ly 4 in 10 need to cut back a -3g 0%reat deal, 26 percent say cut45% bac k somewhat, 23 percent say c0.u 05t back a little, and 32 percent say 70 35% perce 2n 0t1 6 o,f u w p f ork r-o 30% 50% em rs 38% 2 (5 50% 6 9 per pe cen rce t n in t)Contact EBRI 2 an 01d 3 a rentd 3 ire 38% 10% e 7s p (Publications, (2 er 68 cen 1p %e t i rc ne 2 n0 t) 1 5 w )02) 659-0670; h . T o hro e pe lled rc o en ve ta r fax publication gtes he o ir f w aso s W e rk or tts er o k a o e fs w s orders to ro rk scio m ng h nf ot id a h the e e re int r a (20 vp g er sre ho ey v c 2 aw i) 775-6312. o to s u w n s fthic i ha den h t tle is ns Retirees ................................................................................................................................ Fifty-four p............................ ercent of retirees 9 42% Very 22% prefer to meet an advisor in 45% Very p -1% erso D non't 20 k% now to / 29 R 12% e % fused -1% -1% -1% Workers with a me-m 35%b Ve ery r of -t 1% he ho -2%useho -2%ld having a retir -2% ement plan ( 14% DC, D -1% B, or IRA) is associated with a lower -35% 45% -3% -2% -3% Figure 50, Expectation of Living 36% -2% to Age 85 or 95 ................................ -2% -3% 47% ................................ -3%Thir................................ ty-eight percent report .... 34 21% -3% 2 a 40% ll 01 s1 ur L) e.v ss e A th y t ast n,h $ ho e 1, 0sw 0a 0e m ve e r Ct o,i nf m t ide ha e nt,t t m h Le 2 es a 9 y p s % m e br on e 35% c e ey f m 3n 0t o % a or rg e t 35% e rs a se 35% v 2 e o 8 rl, io % f en us wo te r t r3 tk ha 6 ae in %rn m s t ewh he n2% t 28 o o % r e a -t 4% ric e a 2 n 6 l o % c 4 ta % a lctula a 9ll % tio co -ns 5% nf 6 id o 7 43% f % e nt sa m ab po liu ng t e peq arua y ro ing rl .v T a fo he lue r s m - 0.e t 01e o inc d tic he lud al b e ee xp ne reeffns u its se a s ls to -C 40% onfident -0.01 -40% 40% Confident Subscriptions to EBRI Issue Briefs are included as part of EBRI membership, or as part of -1% a ( e64 mpp lo ey rc m ee nnt t) tso a y p rto hv eid y$ e 2 n 5e t ,he 0 e0d 0m $ --7% $ 2w 45 9it 0 ,9h ,9 0 20% 9a 0 0s o our r m ceo re of inc sav 34% oem d et oin re re titre ire cm oe m nt fo r atnd ab -7% l5 y 6(F pie gr ucre ent 3 0. 05 7 e). x pSe 4i( 9 c m D % t iC, lta or D rte o Bc ,e p o iv rir o eIR r in yA c e)o a m h rsae ,v w e fr o ork me a rs n Estimated how much income 13 78% you would ne 6 ed each m 9 onth 9 8 8 29% 7 8(37 pe 4rcent) retirees report Fi the 35%gu yr e w o 19, uld Re no tir t e ne es e’d C tuor rc eut nt b La ecvke.l E oig f S ht a v ping ercse n and t s -8% a Iy nv the est ym deid nt n’ st ................................ k-no 8% w. -9% 44% ................................ workers expect to ................ retire sho ws 15 employe trs hei ’ rre D a ecid tbi ire liin tm y g w t e -45% o n h e tpa ns tav y o t fia o n krg e m S s oci p edi la an lca t l o ex an pen IR se As ( m2o 2v e per d c th en e tm , uop f nery o m to 1 a4 p dier ffe cren en t i t n c 2013) ompan a yn tfha d s ro l ao n m y n to g t h ne h -a ta er t-t tt m h o hife c rd 0.y t 05 a h ra (e e e 2 r e p 8 r x ve p o pe v en rirc y dse e er n s to) f the -45% 35% Prepari Orders/ ng for Retire -45%ment ................................ Much higher ................................................................ 75% Ret pir eeres s................................ on. Only 5 percent of .......11 lik The eliho fina od nc tia ha l n cotns hoesq eue no nc t e hs a v oing f an a unp plan lanne to thin d ek a rt 17% lhe y ry e tne ireem d1 et 8nt o % scaavn e b ae t le he aa sv t y5. 0Re pe tirc ree en st w oho f th re eitr irie n ceoam rlie e r( 9t ha pen rcp ela nnn t ve s.d a re 30% 26% 24% -50% So 32% urce: Employee BYo ene u fir t r 73% Re e30 stir ea% e rcm h I t 40% o e ns n 39 tit p tut % e la an nd p G rro ev en id we ar ld & 33% Associat31% es, 2016 73% Retirement Confi 40% dence Survey 71t % heir expenses are about the 30% Will need $199 annual sub to rely on family m 72% scription em inb re et 3% ris rem to enEB t RI Note 72% s and EBRI Issue Briefs. Change of Address: EBRI, (19 15% percent, down- 50% froH m ave 29 nop pe ref rc er een ntc e in 2013) and lon 71% g-term care 3 % expenses (26 percent, dro ewn cei vfe ro dm b y3 9 re p tie re rc ee sn tto id na 2 y0 , 1 a3 n)d be interviewed and othe SoS uom r rc 30% e: fo ew Er 30% mm p hla os y tee lo ow Bfen e no ef rit R nr ese eas rcp h Io nn stis tue te ,a ntdhe Green e1 f wf 7 ae l% dc & ts As so oc70% fia tq esue , 1993 st-io 2016 n Rw etio rem rd ening t Con fa idnd ence q S 4 u5 ue rve %ys s.tion order, and screening. 25% 1S 6% ource: Employee Benefit Research Institute and Greenwald & Associates, 1993-2016 Retirement Confidence Surveys. who have do Sne ecu ra it yr re -5et 5% tir irSem e our m c en ee : n E t b m t e pls n oa y ef ev e iti Bng senes fi t R ne esee ard ch I s ns c 69% ta itut lc eula and G tio reen nwt ae ld n &69% A d 1 s 5 st oc % o ia tr ee s, p 2000 or-t 2016 hig Rehe tirer 69% m es nta Cv oing nfides nc eg So urv a es ls yig s .tnif haic n a 69% d nt oly w m oro kr eer sin wsho av ing havse employer-sponsored traditional pension or cash 29% balanc68% e plan. In contrast to wo 68% rkers 0.03, retire tha est a the re lle es vs e l lio kfe lty he to ir ssa ay v ing thesy $1,000 - $9,999 -55% 25% 54% 17 18 18 16 26% 17 16 15 16 67% retireme(n 1t 6 per saving censt ,p u la pn. fr om 11 percent in 2013) are slowly inching 42% 66% upw ard. 66% 66%ind litic tle a tc eh ta he ng ye la frco km c oonf ne id y ee nc ae r tin o Fi 20%gure 51, Worker and Retiree Interest in Longevity Insurance ................................................................ confide 42% nt in their a ............... bility to do 34 a -60% workers and 2 percent of more likely than those $ 5w 0,ho 000 r -e $t 9ir 9,e 9 9w 9hen e7 xpecte11 d or late 8r to 50% sa 9y they 7are no 10 t confid 9ent a 13 b 64% out ha 4ving enough money for 19 percent). Also, -t 60% 20% hose having a Som r1100 13th St. NW, Suite 878, Washington, ee tir we ha m t in en tetr ep sla ten d are less likely to not knoDC, 20005-4051, (202) 659-0670; fax number, w how much they need to save (18 percent Liquidate 22% assets; sell house/business 1 34% % 24%sa me as expected (Figure 53). Fi 15%gRe ure tir 20, em e W nt o rPkla er nning E -65% sSt oi 6% ur m ................................ cea : t Ee ms pl oo yef eN Bee nee fid t Re ed se aA rch I nnua nst32% i................................ tutl e S and av Ging reenw sa lR d & a 6% A tse soc s15% i................................ ates, 2016 ................................ Reti5% rement Confi 10% dence Su................................ rvey ................................ -0.03 ................ .......... 16 11 in While retir a etm teem np t trse m ara e -65% in mb ae dlo e w to t he minim higihs ze m the ea 74% sseu f ra ec dt o in rs2 , 0 it1 is 3 (im Fig pu or se ss ib 6 le atn od q 7) ua.n tify the errors2 9 th p ae t rm cean yt ra e -0r .03 seult so fm roem wh the at m. Long Subscriptions evity -65% 15% 40% to 49% 26% 1% -3% 23% 0.03 49 no exp t e dcotne 22% 14% to t rhe ely c o an lcula any tio Afn o n. irnd m Ie n pe o2 fnd 0 p1 e ent 6 rs , f o i3 na na 1nc p l ie s ala r sc v ee ing rv n icte so s c o f o rw m oo pn r ak ne y em o rs rp w loho ym ha ent v e fo d r otne he ir a in ca clo cm ula et io in n, re c tir o ae m nd m p e a inv n re te d(s Fi w tm g itu e h rnt e 1 s 8 45 tp ha )e . rn ce dnt o to ho f se 10% Somewhat prefer to use E a stn im o an te lin d t e he a d av m ic oe unt of your Social Security benefit at 17% 40% and investme nts is lower than Somewhat higher 3% 5% 20% another, the 0.03 lo ng-term trend -5% 10% (202) 775-6312; e-mail: subscriptions@ebri.org Membe th grsh e oio r ip Information: d fi n jo an b coial f p p la re nning para Inquiries tfio on r s for 28% 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 200 68% 3 2004 2005 2006 200 68% 7 2008 2009 2010 201 33% 1 2012 201 13% 3 2014 201 37% 513% 2016 6r9 e% tirees prefer to use an online v a s 5%c . o3m $10, 3 fp o 000 e rtrc ab -e $24, ln et ) 999 re(F tire igu m re en 21) t or . about paying for bas 67% ic expenses, medical expenses, and long-term care expenses. About1 t 0 he 66% sam1 e2 11Someth 8 ing else12 124% 16 4 5% 65% 39% Those who have a problem • Sixty-nine percent of workers report they or th ad ei vr iso srpouses have saved for retirement (statistically equivalent to 67 per- $100,000 - $249,999 17 your plan12 ned retirem 12 ent age 10 11 10 10 19 confide 1nt. One 51-third (32 per- Fi 0%gure 52, Worker and Retireepr Io nvtie de re rst i1% n Long-Term Care Insurance ...................................................................... 35 Savings and Investments................................................................................................ 4 0.0 01% ...................................13 t W ho he se n w tC he ho ho o m si ha ng ov ne he e y a no ltis h i t 0% ,r nsur o els le t aid nc m int e a o te n y o ta o he n ury Iregarding RA ne,e tdhe to EBRI ind aciv cum id membership an ua ula l m teus att le ma as ktd/or con e $ inv 1 m es ilttlio ributio mn en fo t ns rd e r to EBRI-ER e ctis irio em nse nt fo.r w A F tit he should be dir tho t he a ut s so a et the p sl a no rn ew ( e xt Fi cted r in g eu m to trhe e e , EBRI 26) I 2R 1A .p . er- 50% or more 4% expected at this point in their 60% M -5%ost workers and retirees expect t 59% o live at least until age 85, but only a minority thinks re the stho ire yw m as re et n ha a t,t tcle o the a m sp t a are sgoem d a ew tw w itha h hic tm h ore 58% 3% retirement, compared with Figu 1993 re 21, 1994 1995 Wo 1996 rke 1997 rs 2% -5’ %1998 E 57% sti 1999 ma 2000 tes2001 of 2002 Nee 2003 ded 2004 A 39% 2005 nnua 2006l S 2007 av2008 ings 2009 32% Ra 2010 tes 2011 by 70% 2012 Pla 2013 n v 2014 s. N 2015 o P 2016 lan ................................ advice provider (Fi................. gure 35). 17 Yearly 1% 1% 1% 18% 1% 1% Don't 1% know 1% 1% 1% 1% 1% 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1 2011 3% 2012 2013 2014 2015 2016 T -10% he RCS0% was co 0%-sponsored b 0%y the Emplo0% yee Benefit Research Institute (EBRI), a private, nonprofit, nonpartisan public cent in 2015). Still, a sizable percentage of workers report theyW ho arv ke er v s irtually no32% savinw gs ith andd i eb ntv a est rem een spte s. c A ially mo li nk ge R lyC S Re -25%tiree conf owid n,e nnc ot t e h - 10% ra ou bo ghut a nh em avping loye e r nough money for a comfortable retirement continued its increase in 2016. Thirty-nine Strongly prefer to u A s fin e aa nn o cn ia lil s ne e a rvd ic ve President Harr ic se company retay in e Conaway d by your at the above address, (202) 659-0670; ce e-mail: nt) of con woa rk wa er y@ebri.org s are not at all $25,000 - $49,999 14 11 10 2% 9 9 9 10 13 4 0.01 Fi -15%ft Chy an- go e in n e percent of wor Ak bo er ut s t a he n sa d m 38 e 9% percent of retirees place the 24 8% ir % investments in the same type of investment in the cent De o bft t................................ hose who 5% have done 5% ................................ a calculation, compare................................ d with 31 percent who 5%................................ have 3 8no % t, sayF ur the the y trhin m ................................ ok re t,he on y a ne ho edus to e ho sald ve 18 -15% $250,000 or more 14% 36% retirement.0. 01 Four in 10 (39 per- W like or lyk tion re g f ac or h P aga ey 9 i5 n . R Am eo ti Tn r alg e k em w d w o e irk tn h a p e t rs ro,f e3 s 15 s7 io np ale frc inan e 17 n cit al ad sa vy is15 o 14% t rh ab eoy u tare 17 24% very17 likely 43% t 19 o live 19 to a6 g7 e% 30 8 w5o rk an 5% ed 4 rs 3 p 6l a pn e rc toe n re t ts ire ay htas he y are Retirees 3% Don't know 13% 3% 3% th 6a 8n p tw erc oe -th nti rd besi n w gh v oe a ry re -20% Somewhat higher 2% 16% 4% Fort Yey ar V- ly ef ryo 1% ur perc 1%ent of workers and 451% perc 3% ent of re R 1%t ef 3% ire use ed s wh 15% 1% o 2 p% 1% articipated in a retirement savings3% plan from a previous Figure 53, Re -1%tirees’ Actual Exp 2% ense Ns e o m tin t po loy Re o ie nt rt t ir er o p e em sr tov e ednt ide a Cd ovm i2% ce pare12% d With The -1% ir Expectations ............................................. 35 policy research org -20% aniza 0% tion; a pr nd ov iG de -2% rreenw 1%ald 0% & -A 2%ssocia -2% tes, a Wa -2% shington, DC-based market research firm. The 2016 Yearly Retirees to say their expenses are percent w oo f rrkeetrir se p erso v airdeing ve t 0% rhi y sc t oy nf pid e o e 9% nt f info abrom ut a th ioan, ving 0% 26 p e11% no ercug ent h sm ay o t ne he yy t ha o liv vee l e cs osm tfha orn $ tab1ly ,0 t0 0% hr 0,o tug hoho ugu h t t t ho he sir e w reho tir i end me icnt at e y t ehe ars y -25% retirement planning -11% confident that future Social Confident -0.01 Fi Cg hau ngr e ie n 22, Percent-ag 25% e of Workers’ Income Saved Last Year for Retirement ................................ 35% .............................. 17 lIe RsA s a th sa tn h e $250, y had 0 00 thefo mr in re tth ire e m reetn irte.m Se an vitn s gasv g inogasls p tla en nd . R to et inc iree re s aasre e w mitoh reho lik us eleyho thld a ninc wo om rke e le .r v sI e n tlo p t h m ae ro tsic v ee ul wo a th rr ,e k te m ho ro ss n tee e n w y d it t o h t o Chang *e H iav n e Retirement Plan defined as respondent or spouse having at least one of the 9% following: IRA, DC plan, or DB plan cent) report the level is about -30% 9% Target Setting Re som Re tire $50, etw e irh s e 000 ,a m t w e -lho $99, int ke P l 999 a y la re tns o a d l r................................ o e1 as 1d oy . S in im t9 ha ilatr ly lif,e 13 0 s 8t a pg ee r................................ 1 c , 0 etnt end o ft 9 o re e tixp ree r1 e s 0s und s hig e1 he r0 ................................ the r le a vg 1 e3 e ls o off 8 c5 o 3 nf exp ide en cc t e................................ t ot c ha o liv cnf re n eid p w unt te o u nt rp il k w ( e t2 h rard s 8 a tin p a e og e rvc a e ee c ,r nt h a t.............. ind o m vfe e ta r.h y nIn e ost e he 19 r -45% -30% 8% 8% co 10% nfident8% in their ability to do a VEditorial B ery oard: Harry Conaway, publisher; Stephen Blakely, editor. Any views expressed in this publication and those of the authors should not employer say they got advice o -1%n what to do w-it 1%h the money accumulated in that retirement savings plan. This advice In -35% another expectation Ves ry gap, the RCS has consistently found that wor -2% kers 7% are far 7% more 7% likely 7% to expect to work for pay RCS data collection was funded by grants 3% from a num -3% be-r 3% -o 1%f public -3% a -1% nd private organizatio 20 n 1s 6, W w or itkh ers staff time donated by and their spo -35%use do Somew nh oa tt h low ave e r a retirem-en 2% t plan—a define -2% d benefit (6% DB), d 6% -2% efined cont 6% rhig ibut he ior n ( 6% re DC lat)iv , o e rt io nd tho ivid sua e w l ho do (up from 18 percent in Sou2 rc0 e:1 E3 m) p loa yee B nd -3%-en 4% 3 ef6 it Rp ese earrc che Int nsti ta utr e e and sG o rem 1 enw 3e %w ald & ha At ss oc co iatn esf , id Ince ., 2016 nt (Rc eo tirm emp ent a C roe nfi dde w ncit -e 3% Sh urv4 ey4 percent in 2013). At the same Confident 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Deb 20 t N 1-3 0.ot 012 a 0 1 P4 rob S2 e lem 0c 1ur 5 i2 ty 01 b 6enefits will match or -40% Source: Employee Benefit Research InstD iD tut on eb e 'at tnd k M n Ga o re jw or enw P ar ld ob & A lem ssociates, 1993-2016 Retirement Confidence Surveys. investments with le Cs onf si de Sr oi nt ur sck e : ( E3 m9 plo p yee e B r A ec r ne e e fin la t R t tiv ev se es a ,. fr rc h I 2 ie ns 3 nt d ip t, ut o e er r a c c nd o e- Gn w ret o D e) n r, eb k w e aa t lr dn M &d A in swo or s18% oc P iar tr ek ob se , 2004 le rs m -a 2016 re 31% -5% Rm etio rer me ent l C 4 ike o 9 nfi % lde y nc to e S um rveo yve s. money to investments with ho Figus ur be ascribed to the e eho 54, ld H inc ow om Rees -40% tofficers, trustees, io re f e Sa ost u rW cle e: M ia Etm s h uc pt l h hi o H $ yee i7 g m g 5 Bh he en e,e 0 m ef rr0 b i- t R e 0 Tr es h s, or other sponsors of the E a ea an rre ch- Ia E nslx tm itp uto e e s c antt d e t Gd h reen rE ew x e ap l dte & im n As se se os m cs i aplo a teC s s,o y Ilik np ee Be c.e , 2016 e................................ lynefit Research Institu Ra etsir em tho ent C se on fw iden itch e Slo urvte, w eyha e the EBRI Educatio r................................ vinc e ro em tireesm t -0e o .01nt re n and Research s pa ov ritng the s ....... y in ne e 36 d Planni-n 8% g for retirement 30% 6% 42% 72% as expected, and 22 percent 33 percent think it someCw alha culat t elik d ho ew m ly tuc he h -7% y m ow neill y yd ou wo o so ul. d lO ike n ly n the eed to other hand, just 9 2 7p % ercent of w part orkie cu rslar, and th 1 e3 p p ee rc re ce nnt tag oef of f -ina 45% ncial aspects of retirement, and several c 10% onfidence indicators show increases in 201c 6o go . nf To h id d ee jp nt oe b rac in nd e n pr t4 a e 3 g pa e p r e oirn fc g reent a ti r bu eedg s et Financial Advice ................................................................................................................................ 3% ................22 o Int n e w re ha stt a to m d oo ng w w ith o -45% rtkhe er sa in ccu pm urula cha te sd ing m a on neins y w ur aa sn o cb et a pine rodd uc fr t otm ha v t a w rio ould us she our lpc feina s, w nciteh ta he M p r c ao o ny fset s sw s a io osrn ska o el cria a s d tce v od is nt o w inue r itbh e ing lo to ng b t- he et e rm in retirement than retirees are to have actually worked. The percentage of workers planning 2015 W toor w ko errsk for pay in Fi EB gR uI r $100, ean 23, d 000 G Wo -re $249, ern kw e 999 ral s’d R & 1 e3a A so ssnos c 1if 4a otre S s.a v R 1i 1C nS g m Lea 1 ss t 2er Tia hla sn 1a 1N nd e ead e 1 li0 s dt ................................ of u 1n 2derwr 1i7 ters m1 ay b ................................ e accessed at the EBR ..................... I website: 18 -50% not have a problem with debt. timeFund, , 12re or pte ire their rcm en e sta n t ts a fay fs. cc Nothin toh ue nyt ( a g her IR reA) n e— o int is to a at re f al a be constr lr m con of ried l ue eik n d as an el t,y an th attem d a nan th o po tt to aid or h se w er 1 h2 o h p hi e arc v nder 1% ee a n the tpl oa adoptio fn re to ti r re e n o e po sf r any are t th ipending n s l oo t w to lo legislatio ev cel on offid sa n e,n r vtien .gulation, gs (67 p orer - -65% -50% -0.03 exceed the v 24 alu e of today’s Source: Employee Benefit Research Institute and Greenc w o av ld er & h Aea ssoc lth ia ex tesp , 1993 enses -2016 in ret Reitriem remen ent t Confidence Surveys. 59% 46 t m -55% oo a rc ec rum iskula (21 te p aetr c le ea nstt v$s1 . 1 m 0il lio pen rcfeonrt ) r.e tT irwe em lv ee nt p ( e3 rc 8e p ne t ro cfe nt re tv irse.e 1 s4 r e pp eo rc rte nt th) e. 2 y 5 A % d ls id o n co ons t kin stoe m w nt ult wh w ipit a le h t iv p ne rvio hic es r tle y m e se .a n rs t,s d we esrpeit e Source: Employee Benefit Research Institute and Greenwald & Associates, 1993-2016 Retirement Confidence Surveyf s.ind it is higher than expected -55% r w eho tire a erse fv ee erl yt h ce oy nf a id re e nt ve in ry ha likv eing ly t oe no live ug unt h m il o ane gey 9 t5 o a pnd ay o fo ne r b -q aua sicr te exp r seans y e its is ha ss o m inc ew reh aa ste s d lik o wo tm eoly e r4 k w (9 e 2 ha r7 p s e tp wh rc e co e ro c nf nt e s id nt ,a fe y ro n otftm h ) b e (F o y 2t 8 ie h g x p up e re e r- c t Workers express a moderate level of interest in purchasing an insurance product when the and y r7 e0 ti rp ee trha cent t b in egd ins ec id pring ovi ding c -60% are, such as home heAal n o th n lin ca ere or te an led p hn ou ne rs pirn og fe sh so iom nae l fin ca an re cia , lis again higher than that of retirees. Twelve percent of workers most interpretative rule common sou, ror as legal, ce (75 p M accounting, act e urch ce ln ow tN efo ro t a r t a wo uar ll r in k ial, or te er re ss o te a 8tn % d her d such pr 90 per ofessio cent nfal advice. or retire ww es)w. , febri. ollowe org d by una thew re atrie r eo m f e ho ntw p m lan uc p h ro the vidye rne ed r etT irarg eme et n tS e ntotw ing s t................................ ands So ur acte :6 E7 m plp oe yer ec Be ene nfitt, R c eso e................................ am rch I pns atr ite utd e awi nd Gtrh ee njw uas ldt &2 A7 ss ocp ................................ iae ter sc , 2016 entR eo tif re m re ent ti C re onfi ede s nc wh e Suo ................................ rv er yeport they have wor.................. ked for pay 24 in www.ebri.org/surv -60% eysS/ orc urcs e: Employee Benefit Research Institute and Greenwald & Associates, 2001-2016 Retirement Confidence Surveys. Figure 55, cen R t v et s. ir 9 ee p ser ’ Sca en ving t) asn C d f om arp la es re s l di kw elit yh to T r he epo ir E rtxp ha ev citnagt s ioa nvsed ................................ at least $100,000 (5 p ................................ ercent vs. 34 percent)............... 36 -65% 10% 33% 43% -0.03 Don't Know /Refused 3% benefits (Figure 46). $250,000 or more relative to that whe -65%n t9 he mo1 ne 0 y wa1s0 in the 1 2retirem 11ent sa 14 vings 1 p4lan (Fi 1g 8ure 29) 4 . -0.03 hig her savings goals, worak de vr ics e w serho vic eha retv ae in ed do b ne y y o a u rr e em tir pe lom yer ent savings needs calculation areAp mp orro ex lik imealy te tly ha tw n o tho -thsie rd w s ho Figure 24, Impact of Sav Bief ng or e 6 Le0ss Than Ne60- ed64 ed for Retireme 65 nt ................................ 66-69 ................................ 70 (Fi o 8r3 g o % u ldree r 55). ............... 18 work Se our rs c2 e 0 : an E 0m 8pl do yre ee B ti e 2 re ne 00 fie t9 s Re)s. e aN rch I e2arl ns 0t1 it0 y ut eo and ne G- r2 ete 0 hir n1 w1 ad ld &e Aa sc soc 2 h i0 a1 ts e2 t s,a 2016 te Rit e t 2 iis r0 e1 m no 3 ent Cto nfi at de 2a nc 0ll 1 e 4 Sli uk rve eyly 2 th 0 1 1a 7 5 % t they2 w 01ill 6 reach to a g re et 9 ire 5 ( af 3t1e r pe ag rce e n 6t5 f o hr as D cee nt b t in 2013, surpassing the prior peak of 48 percent measured in the 2007 RCS. At the11) w sah.m e n e t tim o te ak , e 8 S p o ec rc ial ent S eccount rit inue y guaranteed monthly income at some point in the future, such as age 80 or 85. Seven perAmo centn o gf th wo or sk ee w rsh ind o sic ay a tth e a the t y ( N s4 ay o9t p tsh ur ee rc y pe ra in sre ting f o vly e r ry ,w t o he in rk t e e re re rs p so an tr etd d e d an 5 4 ad m p 3 e o7 rc unt p en e src t sfa e ov n r e tre d s ay ta ire r ete hsse ig )y nif an are id c a an snt oo m ly t h ed w eifr h fe fat irne an int ntc eb ial re e tss w te e e rv d e in icnet s ho p u cs rc oe m h w tas poho an is na y gind v (t e4 h ic 5 fis o a p rp t e e rro e rc ttd he e iru n ec y tm t .fae ond In n r t w .c to o L he e rk ns tir e rs as rs tha t, n L re ik tier ew m oe rn ke t r( F cio gnf urid e e4nc 4)e. , retiree confidence in having enough money for retirement has varied over the 26 years of the 1994P19 re95 par 19 ed a 96 f 19 o97 rm19 al, wr 98 19 it99 ten20 fi00 nanc 20i01 al pl 20a 02 n f20 or03 re20 tir04 em 20 en 05 t 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 4 Expect Sour acti e:o En ms pl oAb yee o Beu net fitR Re esti ear rce h me Institn utt e ................................ and Greenwald & Associates, 2016 Re................................ tirement Confidence Survey. ..............................................................27 Among *Hav ew Reto irer mk ee ntEBR r Ps lan w dI Issu efho ined as e s ra e Brief sy po nt dhe eis nt r oy re s p gister a ourse e h as ed in the U. va ingv aing t least ole nes o S. fs t Patent and T het ha follow n ingw : IRha A, Dr Ctadem p t lahe n, orar y DB k p think lOffice. an t I he SSN: 0887 y need ?t13 o 7X/90 save, 0887 40 p ?e 13 rc 7X/90 $ . ent men 50+. tion 50 the reason have not done the calculation to say they feel very confident about affo 1r 6d %ing a comfortab (6 le 6 rp ee tirrceem nt e)n o t f( 3 tho 0 p se e rw ceitnh t vs. • Retirees are m Dono 'tr K e l now ikel /y R t efh ua sn ed workers to describe their l evel of debt as not a problem. Sixty-seven percent of retirees Fi w t og o b rk ue re e no rs 56, tan a R t d e a2 a ll 9 sc op o ne nf src id W ee n hnt ty f R o ae r bto rie rut e tie rp e sa ’e y S s) ing av (F in ifg g o 2u s r % rb a en a 5 s di0 cI). n e v xp esetns me en s t( sF H igaur ve e B 8e ).e n S im Hiila ghre lyr, otr h e L35 opwe erc re T n in h ta c are g ne as E o xe fp d e r,e c tftiro e re dm e .................... s 1 wh 1 p oe r acre en vte i rn 37 y are very interested and 31 percent report they are somewhat interested. However, intere rs ett ia re m m oe nn gt rb ee tine refeit ss i s ( Fvig er uyr elo s w, 13 only 4 percent of retirees are very interested and 12 percent are somewhat interested. Sitxhte yi-ro e nx ep p ee nrsceesn we t ofr er ehtiig re he esr R an sp Co d Sus ,5 S ot6 e ur h co p ha e:u e Eg rc v mh e ple on t a yeh t er e Bfe eot l ne e r ir fiv e re t R e m elt s i ee o re an f rc e h I tc s o ns p)n tla it(f ut n iFi d e ag e ( nd D u nG r c Ce re e, e 30) nD e wx B alp d,. r & o e Ars s ss I oce RA iad te s)b , 2004 a y nd t-h 2016 ots ho e Re s ta ire elr m e w ent aho C doy nfi d i de n o nc rno ee St uit rv r.ee yT m s.w eo n-tt h hia rd s st e (6 n7 d e h pd a e lrc tf o( e 48 b ne t) p go e rfe r c a w e to e nrk rt )te h o rs a f n w w to h hro o k s e in e rs dy ic ea t te C Ao mnf erid iceanc nse a trh ea le t S ss o clik iae l ly Se no cur w it y tha wn ill in cotnhe tinue ear ly to y pera orvsid oef b thi ene s d fit es c atd he a tt o a rd ee a stc rle ibaes tt he eqir ua dl etb ot ta osd a ay p ’sr ovb ale lue m .is F ihig ftehe en r pam erco en nt g Source: Employee Benefit Research Institute and Greenwald & Ass ociates, 2016 Retirement Confidence Survey Figure 25, Workers’ Perception of Current Financial Situation .................................................................................. 19 Those reporting that their Source: Employee Benefit Research Institute and Greenwald & Associates, 2008-2016 Retirement Confidence Surveys. forR seati vring eme lenst s Ag the a n ................................ the SS S oo o ur iur ur c r c e cene e: : : E E E me m m pl pd pl o lo o ye y y eee ed ee B B B ea en e ne m ne ef fifi t io t R t R R unt ees e se sea e aa r................................ r c r ch I ca hh s Ins n Ins stt tiit the tiut u tut te e e a a a c nd nnd do G Gs Gr r ret ee e eno n ew n wf w a a lla d liv dl d & & & A A ing A s ss ssso o oc c/ iia c ad it t................................ a e ea ts s e ,,y s, 1991 1994 - 20to 16 - -2016 2016 - Rd eta irR R y eet e m tie e irrem nt exp m C en eo nt e t C nfi C ns de o on nfi nc fe id de es en . S nc c ue E rv e................................ S S ele u u y rrv vv ey ee y ssn . percent not being ................ paid 27 13 percent). money in an employer plan also and 44 percent of workers indicate they do not have a problem with their level of debt. 1991, to 16 percent in 2001, A co lm nfo id st e nt all arb eo tir ue t eha s w ving ho s ea no y ug the h ym woo ne rke y dt of ocro p va ey r m in erd eic tir ae l m exp ent e ns in etshe inc 2r0 e1 a6 s eR dC tS o g 4a2v e p ear cpeont a sit n , iv d up e 14) rfe ro .a m so n 24f opre d rc oe ing nt in so,2 013. with less than 1 in 10 Ss our acy eing : Em plt ohe yee B ye ne ar fie t R ev see ar rcy h I ( ns4 ti tut pee ar nd ce Grnt een) w ao ldr &s Ao ssm ocie atw es, ha 2015 t- 2016 (7 p Ree tirr ec me ent nt C) o nfi int denc eer e Sus rvtee ytd h a in n p th ur ec yh e ax sp ing ec tte hi ds , 4 ty 2p p e eo rf- r t w he ee pry o e r d tno S o ot ur he tno c ea :y Et t m a ha a plnd ll oyv ein / eeo Bt er a e ne rtr e fihe e ts Rtt eir ir e see d as rm cp h I in o e nsu nt p tis tur ut ep e c la aha h nd n a G vs rs e eing ea ne y wv a t le t dh hi r &e A s tisr r sie p oc as r id ao ts ed t se ,o uc 2016 t sct a tR( o lec Fi t tula ial rg em ul ete r nt e e s C sho o52) nfi th de w an . nc m e S$ uc urv 1 e,h y00 m 0o , ne coym tp he are y d w 26 ill w ine th e od n ltyo 9ha pv ee rc s ea nvte o df s w oo trha ketrs t hey t Ao sre iza tib re le . R pe er tc ire ent ma eg ne t c oo f nw fio dreknecre s am sayo tnhe g y re h tia re ve e sno re m orai vn ee ry d lit fai t le rly m st oene adyy in ats raovug ing hly s a 4 nd 0 p in ev re ce stnt m e vn et rs y. cA om nfoid ng ent RC aS nd w 1 o0 rk p ee rs r - w of ow rko errs ke ag rs e (d s o5w 5n o fr r o om lde 22 r th pa en rc am ento in ng 2 y011) oung a en r dw 8 orp ke errs ce , n atn o df re rettiire ree ess are (do w mn o re fro lm ike 1 ly5 tp he an rc e w no t rk ine r 201 s o1) ve rral ep l o or f tan thy e iag r le ev te ol 31 Fi gure 57, How Retirees Try to Maintain Their Current Asset Level ................................................................ level of saving s and .......... 38 enough, 11 percent education expenses, and 11 percent paying off other debt were 40 other top mentions for reasons for report they 42 or 33their spouse Source: Employee© 2016, Emplo Benefit Research Instity utee B e and G ernefit eenwal Research Institute d & Associates, 2016 Retireme ? nt Educ Confide ation and Re nce Survey search Fund. All rights reserved. Working for Pay in Retirement ........................................................................................................................... 29 s Th ay ei ng pe rtc he ent y a dg ide svoe rbye c ca ous nfid e e the nt y a b eo nj ut o yp ea dy ing wor fko ing r lo (ng 80- tp ee rm rc ecnt ar)e o e r xw pe an nt se ed s a to ls o st a cy o natc in tiv ue ed a 25 ind ts s p inv le orw o ce lv in n et cd ri e n (a 8 200 s 2e p fe 6, ro r c m 36 e nt 1p 6 )e . p rc ee rn - t Fi pro gu dru ec t26, . In W sto er ad ke,r 7 s’5 S p ae vi rc ne gn s ta o nfd re In tive ree stsm se an y ttsh ................................ ey are not at al l intere ................................ sted (Figure 51). ........................................ 19 cent say the 38 y coped with these c wan ho l iha vev c eo a m p fo la rt n. ab C ly o rir ne re spto ire nd m ing enly t., T whoer k4e8r sp w erc itho enut t t h aa rte re tirp eo m rte t nt ry ip nla gn to a rd eo f a a rre lets ire s lik me e 55 n lyt -tsha avn ing tho s-s ne e e w dit sh cal a c pu la lat n itoon rie np ort o pfr odveid bing t is ta his m aj tyo pr ep o ro f b inf leo m rm . A an tio ad n,d 5 it4 io p ne alr c4 e0 nt p r ee rc pe on rtt tohfa w t o the rke trs ot a an l v da 2 lue 4 p oefrc the enir t o ho f re uste ire ho eld s ’d se ssacv riing be si ta as nd a inv me in so tm r ents, 53 ebr ebr ebr ebr ebr ebr ebr ebr ebr ebr ebr ebr ebr ebr ebr ebr ebr ebr ebr ebr ebr A ebr ebr ebr ebr ebr ebr ebr ebr ebr ebr ebr ebr ebr ebr ebr ebr ebr m iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii......................................on or or or or or or or or or or or or or or or or or or or or or or or or or or or or or or or or or or or or or org 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 g g g g g g g g g g thlIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIs s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s ys s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s rue ue ue ue ue ue ue ue ue ue ue ue ue ue ue ue ue ue ue ue ue ue ue ue ue ue ue ue ue ue ue ue ue ue ue ue ue ue es B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B ear 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 r r r r r r r r r r riiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiic ef ef ef ef ef ef ef ef ef ef ef ef ef ef ef ef ef ef ef ef ef ef ef ef ef ef ef ef ef ef ef ef ef ef ef ef ef ef h r• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • epor 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 M M M M M M M M M Mar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar ar t 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 c c c c c c c c c c c c fr 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 h h h h h h h h h h h o201 201 201 201 201 201 201 201 201 201 201 201 201 201 201 201 201 201 201 201 201 201 201 201 201 201 201 201 201 201 201 201 201 201 201 201 201 201 m th 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6e 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 N N N N N N N N N N BR 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. o. o. o. o. o. o. o. o. o. o. I E 422 422 422 422 422 422 422 422 422 422 422 422 422 422 422 422 422 422 422 422 422 422 422 422 422 422 422 422 422 422 422 422 422 422 422 422 422 422 duc ation and Research Fund © 2016 Em ployee Benefit Research Institute 13 17 37 11 33 14 15 21 24 19 32 10 30 26 23 36 22 25 28 16 38 31 18 12 27 34 35 39 20 29 6 3 5 8 4 9 2 7