Many American workers today are feeling stressed about retirement and are not taking steps to prepare for it. And those feeling stressed have lower levels of retirement confidence and are less likely to feel financially secure, according to the 2017 Retirement Confidence Survey (RCS) by EBRI and Greenwald & Associates.

The 27th wave of the Retirement Confidence Survey (RCS), the longest-running survey of its kind in the nation, finds that the share of American workers who are very confident in their ability to afford a comfortable retirement remains low, and some workers report that preparing for retirement is emotionally or mentally stressful. However, among retirees, confidence in their ability to afford a comfortable retirement continues to be comparably high.

Findings in this year’s RCS include:

• Six out of 10 American workers feel very or somewhat confident about having enough money for a comfortable retirement, though just 18 percent feel very confident. The share of workers reporting that they feel either very or somewhat confident has declined compared with last year (60 percent from 64 percent in 2016). Worker confidence now resembles levels measured in 2015 (when 59 percent were either very or somewhat confident).

• In addition to lacking confidence, 3 in 10 workers report that preparing for retirement causes them to feel mentally or emotionally stressed. These stressed workers feel less financially secure and are far less confident about having enough money for a comfortable retirement than those who do not feel stressed.

• Another 3 in 10 workers say that they worry about their personal finances while at work (30 percent). More than half of these workers believe they would be more productive at work if they didn’t spend time worrying. Among all workers, about half say that retirement planning (53 percent), financial planning (49 percent), or health care planning (47 percent) programs would be helpful in increasing their productivity at work.

• Retiree confidence in having enough money for a comfortable retirement continues to exceed worker confidence levels. Seventy-nine percent of retirees report feeling either very or somewhat confident about having enough money to live comfortably throughout their retirement years, including one-third of retirees who feel very confident (32 percent).

• Workers who have a retirement plan, whether a defined contribution plan, defined benefit plan, or IRA, are far more likely to feel confident about having enough money for retirement. Indeed, they have saved more than those without a plan, have taken more steps to prepare for retirement, and feel less stressed about retirement preparations.

• Nearly 3 in 4 workers (73 percent) not currently saving for retirement say they would be at least somewhat likely to save for retirement if contributions are matched by their employer. Approximately two-thirds of non-saving workers say they would be likely to save for retirement if automatic paycheck deductions, at either 3 percent or 6 percent of salary, were used by their employer.

C o A W t p p E S of 62. A L T R Fi h fro ig e h on o g t a o s CS re w u ep n ht iza tc rk v r e g o iR f an d e y e in rb M e CS - e de k rs s t18, s le v e ad small t ix ad o ir w n e w t p fs o v y p v h c e Li wo t as w ie i P o e s rh c ke c rc ho o e i e c r h od r share of work rep k e n lo nt av (5 i w e h n - ind s r O a o t8 e h ol s p g o o o tic o p a a e s d h f og n e a p a r re c e o o rc y s ro te f u fe o f r t e try Fi v r iw A h re re d n e i u d e o o e d tn m n ) y e trb o .r tk b s ers are adjusti a t e p m R e A y w n n ad is lr a a o s tthum c n he et t no rk v ip s i a c ita lc e an o t li y e D E rs A a rem a m re t n an e a he s d s pr p trc ay p u id e lo ro y o c e e nne y bl it len h n c e tie b n o h s e f t a e e o g t n e s s m v c tt rm y of e B we lo t ih i e k ( e fon no Fi at eir e ne x 3 eRe lp g y n i o i expec P fo e u s it n tt e r c ro t h i e trc m Re iv ab e r r S e 11 e p e e o a rs o n p or y m c g e tu ) to atio i a e . lit t al tan e ra r s W tw c tn n S le o t h d ns about o th t h e f: rk e I a 6 c m 6 T n n t u e 0 P he o s ri trt te ne h s o an t itrc y e ut lik w c y y d e tl h e o ai e n in f when 6 o e liho tm ( b 4 e E s o d e , la B fe S a m o a v R s o S to r lt d ing c e I c al m ho ri )in o al ,ar aj b ts fug a a e e o y s S a ltire lp e r t e nd y h th r e o c o io e k 3 u v , per r E r iin in a 8 ri r m n t e tg v d e p y c m ie e ,n e o a h ( s b o o rc no u d 8 aps ttr tr m v 8 e io ag np as s ic n e p na oe tn e in r e u ra t o o r ll frs N r c fc fy m .o it e o e e rA m s ,n e aj cognition n o tm t tno -r o ) ifs a e r ,o r av e i n s np n ng d e s pc e e ind e s ro o a v r dRC s m r s e b ta e a ............. lis of le o y e p b S a p m e o i tn th n s w nd h ut e al a p o e fact y e ub rs k nt oe lic r15 s Table of Contents Lisa Greenwald is an assistant vice president for Greenwald & Associates. Craig Copeland is senior research associate at The 2017 Retirement Confidence Survey: Many Workers Lack Figure 2 Figure 5 FF F igur iigur gur e e e 1 9 7 4 Figure 17 re p are p r that their fina f p ad o e re o ro rm t tv lic iir re p v im e ciari y al d e d m u ing r n p fc e e in ih g ro n n s e an tttm fv ,h a his o iat b ro d c r ciut re e al ncial h re tag r y o t tltp p iihe h e rk re le g an a e rpreparati a y m to lan y ni fp s e f o ta ro za inf g n o r y e t v t . s o re . io ti ay J d r he T t m u n; e ih r s o s y a tie ts ns for r h a tm ad b a io at nd d e e in, q v lie fnt t fiu h G c e a v 4 e e rr(e r e 7 e y e 8 ts n e e tirement may 7 to p are c ha nw r le e e p o r ly e tc b fa e re p e ld wo c o m nt e te nline we ro n & s rrt tk o e i)A e o e na ,p n s r n a o s s is al l nd wo r o wi t s be i lc s y a tig ia r th v so h k F F F F t ni p ing a n r e e iiiie t gur gur gur gur a adeq fr s m c is t,c sr ia he ’e a e a w e li n n t e e e e x iW ze ill t tuate. r tp al ly 3 2 3 3 o ea e s m t a l7 0 3 5 s y a c lo ls in h e l ts w e o ing In n vtd c a e t re p o lrp 2017, r la ue tnv s e o ( ls a y t2 n, e ie n r o 8 a d r e f t D ( m p la ing ab 2 t 14 perc C e he 6 e r- rc g o n b p ir a e u e tas e s tn a r ho r se o tp c g e )d le e re e t us ( n s ent of work .m Fi p a te int At )ari n g ar ho d ru o e k n lre ld r p e e g r e a o te ’ ts s 21 fr itre t o rt is e r r tw ). a e fs e e v re e m ers say the age a se ing o a ’e tl- rc ia in nt tre c h s h gt im u rd a in fsa ind e trm c sr ln o e a e tm s .inv g a t sT e e h c eh h a e d o (e n s 8 s fa t 6 ay 2 m tbho t0 o p whic e 1 tu e n s h 7 trte e -s y , h the Employee Benefit Research Institute (EBRI). Jack VanDerhei is the research director at EBRI. This Issue Brief was 2017 Retirement Confidence Survey Underwriters .................................................................................................... 2 Retiree Confidence About Having Enough I M n oa st d d witoio rk n er to s a ond ve rraell tir re eteirse e m xp ent ec tc o to nf W liv id oe erk nc ae te r le , a saiz s nta d b un le Rt et il ma iino rg ee C er it 8ie 5,s on bout ff i w d so ig en rnif ke ce ircsa rn ie n D tp lyo r fo e t w ifng eeerlin thi gnk no tth te oy o aorre no att le aa t satll sc oo m nf eid wh ent at in Retirement Conf Peri C cen denc haW tra aor g ce tk e e er of rist E and W is ctor s im o ka fer W FF ties s gur eel W o rk of h ee N o W 3 rs W 7 S eed or th r red o ess y A A A re bn ou S ed nt u tre P a sse ler A sbou on d al t Retirement Figure 19, Workers’ and Retirees’ Perceptions of Whether Professional Financial Adviser is Providing Advice in Their T Ju he st s4 e in find 10 ing wso a rk re er p s a(4 rt1 o p f e th rc ee 2 n7 t)tL h re ik a p el nnu ort ih a tood h l e Re y tan of iredm /P o errnt og the Cro ir a nf m sid po s e t us nc o H e e ha Sel ur ve v p ee y N v e (on R r C tr- Sie S ),d a a v t o s e ur crs avle cula y tha te tho ga w ug m euc s th he m v oie ne wys ta he nd y r re e w they e a RC ce e nt xc ho t tn iiS ir re lud tc e ) d ip d m m (F a o x ing ae e tpe tia no n n g e t t u ct to c t rto he rs p e e v lle u re c ie g e 2 v retire c p g iv 0 w a tar e ). io ing lue s tat n he ts W i w r o o has R ir te fh n a or et td a ,t s ir he e tc H e ik c f b o rund a m ow ees ier ha t m r c e a p p o W nt nge s e a rn are im d R ’ p s or n inc iE et rb d d i a d d ox k y e r b o iy w r p er n th r R le m g a ees it ho er et rb m e a a h l e nt a m e iif4 en r r n t W g ee C s o e ic pa d in a m f a p ces r ( R s i o nd 5 1 t ta e h m year, an 2 0 et n x H on a p iwo of e a s in e rt m iee s nu y g rfrc R i p k b d h D elo e m e n et er B en rIty t d o b s n we e p e iw - twi rrce i la r er ti-h fe ha n s ns o to n those, th p h g es f o o ,s wo p n n n u a E is t ub - y s t i a F r ex o le n a k d lic r u re e le L sp itr p er s d b u la s on e lar a tect ’tnd rre n h ,e e i L s a x g t( in p S 4 a a p g re ed ev r 3 oci e e majority t $ p iv m er c2 p rta io E e 5 a e tt,b y a n ,t e r x 0 io lc or t I e l 0 o e p S ns s m n 0 n r W av en g ecu s .t ) a fa u T ie n niz h n (78 percent w s r his eg a d en es lh s r a s n o r itinc t t p e io ce r P y f C t le e a in rs lud le n B op e a s sl en e , e (7 n ss e d w te ’n s 8 r ) it ef v e e ed report their 2 h p s s xp 4 .s ie t s e 1 rc e s t p d a 9 re e ie . f rc n fp Inc t n e te )im rc n ,e k t p e e e (e e w n Fi expec d rs p th g o ing w o o u na na r ho se tay w l e t 26 d ed d it o h )b .y written with assistance from the Institute’s research and editorial staffs. Any views expressed in this report are those of Money For a Comfortable Retirement loik th ee lyr tas o p re eac cts h oag f re e t9ire 5.m Ae m non t. g T his wor yk ee arr, s a , 66 G 50 ood ppeerc rce J enn ob tt osf a P wo yr e th rpar k ee yr sare i n re g p vo feor rry t R fo eet r e ls in io rg em m v ee wh en ry ao ttr lik so em lye tw o hliv ate c to onf aid ge e nt 85 a , bw ohile ut b o enly ing Reasons Why Retirees’ Savings Have Overall Retirement Confidence ............................................................................................................................... Finan Sav cie n A s gs b at ou R W at t R o e et rs k i an v rem s. Cu d Im en rr te pac Pn rep t Stav a orn a in t P gs ion ro R du sat c e tisvity 5 Best Interest ........................................................................................................................................... 16 Preparations w atill titne ude ed s o to f w ha ov rk ei ng sav -ag ede s an o td h a re t ttihe red y A ca m n elri ivce an cs o m refg oa rtrd ab in ly g ire n trie re tim ree m ne t,n t t h(e Fi ir gp ure rep 23 ar). at iW on osrk fo ers r re re tip re om rtie nn gt ,t h th ee yi r oc r otn hfeiid r ence sa o t n retirement a Ehe v o Bv e t R y iral n s I e ha g an le s re vd a de en t G id le bt re re s g i m n a s e e has v s e n te n ha w a st t al pr n m cd o increased. o $ e n& bl 1 n f,it e d 0 s Am e 0 s(6 n 0 s c f o 9 e ie c n e ,ip at ls e w a se rc o tvs rrk ing e e . n s R es ts rs CS )e.,d A a w )m n p .h d p a o rt an o e hxi ri av al m IR esa A a ta e ( n rly 6 e d4 t 1 ia rp e ile n im s rtc 1 e e 0 o nt n fe t u p )a. n la cS d h n ix erra e wr in rp eo i 10 ta re tls r ts o (o 64 m tm a a lo p syr e o eb rc f e lik e $2 n a et c 5, l) y c 000 e sts a os y e f – e td $ h e 49, e a l y tt he te 999 hx y ep a e E( rc B 8 etR fp e Iin m ewe rc apnc e lb on ia s ytim ) tlle ,y e : nt to the authors and should not be ascribed to the officers, trustees, or other sponsors of EBRI, Employee Benefit Research Figure 21 22 abl e p e to rc e af nfto frd ee b l as veir cy e lx ikpeely n ste o sd io n s re o. tirS elig mht enly t. m Th oe re c o so rre tha spn onw do in rg ke p rs e,rc 6e7n t pag ere ce o nft w oo f rk ree tirs re e wsh u on fd ee erl n th oe t tao goe o or f n 8o 5t e at x pal elc t to Been Higher or Lower Than Expected How likely do you think you would be to save for retirement if…? (Workers employed and not March 21, 2017 • No. 431 O Hv O o ew v ra e c lrla ,o h lln ,ow h fid ow e c n c on t on afrid e fid e ye n ot n u ta th a re ra e y t y ou th ou e t h S th a o a tc t y iy a ou ou l S e (a a c rn e ud d ri y ty oi ou n sy grs/ s te d p im d ou a w s g e ill) ood c w oiln l jti h ob n au v of e e e to pn r p e ou p ro a g v rh iin d m g e fon b ine a e n ny e c t fia io l ts ll o y iv ffe or a t least About what percentage of your total household income do you think you (and your spouse) need to H D ( D W o id o y w h e y di ou o nu d y w y ro e or u o ti r ru re y et c a e io re, b ar pou )e li e H w tr o t y it w h ou han itn rh p t es y er e oes e h ru s on tp ed ig lan a hl f er d n io n e -th a d yn o a , c lat u ne th -ex s e iw rn p tk h h ec ian y le o t ed y u y ou o wex u i la l p b p re lan e en (a an s t es e rw e d ? or y , ( o k o? 2 u r ab 0 ) (1 E in 7 m o p R p u et u ltoy w rc irees h e ha d esn f in ex y ug llo p - a ti u en m n p i e slan n es o su rn i p rn a e a n dc r? t- e Confidence in Other Financial Aspects of Retirement ............................................................................................ 7 s wpitoh us re eg p ard art itco ip v aa te ri o in usa aD sC p ep cla tsn oa f rre e tsiig renif me icnatnt , an ly d m re orle a tlik ede ly issu tha es. n Th thoes e s uw rv ho ey dw oas no cto p na dru tic ctip ed a tfero in ms J uc an h . a 6 ,p 2017 lan tot o ha Ja ve n . p s $50, we rw o cu v w000 id re .e e . b S t – rihe e $99, .o vm rg en /9 w s i99 n u it rv h 10 (e a 10 y wo s s o /prc ur reks rc e c e r es n o wi tf) ,inc t h $100, o am re e000 t iin rer m – e$ e ti249, n re t m pl9 e ant 99 n fan e (1 ed 5 l t5 p h4 e e rc y p e e an rc re te ) ,a n tan t le ed x a p s 2 e t c is n to t10 m o ere wh recp e a o itv rt e f i h n in av ac no ic n m ia ge l l$25 y f ro se0, m cu 000 an re, e wh om r p m elro o ey re aes r ( -o 20 nl ype a r- currently saving for retirement n=473) Institute-Education and ceq oy m o u Re u fa o rl rt rs v e a a e tb irla u e lyr e m S c ttt e h h ro e ro n t s tF ? s u he und g e (d 2017 h b ( oen n u = t( ef W 33 E yo B o it 0) s u rR ke r r re ec Ir- sE tei n ire R = vm 1, ed b F082; ) e,n to y y 2017 r re et ta h irrs ees e R ?ie r (t2017 its re ote da asf R n f ys et = ?. 589) i(rN 2017 ees eSi t tn rh W e =e s 589) o sr e rke d E ( B rsn n R == I 33 1, n 0) 082; or E RB etR irees I-ER n= F589 lo)bbies or takes positions F By igure Lis 20, a G Important reenwalF dinancial , Gree Advi n Pw laa se nld P r Characteri a &r tA ici ss poc asti n ia tcs ts/Servi ’e P s; ref aer ces nd r ed ............................................................................. Cr a Siou g C rces ope of lan A dd , v Pih ce .D., and Jack VanDerhe ...i , 16 liv coe nf unt ident il t h aa bto u atg e ha , inc ving sa lud ve e e ing no ach ug 32 yh e ap m r e fro o rc ne me no n yt w fw o urho nt b il a yt o s hin uic e xp e k xp e it ct e ve tns oF r ry e e igur t s irlik ein so ee ly y re o 1 tt uir he 9 ca em y n lw e ive n ill t co d is m o o fo s ne ro ta.b - tO lyh n tihr rd o the u ( g3 ho 4 ou tp the ye orc r u rha ennd t). ,W juosrk t 27 ers’p c eo rc nf eid nte o nc f e p t (i2017 m roe d,u W R cet t ow rike rees ith rs a n n p = =799, o 589) rtio R ne o tifr y ee os u rn s= a 29, vin p ge s th rce an t tb y ee gsi) n ; sT p o rw ov hia dt ine gx te gu na t,r a if n a te t e ad ll, d mo o y no th u ly th in in ck o y m oe u w at ould retirement higher than expected n=336, top mentions) What is your main reason for saying that? (Retirees expected higher/lower level of savings and Figure 26 t 13 rie , d2 0 a1 c7a lc thurla oug tioh n o (4 nline 9 ret p irem e int rc en een tr ?tv (ie W v Ns o o w . rtk S s e 1 tr5 rw s n= e sit p se h e 586 d rc 1 ( )n e , /6 A = n b 7 7t49) o 1 )u . tind wha iv t id peua rcels nt a (g 1e ,0 o8 f y 2o u w r to or tk aN le ho orts S u se ta re nd ho ssle d5 d inco 8 (n 9= m 7 re 49) et d ir id e y eo su) ( a and ge y so 2 ur5 and older in the StresWhere the world turns for the facts s About Preparin so bg e m m fe oo r po re R ip n etrt o iinre du th m c e t f ie vu e n tu t a r.................................................................................................................... t e w , su orch k if a ys o a u di ged n 80o o t r s8 p5 en ? ( d W on U.S. employee benefits. to im rke e rw s n or= ry 1, in 082; g a R bo eu tit re p e er s s no =n 572) al finances? 7 sp t chir en od ns t) .o o S fr ie tm ho dila tsre ra d s w h itit io aho rn ea s ut l o pa fe rns p elta io ir n e n e fe o se re l cs fa ina tism h nc ab te a iala lly th nc e sie r e c p to u la tre a nl ( (ho Fi Fig g us u ur r ee e ho 16 2ld 9) ) .. s a vings at under $1,000, but retirees are more likely to on specific policy proposals. EBRI invites comment on this research. Ph.D., Employeei nB ve W e stne m or en fi k tser t, to R s pe ’ m a se e n na ti d o r R n csh )et Re Iins r gar ees Vt er it di yut ’ L P n ike er g T el F Figure 24 y icep gur heiS e rtom i 1 S on av 1 ew s of iha ngs t W Li kP h el let y an her Professional w in otrk he eir rs a an bilidt yan to e a qfu fo alr ds h bare asic ( 2 e6 xp p ee ns rce esn tr) e m ofa rins eti rhig ees he fe r etlh tahn ey the ar e c ovnf erid y eonr cs eo tm he ey w h re at p olik rt erly eg ta or d liv ing e unt theil ira a gb eili 9t5 y t (F o ig pu ar ye f or Very Confident Very or Somewhat Confident Not Too or Not At All Confident spouse) save last year for retirement? (Workers currently saving for retirement n=477) (Worries about finances at work, Workers n=233) Earlier Than Planned Wo A rk b e o ru s t When P Re lat nne ireed s Later Than Planned Figure 21, Plan Particip W aor nts k’ er Pr R efe et rrierd em Soen urct e A s og f e AdEvs ic tiem Re ag tes ard ing vs. R The etirir S ee R aving et s iP rla em n ............................................ en52% t Ages 17 United States. Workers Retirees claim savings and 90 in %vestments of $250,000 or more (Figure 13). Adjusted budget, adapted, managed, lived FinanciaR l Ad Amount etirv em iseen r is Workers Say They Will Need t C Pron ovfid idin en g ce AdA vic me on in g S Thte res ir s Bed te os t Interest 32 m Ree). td ir ic em al eent xp S ea ns ving es in s & re Itn irveem stem nt e. nt s ........................................................................................................................11 Current Level of Savings Lower Current Level of Savings Higher Suppose you were ma Ek stin im ga d te o ecis f N ion es eded S about a m vo inn g e sy in yo A uc r tcu ual S rreav nt r in eg tirse in m P eas nt t Y sae var ings plan, such 50% 79% Retirees in this year’s RCS are less likely to say an IRA (64 percent of workers vs. 54 percent of retirees) or other within means Impact of Worrying Worries About Finances Workers Ret79% irees Retirement and health benefits are at the heart of w 46 orkers’, employers’, and our nation’s Than Expected (n=152) In Memoriam 55% Than Expected (n=178) as how to invest the money, what to do with the money when you leave the employer, or what 80% 53% Accum Work ue late rs aby nd the Tim Those w e They ith De R betir t e 52% Figure 22, Worker Confidence in Managing Retirement Savings .............................................................................. 75% 17 R To e w alih sta ic t ally ext,en att w do h y ato a ug a e do gree yo oru di ex sa p g ec ree t t to h a ret t itrh e? e a /Hdv ow ic e y old w oon uer rec e Wy ei or ovu k e f w Prr h o oduc en m a y p o tiu v ro r itet y fes irs ed ion ?al 13% Re Fort ir the em e fir nt st Ptla im ns e ................................................................................................ this y 72% ear, the Re Whi tir le at em W ent or 42 kConfide 72% nce F Siur gur vee y 2 (R3 CS) utilized GfK’s na .................................................. tional, probability-based, online 13 to do with the money when you retire. H41% ow likely do you think you would be to 50% seek advice personal savings and investm Ye ont ur em s (6 pl9 o yp ere m rca etn ch t ed y vs. o6 u1 r s p aF v eiin rgur c ge snte ) 1 are 6 a major or minor source of income, compared with economic security. Fo Uunded in 1978, EBRI is nder 149% 0% the most authoritative and objective source of 41% Overall Retirement Confidence Forty-five peTrhe cent a ut ofho wrosr w keo rsuld ar li e k no e t t o to oa cokrno no wtle ad t g ae ll t che on lo fidng entt im the e yc o wnt ill rha ibuvteio ens no o ug f Rut h mh o H nee y lm foa r n, m 48% r ed eic se aa l recxp h enses in financial adviser is in youR r b edu estc i38% n ed tero etsh t? er ( s W po en rke dirn s g n=1,082;42% Retirees n=589) 31% 36% 73% 48% 47% Your saving 38% s and investments The 2017 Retirement Confid ® 67% 39% ence Survey: Many Workers Lack 7% 70% from…? (Workers currently contribuc tio nn gt rtio bu etm iop nloyer retirement savings plan n=509) You have been unable to add to How much do you think Ver yy o iu n t (a ernd est y ed our spouse) will need to accumulate in to 64% 36% tal by the time yo 46% u Percent Very or Somewhat Confident That They Will Have Enough Money for a KnowledgePanel in lieu oP f t er hecen tradtit a io g na e l of ra W ndo or mk -d er igit s C -dia al lla cu nd la line tin tg ele Rp 37% et ho irne em and en cte N llpeed hones supplement used in prior workers’ expectations. S W tr oe rk se srs an are d F far ee mlo in re gs lik o elf F y to in e an F xip gur e ccital e in 1 S co ha e 3 m v c e p eu e irn rift o y re rm by e tidre bet m P te e lran n tha t f n v ros m . N ano e P mlp an loyer-sponsored information on these critical, complex issues. 26% 1% 25% Fi Fina gun re c ia 23, l A d Pv eirc ce e ................................................................................................ ntage oyfo W ur so ark ving esrs an Cal d invc es u tl m at en in tsg Retirement Needs ............................................................................. .................................................... 18 14 retirement. An even greater sharP eer a crent e no Yes t too or not aF t ia gur ll co e nf 3 id2 ent in their ability to pay for long-term care (LTC) director a rettire G re so e tha nw t yal od u c& a n A livses o cc oimfo aterta s, bw ly in re ho p tire as me se nt?/ d aw Hoa w muc y 23% earl h d ieidr t yohis u (o y r yeoaur s r. Rut poush e) was a brilliant Comfortable Retirement Median ® Workers (n=801) Retirees (n=530) expected Cut b10% ac 30% k– o 14% r did without, found cheaper 48% 60% 30% waves. GfK’s KnowledgePanel is the largest probability-based online panel, designed to be representative of the U.S. calculate you would need in total by the time you retire 28% so that25% you can live comfortably in retirement savings plan W (78 o r pk ee rcre an nt vd R s. 5e 0 tp iree 31% rc e e n Stav of irn egs tire e A sm ), wh ouin let s re , by tiree P s38% la an re v m 35% s o. re N lo ike P lyl an to receive income from a Retirement Confidence and Feel Very Likely SomStressed About Retirement ewhat Likely The 27th annual Retire Yo m u ha ent ve w Co ithd nf ra id we n m nc oe re tS ha ur nvey (RCW S45% )o , rk th ee rs longe Re stt-irre unning es survey of its kind in the nation, finds that Somewhat interested expenses in re reste irar em ch ee ntr . W an N oe rk darl e rscyo l6 leag in65 u 10 Eexp . dH oe eno r chtc te a o f aen t ltie hs o /tl can n c ar o st in nf os sid u ft L e re an w nt ivi ca erd a nb g soh ut tip o h A oafv g ing th ee 85 eR no CS o ug r a h 95 nm d oh ne ery a fotte r lo nti ng o 44% n -t eto rm d ceata reil expenses Have you (or your spouse) tried to figure out how much money you will need to have saved by the Steps to Prepare for 43% Retirement.............................................................................................................................18 retirement? (2017 Workers n=782) 13% 38% expected from savings and Figure 24, Amount Workers Say They Will Need to Ac 17% cumulate by the Time They Retire ........................................... 19 popula EBRI focus tion. es solel Retirees y on emplo 62 yee benefits research — no lobb 14%You have been able to add ty oing or advocacy. traditional defined50 b %enefit pension plan (62 percent vs. 54 percent of workers). It should be noted that although time 40% you retire so that you can live comfortably in retirement? (2017 Workers, percent yes) 6 in EBR 10 A I m Em epl rioy ca ee n Bene work fie t R rs es fear eec l hc o Inn stfiitd ute en Is t sin ue t Bhe rieir f (a ISSN bilit y 08 t87 o ?r137X etire) ic so publi mfo sr he ta d bby ly ,t he th o Em ug plh oy fee ew Bene (18 fit p Re er sc ea en rcth ) If ne ste itlu tv ee , r 1100 y You qualified f 15% or an –19% 39% income tax refund based 18% (57 percent) (Figure 4). investme Dr nte s w down money from enhancing the reputation of this H a su ve rve a Re y w tiill rem be e n dte Pl aa rly n* misse Nd o. P lan 18% your savings and investments 14% 36% 12% 41% 37% 35% 37% Preparations Your retirement plan provider 21% 46% 22% In total, about how much money would you say you (and your spouse) currently h 67% ave in savings 13th St. NW EBRI , Suite stand 878, Ws asalone in em hington, DC N , ot 200 t pl oo 05 oyee -40 inte51 reben ,s ta etd $30 efits 0 per rese year ar och r is ia nc sluded an 16% inde as par pend t of a e m 16% n em t, bnonprofit, and no ership subscription. Pre npa sortrtisan ed Expectations About Retirem one tnt he .............................................................................................................................. level of 30% your contributions to your 32% 39% 18 savings/investments 33% 36% 69% 54 percent of workers Ho s w ay lik e th lye dy o y eo xu p te hc intk t y o o u re wcill b eiv ee t ob lie vn ee ufnit tis l at fr o lem as t a a g D eB 85/ p95? lan (in Wo re rke tirrse nm =1, e 20% 082; nt, o Rnly etire e 3s9 percent report that Strongly agree 28% 78% confident. The sha 40r %e of workers reporting that they feel either very or somewhat confident has declined compared with Don't have savings, savings Figure 25, Other Stepa s nT d i ak nve es nt m to en P tsre , np oare t inc lfuo di r nR ge th tie v rem alue e no t f......................................................................................... your primary residence or defined benefit 12% plan 19 standard postage rate paid in Dulles, VA. POSTMASTER: Send address changes to 24% : EBRI Issue Brief, 1100 13th St. NW, Suite 878, 33% retirement savings 32% The researchorga team nization. s at EBRI It analyzes a and Green 73% wnd ald rep & A osso rts cre i16% at sea es a rch lso 20% data condu without cted a s spin o mall prho unde ne srlying urvey a th gend at allo a. w All fin ed the ding m ts o, n=572 (age 85)20% /(n=–589) 29%(age 95)) 40% An independent finan dep cial s leted ervices company 28% ® they and/or their spou 27% as sse e tc sur ? rently have such a benefit with 27% a cur 16% rent Yo u o p r ap id o refv f de ious bt o re amployer. RetirW ee as shi , ngt who on , a DrC e, a 20005 lread -405 y in 1. t Cha opy t69% right life 2 s0 ta 17 g e by , Em exp ploy res ee s hig Bene he fitr R le e 15% svearc els h oIfn s cto itut nf eid . All enc rige ht t sh re as n erw ved or.k N eo. rs 431 in .e ach of these financial last year (60 percent from 64 percent in 2016). Specifically, the percentage of workers who feel very confident has By Lisa Greenwald, Greenwald & Retirement Age ................................................................................................ Associates; and Craig Copeland Went into debt 24% 40% 35% , Ph.D ................................................ 64% ., and Jack VanDerhei, 18 Methodology Note: This year, the 13% N oRC t atS u all in tiltize ered st eG dfK’s national, prob 9% ability-based, online KnowledgePanel in lieu of 30% 18% 12% whether on financial data, options, oor tre r advisnds, or are revealing and reliable — the re 12% ason EBRI information is mortgage 52% examine the impact of the methodological change. An analysis of the online versus phone results revealed a successful 21% 14% 8% 49% Fi asg pu ercet s26, of W ret oir re ke m re R ne t.t ir M eo m re e ntth an Ag e 4 E in s t5 imra ette irse e vs s . (R 85 et p ire erec e Rn ett)ir feem ele n att 23% lA eg ae ss t s ............................................................... omewhat confident in their ability to afford 20 Your savings and investments have Workers Retirees declined (18 percent from 21 perc29% ent), while the percentage feeling somewhat confident 61% has remained level (42 per- Ph.D the tra., Em ditiona ployee Bene l, random-digitfit -diaResearch Institute l 30% land –39% line telephone and cellphone supplement used in prior waves. To examine the the gold standard for private analysts and decision makers, government policymakers, the media, and Working for Pay in Re At fire inan mc eial nt s ........................................................................................................................... ervices company retained by 56% 20 Workers (n=876) Retirees (n=418) Wo 13% rkers With Retirement Plan (n=673) Workers Without a Plan (n=203) 20% Went back to work, spouse workin1% g, rented 22% migration to online da pt er af oc rm o 6% ed lle w co tio rsS e t n om hb ae n e a wsh xe p ad ec t a o ted g n rela er4% gely 27% stable, explainable results. However, three24% notable differences by 20% Already have this product 18% 40% 58% 23% 21% 19% 41% You ha 6% ve withdrawn less than your employer to provide advice basic expenses throughout their retirement years, while 15 percent say they are 22% not too or not at all confident. cent in 2017 and 42 perc Yoe un r sta ivn in g 2016) s cont. ribW uto iork n w er asc au ro oom n tf oim d fe or atn i ic c nally 5% c eom no ew resembles levels m 49% easured in 2014 (the last time 18 per- the public. 21% 21% impact of methodological cVer han y c go en, fia den sm t all p Sh oo mn ew e hs au t c rv oe nF y fiden i gur was t e co 2 N n ot 9 d t uoo cte cd on f fio dr enctompN ar oits at on all . c Aon n fan idea ntlysis of results revealed Median 7% Very Likely ex 32% pected from saving 37% s and Sources of Retirement Income ........................................................................................................................... 4% 68% 10% 21 Figure 27, Retirees’ Experience of Retiring Earlier, Later, or When Planned .............................................................. 32% 21 data collection method emerged. These differences were predictable and expected based on established research on 10% deducted from your paycheck 40%–49% 5% 5% Healthcare costs, got sick, became The Employee Benefit Research Institute (EBRI) investmw ent as s founded in 14% 978. Its mission is to Similarly, the percentage of retirees who are very or so 2% mewh Cat oll eg co e deg nfide ree nt about 14% H ou hasv eihng old i enno com ug eh ofmoney to cover medical 3% 3% Estimated 16% 3% cent were very confident) and 67% H lel ep v f erlo sm m fa em as ilyu /r oe 2% th d er isn ; m 2o 0v1 ed 5 ( inwh wite hn M u5 c9 h m poe re rce Son mtew we har te e Ni o m the orr e ve Droy n 'to kr n ow somewhat confident). a successful migration toW oor nlik ne er d A E a r Do t el x aa n p c t 'tiect o v ke, lnle o fr w/ c ia en tiR o td, e in on f u ob sre c a s ds o 11% fe -or w do o S rkn er ou lar12% rg ces ely s of tab Ile n 43% ,com explae i inan b le R et resir ul em ts. en Ho38 w t % ever, users of this Workers AT A GLAN CE 55% Somewhat Likely disabled 43% Median age 5% resCo ean rc fih d e m ne cteh iod n S olo og cial y. S Heocwe uriv ty e ran , uds e M rs e d oifc are this ......................................................................................................... survey 1% data should keep the following in mind, and use caution, when 22 contribute to, to encourageor , h a20% n igd h etro e d eu nc ha an tion ce the de$7 ve5, lo 00 pm 0 o en r m t o orfe sound employee benefit 33% famly15% , inherited from family productive m Ac o15% re tual produ10% ctive Very confident Somewhat confident Not 32% too confident Not at all confident 0% 10% 36% expenses is high (77 percent) compared to workers. Still, 13% roughly 1 in 5 retirees are not too or not at all confident in Nearl EBRI explo y one-quarterr es the breadth of emplo of workA ege 85 rs feel not too confidy eee ben nt 9% (24 9% pe efits and related issues. rcent) and 1 in 9%6 (16 percent ) feel not at all confident about Figure 28, Worker Expectations So m fo ew r W hav o t di rsk. sing aR get ree in irRe ees tir’e A me ct ntu v a sl. I Re ncom tiree E e 16 xp % Se ou riernc ces es ................................................... 21 survey data should keep the following in mind, and use caution, when pc roo dm uct p iva ering this year’s data to prior waves: (1) Who we are 50% or more 8% 1993 1994 1995 1996 1997 1998 1N 99ot 9 2 t 00 oo 0 20L0ik 1e 20 ly 02 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 th programs and sound public policy through objective research and education. EBRI is the only Your income improved comparing this year’s data to prior waves: 9% 6% 1991 1992 1993 1994 1995 1996 1997 1998 199 Y 9ou 4% 200 r e 0 2m 00p 1 2 loy 002e 2r003 2 17% 004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 The Lo 27 nge vi wave ty ................................................................................................ of the Retirement Con 6%fidence Survey (RCS), th 8%e longest-runn 28% 36% ing surv ......................................................... ey of its kind in the nation, finds 24 You S p ouai rcd e: o Ef m f d plo eyb ee t o Ben r a m efit R o esea rtgag rche Inst32% itute and Greenwald & Associates, 2017 Retirement Confidence Survey. their ability to EBRI pay fstudie or med si c the worl al expen d sof health and retirement ben es (23 percent). Retirees appeefit ar s m— issue ost unces rt a such a in abos ut 40 the 1(k)s, ir abilit IRAs, retire y to pay foment r 5% having enough money to live comfortably throughout their retirement years. The percentage of workers who report Online respondents have a greaterp tendency rivate, non t po ro fuse it, n o the npa midpoi rtisan,7% W nts ash of in ga to scale. n, DC -b Fa or se 15% d exampl organiza e,ti fewer on c4% om onl mitine ted e respondents xclusively to 3% Not at all Likely Source: Employee Benefit Research Institute and Greenwald & Associates, 1993 ?2017 Retirement Confidence Surveys. SoD urc o y e: E ou mp e lox yee pe Bc en tef th it R eesea follrow ch In in stg itu tw e a illn b d e G/ reen Is tw ha e ld f & ol A low 5% ssociin ag tes, a 2 m 017a Rjet or ir em 26% sou enr tc Ce on of fid en inc c e om Surve ey , .a minor source Figure 29, Worker Exp S S S S S So o o o o oe u u u u u uc r r r r r rc c c c c ct e: e: e: e: e: e:a t E E E E E Em m m m m m io p p p p p pn llllllo o o o o oy y y y y ys ee ee ee ee ee ee fB B B B B Bo en en en en en en r ef ef ef ef ef efS iiiiiit t t t t t R R R R R R oesea esea esea esea esea esea urc r r r r r rc c c c c ce h h h h h hs I I I I I In n n n n n st st st st st sto iiiiiit t t t t tf u u u u u u t t t t t te e e e e e In a a a a a an n n n n nc d d d d d do G G G G G Gm r r r r r reen een een een een een ew w w w w w a a a a a a in lllllld d d d d d & & & & & &R A A A A A Ae sso sso sso sso sso sso ti c c c c c cre iiiiiia a a a a at t t t t tes, es, es, es, es, es, m 2 2 2 1 2 2e 0 0 0 0 9 01 1 1 1 9 1n 7 7 7 7 1 7 R R R ?t R R 2 et et et et et 0v 1 iiiiir r r r r7s em em em em em R.et en en en en en R irem t t t t te C C C C Ct o o o o o en in n n n nre f f f f f tiiiii d d d d d Cen en en en en e on’c c c c cs fie e e e e d en S S S S SA u u u u ur r r r rc c v v v v ve ey ey ey ey ey tSu .....ual rvey In s. come Sour ces ................. 22 that the share of Am income erican ade Sourceq : Euacy, mworkers who ployee Bco enefnsu it Resea m rcare er-drive h Institvery ute and confi n Green benefits, wa d ldent & Asso in cSocia ia their tes, 2017 a l RSecurity, et b irility to ement Con af fidtax treatment of both retireme en ford a comfort ce Survey. able retirement rnt emains and health Managing Finances in RetirA en m in e dep nt .......................................................................................................................... en puden blict a pdv oli ic ce p y re rose vider arch th a an t d education on economic security and employee benefit issues. 24 long-term care. Nearly half report feeling not too or not at all confident in their ability to pay for long-term care, such they are either not too or not at all confident is statistically comparable to levels measured l 38% ast year (39 percent in 2017 Figures and n-sizes from all years presented exclude those who answered “Don’t know” or refused to answer. select very confident and more often select somewhat 5% confi 4% dent 24% ; (2) O 15nli % ne respondents are notably more likely to • Online responden of it nsc h om av ee , or a n gr ote a a t ser ou t rcen e of den inccom y te o i n u y se outrh (e anmi d yd ou po r isn ptou s o 28% sef’ a s) sc retia rele t meh na t?n phone respondents. For example, No way to know provides advice solely online Source: Employee Benefit Research Institute and Greenwald & Associates, 2017 Ret15 irem % ent Confidence Survey. benefits, cost manage Strong ment ly disag , worker a ree nd employer attitudes, policy reform proposals, and pension assets low, and some workers report that EBRI’s preparin meg m for ber retir ship ie nme cludnt is emotio es a cross-sec na tiolly or me n of pensio ntally n fun stressful. Ho ds; businesses; wever, trade a among ssociations; a Ps re a p ari nun rs ging fo r ho rem tire e m ore ho nt m ise s the rea ss ltfh ulc faorr e,s o sho meu ld wo trk he eyrs ne , aesd 3 iti n d ur 10 ing w orrk ete irrs em re ep no t rt (4 f5e e ple in rc ge v ne t) ry ( F oir gu so re m 4 e). w hat mentally or and 35 percent in 2016) (Figure 1). select the “don’t know” response; (3) The greater anonymi 9% ty of an online survey allows respondents to provide more RCS Methodology ................................................................................................ Under 55 55–59 60–61 62–64 65 66–69 ................................................. 70 or older/ 28 Figure 30, m o W re ph orke or nan e rd es Re potnir den ee tC s osel nfid ece t “ nc ve er in y cF out n M fu iajo den re r S S o t, uo ” rc c w eiah l iS le o M e in co n ur r S liit n ou y e rc r B ees ene pofnitden s ............................................................ ts more often selec 26% t “somewhat confident. ” 2 3 and funding. There is wi labor de unspread ions; heare lthcog care n p ition rovidthat if employee be ers and insurers; govern nm ee fits nt odata exist, EBRI kno rganizations; and se rvicew fir s m it. s. 24% retirees, confidence in their ability to afford a comfortable retirement continues to be comparably high. 21% never retire 20% emotionally stressed about preparing for retirement (31 percent) (Figure 6). By comparison, 22 percent of retirees Stressed (n=330) Not Stressed Debt is a major Debt is a min19% or Debt is not a honest, less flattering responses All worke resul rs (n=ti 96 ng 7) 17% in fewer reporting Hav social e a re ly tir e desi menrabl t N eo or pl aacceptabl n (n=208) e behaviors. (See section on In examining trended RCS data, the combination (net) o 7% f very and somewhat responses often remained consistent 16% Source: Employee Benefit Research In Ver stituy te L aik nd el G yreenwald & Associates, 2017 Retirement Confid 15% ence Survey. 14% (13% n=749) Worker Figur35% e pro 1 8% ble 8 m (n=185) problem ( 51% n=439) problem (86% n=450) 12% Social Security Figure 1 p0 lan (n=759) Figure 31, Worker and Retiree Confidence in Futu11% re Me Fd igur icare e B 2 e8 nefits .................................................................... 23 recall being mentally or emotionally stressed about preparing for re 10% tirement before they retired. 9% 9% 9% 20% RCS A Re L Fin i km te d ir a in e v M jo im gs in e ethodol ri ws etnt y thi o o cffo S re ogy nf so year’s RC tid c ire i a efor le nc S s e e more.) s c a cu y orS i n itth tyin n e , clude: y ue wo tr sry k t o e t o r8% b c m eo a n sint tfrid oa e ng in nc ly o e r r a e in b la o ctru e etd a t sh t 8% e oe t rhe fe uttir ir ue rle m e ve vea nl ltu o p e f la a on sfs M p ea te srd .t iic W cip ahe ra et n io be a n, ne s kw e fit he ds atis b he o hig ut r in he wa ha r d ate m b fine o eng std r teho prs ee s e ant ge ss EBRI’s work Ret ad irv ee ances Figur know e le 8 dge 61% an 7% d understanding 27% of employee benefits and their EBRI delive with prior yrea s a stead rs, but the ysh stream of invaluable research and anal are saying “very” often declined. ysis. 88% 6% Figure 1 S So ou uUn r rc ce: e: d e E Em m r $2 p pllo o 50,0 y yee ee 00 B Ben enef efiit t R Resea esea $250, Som r rc cew 000– h h I In nst st h ii$499, t ta u ut tt e e L a ain n 999 kd d el G G y r reen een$500, w wa alld d & & 000– A Asso sso$999, c ciia at tes, es, 999 2 20 01 17 7 R R $1, et etiir r000, em emen en 000– t t C Co o$1, n nf fiid d 499, en enc c999 e e S Su ur rv vey ey $1 .. ,500,000 or more Figures 4% 4% Likelihood of Automatic Deduction of 3%FF igur igur 3%e e 3 4 4 18% 3% Helpfulness of Financial Education Programs 2% Worker Expectations for Working in Figures and n-sizes presented exclude those who answered “Don’t know,” said they never worked, or refused to answer. importance to the nation’s economy among policymakers, the news media, and the public. It t che ont irr ib be ut ha iovn io(rD w Che ) pn lait n, c d oe m fin es A e ge 95 t do bte he ne irf it le ( vD eB l o ) fp a la sn, se tosr, ind 18 F iiv gur pe idrua ce en l 3 r t e 6 sta irye m the ent y ta ry c cto ount inc r(e IR as Ae ) . tW heo irr kaesrsse tr ele pv oe rtl ing eve trhe y y ye o arr by 55 and older, andEBRI retirees Fe publications ar D el v e eb e m ryt /o a so re m n e lin d iw ke clu hF at ly in f de tin a han an n in-de c ci iw ally a o s lrk p S e th e cecu u rs cove re ovre it rage ral yF leel A om f s of key issues a tan ron esy sed a g ag S e bt og ru es ro t ret u sp ed irem nd to W en b tren te p or c rep d o kn ser a; fria d summ s te ion nt s. Earie vens so of rese , just 8 arch per- Employer-sponsored 30% Worker Confidence About Having Enough S So ou ur rc ce: e: E Em mp pllo oy yee ee B Ben enef efiit t R Resea esear rc ch h I In nst stiit tu ut te e a an nd d G Grreen eenw wa alld d & & A Asso ssoc ci ia attes, es, 2 2017 R 017 Ret eti irrem emen entt Co Con nffiid den enc ce e S Su urrv vey ey.. Figure 32, Expectation of Living to Age 85 N ot o t roo 95 L i.................................................................................................... kely 24 Many workers do not feel confid 3e % nt an abo d ut 6 ho % o w W f S to o rke al mra ar nay g e to the En ir47% c re otu ire rage ment N sao ving n- 30% sa s, p va e rtrs ic78% ularly savings in a retirement ? Six out of 10 American work R ers feel very etirees’ A ct or somewhat ual Expen confident abo ses in Retiru em t havin entg enough money for a comfortable Confiden ince i Incr nea Otsh in er g F Pin rod anu ci ct aiv l A ity sp aect t Ws or of k Ret 27 ir %ement Figure 1, Worker Confidence About d oH ea s R vth ing et is i rE b em y no cug o en nh du tM v cti os nne g . R y a et nF do ir r p ee E u ab C lis ohm x inp fgo er rp ta oili b en c le y ces Re rese tir ae rcm h,e nt an ........................................... alysis, and special reports on 5 Figures Les and s thn- an sizes from all$ y1 ear ,00s 0 pr – esented ex $10c ,0 lude 00–$ thos 24,9 e 9w 9ho ans $25 w,er 00ed 0–$ “D 49 on’t ,99 9 know$ ,”5 s 0ai ,0d t 00hey –$9 9 c,oul 999 d not $ 1 c0 al 0c ,0 ul 0at 0– e, $ 2 or 4 9 ref ,9us 99ed$ t2 o ans 50,00 w0 er o . r more retirement savings plan •W hat we The availabil itdo y of “ don’t know” responses is different in an online survey than a phone survey. Unlike in a phone findings and Retpolicy irees’develo Savin pg ments; s Com timel pay red factsheet With T s hon eirhot topics; Expecta t regula ions r updates on legislative and s t che a evi nir tn o g sfp m o re us otrir e ee e m ha so vs n e a e y m y to o he ne r y re y a i n in rve e av s e t D irng C y c p d o lan iv nfid id oe e r nd nt IR sin A a o nd tR he r et hint i rav v ee a e e lue r e bse to n ,f e 25% an tfhe itd s 1 ifn ut 6 a ur pe D erc B 25% b ep enne lan t sf ay it fro s tp m h ae id a y c b tr u yyrre M toe n d m t ic o ai a r n rp e tre ai , an n v io td h u e h si a r elc m f u a p rre re lo y n ve te r ry as a re soer t 50% $1,000 $M 9,99on 9 ey For a Comfortable Retiremen 24%t Not at all Likely employee benefit issues; holding educational briefings for EBRI members, congressional and plan, anretirement, th d may turn toough the ab just 18 percent ove sourcCo es fm o feel ver r par advie ced y. confi O W nly iF th i d gur a T ent. bh oe ut ei Th 6 rha E e shar lx f p feect el e of workers reporti eit ahe tion r ve sry or some nw g t ha htat th conf ey feel ident th either at th very ey 20% How likely do you think you would be to save for retirement if…? (Workers employed and not regul Soatory urce: Emp de loyee velopment Benefit Researchs; Instcomp itute and G re reen hen waldsi & ve Assocrefere iates, 2017 nce Retiremresou ent Confidr en ces ce Suro vey n . benefit programs and workforce Copyright Informat Ho *i Ho w avn e a h:e R lp et T fiu his rem l, ien f at r t e P la p all, no d d r eft in o ed is y a oc s uo r t esp p hy io n nr k dig en thht te o re sp fod o llo ub se h wy in a g t vihe n p g r a o tE g lea m ram st p onlo se o w y fo te hue e ld f oB b lloe w ene i f ng o : Irf R it iA n , c D Re r C e p as s lae i nn ,a o gr r D c yBh ou pla I r n ns . titute (EBRI). It may be Fi On ge u rree a 33, ssu o n r W vfe o oy r r w k te hh r een an g D “ a d o y p do R ou b n ee ’t t tt i k h re we in n e ko e yw In n ou ” two r e we re ils lr d po s kt o e n ria n sses n’ y L e w o x a n or prg e k e e c for a v ta c i tp c ty iept a o y In n a s e s f d o tu a er n r an y d n ou ly c re r e w e t ............................................................................... ith r ire e ee ? n /s v H’ a o e vlx u ep n ye t ou eer rie w n ed, or ce ke i i d n s t for th he a p o a t ym nl siia nne c ne y y s A ur ou m v e ey ric , a a “ ns d ofn’t ind k tno hew m ” selv 2 e5 s le mv oe re l bty h aw n itthd wic ra ew aing s lik oenly lyF ia nta s h n e tcho ie aa ls Sre ining tu w atit ios ho n o out n f W ta o he n rky er ir o sin W f v t hhe e os A tsm re e e Sptnt la ress ns s.ed N to ine A bb ote u e te P an tr ep le pa e arr s in c tg es n fo otm r s Re ay etw ir em ha the en t yc t o m nf an idag ent e (t7 h1 e ir pe as rc se ent ts t w oit p h ro ad p ula ce n somewhat confident (52 percent) (Figure 31). 17% Figures and n-sizes from fe ad ll y e ea ra rs p l a resen gen ted cy ex sta clud ff e t , ha on se w d h th o a en n swe er w ed s “m Doe n’d t k in ao ; wa ” o nrd ref s up sed on to so an rin swer g. public opinion surveys on employee Figure 2, Retiree Conf O cid u vrre er ea nc nltll,y h e s o a A w vb i c no g o ut f no f iden r re Hatv itre ing am re y e n E o tno u n = (W ug a 47 n o3 d rh ke ) yM o r uo r s ne po 14% yu se Fo ) r ab ao C uto tm hef f 49% o orllo taw bin le g as Re pte ir ce tsm ree lat nt e ........................................... d to 6 Employ No w men aty to know 64% k R no et wi remen how muct h S toa cv o Ont i vng er ra ib llW ,ut s h or ow e& fk c I oer r on nv rfs e id tF e ir e n eel es t m atre m e in n yt g ou e e S nt a thtc a rh s es t y m ou so ed (nt anh d A y (5 b ou 3 ou r s pp e tou P rcse r eep nt ) w )i a llo hrra i n a ve r g e e f ncor ou onf g R hid m et eon nt irem e in y to l ten he iveir t ability to choose the or somewhat confident has decli pS ro oud rc u e: c ti Em vip ty lo ya ee t wo Benef rk it… Resea ? (n Em rced h Ip nst lcompared with o itu yte e d an , W d Go reen rke wra s ld n & = A 799) sso last ciates, year (60 percent from 2017 Retirement Confidence Survey. 64 percent in 2016). Worker retired? (2017 Workers expecting to retire n=600; Retirees n=587) 22% issues; and major surveys of public attitudes. C Co om mp pa arred ed w wiit th h w wh ha at t y yo ou u ex exp pec ect ted ed w wh hen en y yo ou u f fiirrs st t rret etiirred, ed, w wo ou ulld d y yo ou u s sa ay y y yo ou urr c hea urren lthca t lev re el of r us eteirding w itune ho respo ut xp p n ee s ce w rtm edis a ly s s .io pr Tn he eb sen ut RC tc o S it n a ha t tio h se n cs o ocns fr een tihe ste f s nt o orlur m y c fa o en und is y qu re F test q h igur uir aito e a nd e sl.. a 2 r Ag 0 s ea p re ersu celtnt , o an gle in o e r f e re spo tire ne den s le ts av ae re n the o two ablrk y m foo rc re l e e ikarl ely ie tr han retirement? (2017 bW en o erf ke it rs issu n=1, es. 082; REB et 2017 irRI ee’s R5% e Ed tireu ec s20% a n tio =589) n a 25% nd Research Fund (EBRI-ERF) performs the charitable, a vs s . t3 e3 a dpye s rc tr eenatm w io th f o in u c cto o m a m fp o erl, ta aw n b) lhile y (F thri o g o u u nly grh eo u 3 1 t). in y ou10 r ret(1 ire1 m e pne tr yce ean rst? ) (sa 2017 y tW ho ery ke d rso nn’ =1, t 082) mind spending down their assets as needed Source: Employee Benefit ResearcS ht Ir ne sts its ue te d a ( nd n = G33 reen 0) wald & Associa N tes, ot 2 S 0t 1r 7e Rs et se irem d ( en nt= C 7 o49) nfidence Survey. ex accou pens nes t b /a otla hn er ces in ra et re irem hig en hetr ,a a re h bou igth ter he , a sa bm ou et, t o hre s low am ere, th o arn l o yw ou er e tx hp ae nc y te od u ex the pm ec to ted t beh a em t th tis o p Sro ix d in u c 10 ts confidence w or ofrk u n ed rss EBRI (f no 6 o1 r w resem inv perc esmeetings etn ing t)b re les thp e present an l o ir e rtvels measur re th tia re t m theed nyt explore i an ce od d n in / to rir 2 bu t0 h t s1 ie o sues 5 in r s (w s p (5 h o with 1 u e n sp ee 59 h thou rc av e perc n etght )s.a ent J vu leade esd were eith t fhoal r rs fre ofrom all se tfi re w er v m ork ee n ery or somewh trs a n sctors. a dy nte harl ey yf e as at confi e l m co an nfyid d ent). e nt Figure 34, Retirees’ Actual Expenses in Retirement Compared With Their Expectations ............................................. 25 Source: Employee Benefit Research Institute and Greenwald & Associates, 2017 Retirement Confidence Survey. educational, and scientific functions of the Institute. EBRI-ERF is a tax-exempt organization Figures and n-sizes presented exclude those Ver who W a y h n o sw el rk er p e ed fru s “lDon’t knoS w o ,”m Re sae idw t ti hh rey e ae n t h ev s e erl w po fu rkled, or refused to answer. Figure 3, Retirement ConfidIe mp nceo brt ya Pn latn Fv in s.a N n oc P ia laln A ................................................................................................ d Fiv gure 25 isor Characteristics/Services 6 t han planne phod n e r (4e 8spo per ncdeen ntt sin t In o2017 di svel idu ec )al t( F rtet h ig e “ irur em do e en 27 n t ’t )k .V nM er oa w yny L ” r ik es r el ey po tire ne se s S. om w Tho o e m w r ha ie titga tir L e tik e t de e lh ya e i rlie mrpa th ca t o n fp tla hinne s in t d hce R ite C ha S t rd ren ship d d sa fto ar, le soa m ve ing (Figure 38). p be oin att in th t isim pe o? in t i (2017 n timR ee ? t ir(e 2017 es n= R589) etirees n=589) Currently, how stressed are you mentally or emotionally, if at all, about preparing for retirement? Worker 24% 40% Very C Ver oy n C fiden onft ident Somew Verh ya o t C r So on m fiew den ht at Con N fiot de Tn oo t ConN fiot de T n oo t or NN ot 64% o A t at t A A ll C ll C on on fifd id ee nn tt EBRI regularly provides 71% congressional testimony, and briefs policymakers, member organizations, th (5a 6t pth erc eye n kt n)o s w a y h o th wat to t hpery o te arct e c th ue rre ir n atccu ly smu aviln ag te fd o r re re titrie re mm en en t ts. aB vy in c gom s ap s ath rie son y t, ra 3 nisniti 4 on re to tir e re eti s r(e7me 6 pnet rc (5 e2 n tp ) esrace y n th t)a t they supported by contributions and grants. Recommended Citation: Lisa aG ccou reen ntw or al Id RA , Craig Copeland, and Jack VanDerhei, “The 2017 Retirement Confidence (Workers n=1,082) Among those who 80a %ttempted a cOt alcul her S ation, te ne ps a T rly a 2 ke inn t 3 ( o 6 P 4 rep perce an re t) e fo sti r m Re ate ti re thme at thnt ey need $500,000 or more, t W he o rk we ors rk qu fw oh rest coe i are o w nhe s w nn oer tt he c e r uy rere -d bn id ats ,ly ed inc sa tlud o v ex ining gc lfu ohe de t r re alt h tih o re sp R e w m et ro e irb n ee hle to s m sa el sy ec o t22% r h t e e dd “ y isa w do b oili uld nt’ty k ( b n 31% 4 e o 1 w lik p ”e t erly hci e s tnt o 54% y e) sa ,a rv c a ha es w if ng tel he els a ir a s te t m t hhe 79% opse w lo ir yce o h rm om v pa a otny lc uhe n,t e s du er tce he hd as ir ? In addition to lacking confidence, 3 in 10 workers report that preparing for retirement causes them to feel Figure 35, How Retirees With Higher-than-expected Expenses Cope ....................................................................... 77% 26 and the media on employe Health r c benefits. are expenses Other expenses 73% 63% How important (will it be/is it) for the adviser you chose to…? (Those who work with or expect to ( Fi pFi e gr g u su r oe rn e a 4, 22 ll yC )s o . a nf vid ede nc fore rin etiO retm heern F t ina beR nc fo etriire a e l m tA h es e np y t p e re c lan ttsin re o inf g d Re (Fi tig 16% ru er m ee 12 nt ).................................................................................. . 36% 53% 7 7% 73% Survey—Many Workers Lack Retirement Confidenc70% e and Feel St9% ressed About Retirement Preparations,” EBRI Issue 72% including more than 1 in 3 13% (37 perce71% nt) who believe they need $1,000,000 or more (Figure 24). Not surprisingly, Other personal savings d s W av oo w rk in ns g es rs izing mentally or c “w o dn h o to n’t o ri r b p k cu ar lo no tits o iu w cn e ir” p e t i m at o n ( otionally str pr 2 e a 6ire n io p t ra ei y re rc re ea e m tn r ie re s. tn )e ,m t ssed. T an p eln an dt h p . a lF an h v oese irt n a g yre -ttstressed work o w 10 o care p tim e 17% rfc e o e sr nt m a o fse r p ers fe e eol u lik tse his eel l ly ow r te o o a ss fi uld n bo et nancially h m ce ur a r k rfe e am nt the liy l secu y m s m a v veing em re an ryb e flik o r rd ar e ( r ly 1e4 tte io p re far es m rc ae v e less confi nt e n tf )o (.7 r O 4 tp he e d rrent c se s nt ay work with a financial adviser, Workers n=546, Retirees n=229, percent very/somewhat im19% portant) E 70B %RI issues press 8% releases on newsworthy developments, and is among the most widely quoted 68% Worker 23% 45% 24%69% Workers express a moderate level of interest in purchasing an insurance product when they re64% tire that begins providing 65% EBRI Issue Briefs is a serial with in-depth evaluation of employee benefit issues and trends, Figure 3 and investments 20% Much lower 14% Brief, no. 431 (EmploHa yeve e y Bo eu n(or efi y t oR ure sspe ous arc eh )…? In(2017 stitutW eo , rM kea rsr n=1,0 ch 21, 82, 12% 2017 percent ). yes)/To prepare for retirement, did Figure 31 Figure 36, Retirees’ Savings Compared W M ituh ch T h he igh ire rExpectations .............................................................................. 60% 26 savings goals tend to increase with household inc Retio ree me. In p 26% articul70% ar, tho35% se with ho61% usehold incomes of at least $75,000 c re wha it tih re ng a m e p e sla n in tn , tv an he s.d 7 s an k sou p ills e ort c h rre e Y ces eo nt q r u uir 3 r em w o in eit n d p ho 10 e lf oo m ut yr er ( ployee )3 t a . he 1 u T tp ir he oe m jrs o a ce b tbe e i c nt w ( an 4 lo ) ly e r dedu p s k fits e a erc y r se it by all media. cha n tw e td )v o e o 3 uld % r s o o i g fm tnif ha ek ic r ea w nt to he rk lym -m re s o lo at rm ee e in dw re sha aavs ting o lik ns s e ly ( a1 nd t6o pe inv sarc vee e s. n tm Ro t)e p ug nltas hly y e th d a t w a n o ro d-o tlh e ti.ho rd Oss f e o f about having enough money for a Financia comfor l planning table retirem 14% ent than those 34% 49% who do not feel stressed. Figure 5, Worker and Retire 21% e Confid as ew nc ell e a in s c D rit oi ica ng l a an G alood yses Job of e m Pp re lop ya er ei n bg e nfe or fit R pe ot liir ce ies m e an nd t ............................................. proposals. EBRI Notes is serial 8 13% guaranteed monthly income at some point in the future, such as age 80 or 85. Seven percent of workers indicate they Our you (or your spouse)…? (2017 Retirees n=589, percent yes) 60% Retirement Confid Fien gur ce e 3 b8 y P 44% lan vs. No Plan CHECK OUT EBRI’S WEBSITE! Employer-provided your salary into a savings account for you, and • There is a tendency for phone respondents to pr Woo rk ve id rs e morRe e sto irc eie aslly desirable or socially acceptable answers about Worker and Retiree Confi28% dence in Future Medicare Ben 26% efits are almost th ree t EBRI imes a direct s likes lymembe as those rs w ait nd h lo other constit wer incomes uen to cie repso rt to tthe informatio hey need t 52% o acn cu they need an mulate at lead st unde $1 mrtakes illion fonew r providing current information on a 31% variety of em 35% ployee benefit topics. EBRIef is a weekly c e wo m ituho p rs lo e ut y,e s a do p m wo la en rre k . e Tw tris re o wh e-s th o m ir a e drn se t o in o fo nw t p o co r uk srie rte r iv s ne tw lre yit s ho aa sv o uin t n s g a ffroo er rt ir re re etm tiiri re e nn m gt e e pn arl la t n y wo ,( 6 suu 7ld c p h b e as e rc le ik b nt e e) ily n r ge t o p ab o sr a le tv ha e to 67% if vaf ing the fo rd ir le s e an sm t p h elo a an rl ye i$ err 1 m ,re 0ad 0 ti0 re e in m au e sta n ov tm i ng a t s ic 42% Worker 25% 29% 54% you hta radi d tt h io en op al tpe ion n o sio f c n h oa r nging or stopping are very interested and 38 percent report they are som F Fe iigur gur whae e t i 1 2 nt2 2 eres 27% ted. However, interest among retirees is very low, Figure 37, Reasons Why RetireeH s’ ow Sav iR Sn oet g m s eiH r wh ees aa vte lo T B we e ry e r n t o M Higha eri n otra Lio n we Th r ei Thra A n s Es xet pe L ctev ed ............................................. el 27 Repo ?r t Another availab3 i ilitny 10 work : This reers say port is a that they vailable worr online y about at www. thei ebrr ipersonal . 16% org finances wh 33%ile at work (30 percent). More Healthcare planning 12% 35% 47% Somewhat higher resea 50% rch on an ongoi roundu ng p o ba f EBRI sis. rese Wo arc rk her a snd in Retir sigees hts, as well as updates on surveys, studies, litigation, Figure 6,t h W eio rr b ke eh rs a v Fie oe r,ling wh er Stea res r sse es dea Arbco hut er s b Pre elpiev a Ret ring e ir t ee h feo gr r R ea etter ire a m 43% ne on nty .......................................................................... mity of an 19% online survey allows respondents to provide 8 cash balance plan 62% retire m public ent (50 peat rceions nt vs. 1 7 perceth nt a t c ofo t nho tribsue ti ow nit ah t ain nyc ti om m ees un46% der $35,000). (2 d an e4 d d uc p in etv rc io ee ns st nm tint )e o no r t sw a , a c sn o at v m ing ing pa s rt e oad c d c wi oo s unt th o m j u ( es Fi tthing g9u r pe ee r17 ls ce e)n . (tIn 1 a 0m t e po re e n rc sgte ing wo nt) ly r.k , ew rso rwi ketr hs aw rho eti rdeom n’etn sta p vle an a p (p Fie gaurr e e q13 ua). lly motivated to save 24% Overall, how confident are you that you (and your spouse) will have enough money to live with just 14 percent s Pay rovi id n eg y W otuh or w W eity hk or in are er fo k rm er C e aitt a io on h ne a n r n f d i dv d a e R en d rvy et ic o e ce i i a rr ee bs oo un m t hR o e M w et wh a ir a n em ta in g ten e in re g ts S tR ea d et v in iirn em pg us rc en B has eh t S ina g av v tih or in is g ty spe o 93% f product (Figure 33). 30% legislation and regulatio 30%n affecting employee benefit plans. The EBRI Databook on than half of th Hese work ow c40% onfiden ers believe t are you tha they t the M wo ediuld care be sy more stem wi pr ll co oductive at ntinue to provwork if t ide benefih tsey of a di t ldn’t spend time worryin east 39% g. EBRI maintains and analyzes the most comprehensive databa 47% se of 401(k)-type programs in the more honest, les Th s f ou la gthtter aib nou g r t h eo spo w yo nse u wo s. ul Th de oc Ec B uR pI y a y 37% o nu d G r reenwald & Associates r44% esearch teams believe this had an comfortabyly o ut s hh ro ou ulg dh m oan ut ay g o eu y r re ourt ifre inan me cin al t as ye se atrs s ? (Workers) EBRI’s website is easy to use and packed with useful information! Look for 89% Fi fog r u re ret ire 38, m e Hn otw by R e a 40 ti %3 re p ee sr T ce ry n tt o a ut Mo am ina ta tic in d Te h Bd u euc dg ir t et Aio s ins n g e(t3 L1 12% e v pe elr ...................................................................................... cent v 31% ery likely43% to save) and a 6 perc 35% ent automatic deductio 2n 7 39% eq Sou u ra ce: l v Ea mlp ule oyee to t Ben he efib t Ren esea Aef b rc o iths u I r t nec st th itue ei te s v aam ed b nd G e reen y ret wailrd ees & A sso to cda iates, y? 2 0 (1 2017 7 Retirem Wo en rk t C eo rs n fn id= en 1, c082; e Surv ey Re . tirees n 35% =589) Which one of the E fo m llo pw loin ye ge b es Be t n rep efit res s en is tsa y sta ourti b stic eha av l io re r fe wh re en nc ite cw om ork es to on y 41% o eu m r l p ev loel ye o ef a bs esn et esf? it programs and work Figure 7, Characteristics of Workers Who Are Stressed About Retirement Preparations ............................................... 54% 9 world. Its computer 34% simulation time in analy retirem 40% se en st on Social Security reform and retirement income adequacy Among all workers, about half say th About that reti e samerement planning (53 percent), financial planning (49 percent), or In addition to estimating their retirement savings needs, some workers report they have taken 29% other steps to prepare 25% T Mhe any fina wo nc irm kia e pa r l s c c to a o ns cn k e no so que w mle e nc d kg e ey s e qu o the f est air n isunp oanvsing a labo nne s u sho td c u e rtra fra ren llls y t re s fo a tr ivre irne m gts ie re n beh m t c ea an nt vi, o b rse ,t su a h ting e cav h a y ts he . tR h ye e tne ish re ea e d rs e tw o sa h sy o ai n vre e g t ta ih re s e iz ye a a arl b re c le ie,r up trh e ren a rha nt lp p y s lsan av nie nd g f are or (2017 Retirees n=589) 27% 53% 25% 27% 29% 29% (27 percent very likelP yr ot vo id es y av oue w)it,h in sug ff oo rm g rc a e e-re ts iotning a lat nd e a tdha d issu vic t et a e he s. bo u a tv ha ow ilability of the automatic d31% eductio 17% n is wha 90% t is important, more No Ht ow inc c luon din fig d e Sn otc a ia re l S y eou cu ( rit a yn o dr y em oup r s 24% lo py ou ers -e p) r…? ovided m (Worke orn sey n= , 1 h,a 08 v2 e/ ) did you (and/or your spouse) these special features: Very Confident Somewhat Confident Not Too Confident Not at All Confident Estimated how mu 24% ch income you would need are 30% unique. 38% 22% 43% health care plannin to cg ov(4 er m 7 ed pe ica rcent) pro lP arnd ior it lo iz nin g-g ter sg av mra c in ams woul g re ex s p12% ensesd be helpful 29% in incr 41%easing their productivity at work. 24% for retirement. Retire pe erss oa nra ell yg se an ved a eraln ly y m mo o nrey e f lio kre ret lyi rem tW o o en sa rk ty ? e rt (s2017 hey W to o 12% o rke k Re rt sh tn ie r= e s 1, e e 082, s re tRir ee tim ree esn nt= p 589, la 65% n pn ein rcg e ns t tye ep s)s/ before they retired. m unm orea n lik ae g rly e eta itb rha em le,n en stha ho t o rs r ee h Y o o w afu v ho rte em he t rrip ie re lt o d t tir o yer e to a a c w l uho a he tl ocm us n ua la e e tt ixp ho c e h ae lld lyo c dedu t w inc e m d oo u cm r tce h e la d m t in 6e % o r o o ntr fey o d e t sra h y tey o t he liv need e y a c f o re m o rno f r oet rtt ia c rem o bnf lyen id in e t.r nt et ir ab em out en ha t. v Oing f tho eno seug willing h mo ne to y for each month in retirement 56% 30% Figure 8, Debt and Financial Security S A om mo ew ng ha S t h tre igh se sred Wo8% rkers ................................................................................. 9 so than these studied deduction amounts (Figure 18). 21% 21% Managing Finance26% s in Retirement 2017 Retirement Confidence Survey Underwriters Are you (or your spouS se o) m c e uwh rrea nt tl l yo swe avr ing for retirement? (2017 Workers n=1,082, percent yes) 20% your salary into a savings ac Ve co ry u C nt o fo nf r y id o 8% e unt , and Somewhat Confident 27% 20% 11% 11% 14% 18% Thes•e inc EBRI’s entire library of re lude thinking a Esb tio mut ated hoth w e am theou y search publications starts at w nt of ould yo uo r Social ccupy S e th ce uriir ty time in retir the m ement a (4 in W 4 p 12% erecb page. Click on ent of workers and EBRI 54 percent of Provide you with info 14% rmation and advice about7% 38% 88% a p Cro c oo n vm id fife d o e r atnc n ab ee ls e i t ire m n ta S ire toc em , ha ie an llf S t o oe r f cwo ab ur o rik u te y t r Co a p say n b ntac e d in l M ig e t vfEBRI e e o r di th bc e as a yP r ic n u e b e e li e x cd p a e ti to n on ss s, easv ,(2 em 0le 27% 2 e) s dsic 6 tal 5h 9 a -0 enxp 6 2 7e 0 0ns ; 35% pfe e arc s x, e p an u nd tb li o 62% lc fo atng ti hoe n -it r e o irn rd m ceo rs cm ar e to e, 2 e (2 x 4p 0 p 2 ee ) nrc s7e e 7sn 5.-6 t 312. 23% ? Retiree confidence in having enough money for a comfortable retirement continues to exceed worker Yo21% u manage y Ex op uen r ass se m ets to a p na rog de uc m een a st t ead 9% y stream 31% 40% you had the option of changing or stopping EBRI makes information freely available to all. 18% benefit at yo w u hre p nlan to c ned laim S re otir cia ement l Se 44% cur it a yge 44% 62% 19% 47% Worker Retiree Worker Retiree Worker Retiree Fi Stg au rtring e 9, w Piteh rcte he nt ag 20e 0 1 o fw W av oe rk o efrs t he W h RC o W S, oarr ll yd A at bao u atr eP of e w irs e ncig o om n ht al ee F di n ban y a cg ee s ,at se W x,o a rk nd a n ed d uc Im ap tio ac n t to on 34% r e Pfro led cu t c the tiv itayc ................ tual 10 Subscriptions to EBRI Issue Briefs are included as part of EBRI membership, or as part of a retirees),Issue Briefs estimating hoand w mu EBRI Notes ch inco th m ae t c to he for our in-depth and ntry ib w u 15% tio ould n at a n 21% n eye ti d m e each mononpartisan pe nth in retirementriodicals. (38 percent of workers and 56 per- estimate they need to save betwe 17% en 20 aM nd u c2 h9 h ip gh ee rc r ent 5% of their income, and another 1 in 4 (25 percent) indicate they 10% 8% 38% 14% Comp O are confidence rders d wiEBRI th wh/ lev a assume t te hls. Seve ey es xp a publi enty-ni cted wh c ne service re eperce n then yt of fispo rs tretirees r rn esi tirbility ed, e re to port tirmake e feelin e 44% s are its finding g m either ore li kvery or somewhat co e s ly co to mpletely say their acce healssi tnfi h ble cd are en at t about ewww.ebri.org xpens es in The reason workers may be less likely than retirees to expect to receive income 44% fro 14% m Social Security is because their 7% Much lowe76% r 46% 38% YF ou w eel v ille hav ry/s e enough omewhat m f oney inan c to ially You w Debitl is l hav a m e enough ajor prom boney lem to WorrY you w aboilu l thav pee enough rsonal finm an oney ces to AARP MetLife Though $t1 a 9b 9ou an t m nuo av l in su g o bsc r d ri o p w tin osn iz in to g EBRI Notes and EBRI Issue Briefs. Change of Address: EBRI, Provide you with a formal, written financial plan for 87% W pro or po kritn iog n f s or in P the a y a i dn ult R p eo Y tp o iu r u te la rym t to io e inc n. n r ea tD D sa e y e ta bt o u co fro ar su s et n w s le a elv v in ee g l ev s o er 7% f y1% ytea he r b RC 22% y S cond 29% ucted before 2001 have been weighted to allow for cent of retirees), and estimating the amount of their Social Security benefit at 34% their (planned) retirement age (38 per- 18% 36% n Fein eda tn o c sav iael A 30d pv eic rcee n t or more (Figure 14). — so that all deci take care of your s se io bas cu ns re ic ex that pens relate to emp es take car loyee e of your ben medi efits, cal wheth payer for m long aade t wo -term rk in Cong care shoulress d you or board rooms or having enough money That yo to liv u knowe comforta how much to c bly on througho tribute for ut their retirement years, including one-third of retirees who retirement are higher than expected (47 percent) rra etit rem heen r tthan lower (13 percent). Thirty-nine percent report their health confidence in Socia 0% l Securit say v’ insg m ab oilit re m 1y 1o 0t ne 0 o y 1 o m 3 r r ta h eint i nv Ses t. a in tiNW ngt d he i, v id S en c uur it de sr ae 8 nd nt 78 ,v a W lue ash o infg b toe nne , DC, fits p 20 a0 id 0 5t-4 o 0r5 e1 71% tir , e (2 e0s2 ) is 6lo 59 w -0 . 6J7u 0s;t f3 ax 7 n pu em rc be en r,t of Figure 10, Helpfulnes 19s98 of 19 F 99in 20 a00 nci 20 a01 l E20 du 02ca 20t03 ion 2004 Pro 20g 05 ra20 m 06 s in 2007 Inc 2008 rea 20s09 ing 20 10 Pro 20d 11 uc 20 ti12 vit 20 y 13 at20 W 14o20 rk 18% 15 ....................................... 2016 2017 10 33% 16% 37% 53% •Ame Visit EBRI’s blog. riprise Financial during retir61% ement expenses during Nra ett irio em n ent wide Finan need i cial t during retirement consi sSu tent bscripti comparisons;ons conse quentDo ly,n 's t k on m oe w/ d rea fu ta se in d the 2017 RCS may differ slightly with data published in previous 1993 1994 1995 1996 1997 1998r1 et 99i9 re 2m 000 en 20t 01 ea 20c 02 h m 20 1% 01% io nt 3 n 2 er 0 t0 h e 4st2005 2006 2007 2008 2009 2010 34% 2011 2012 2013 2014 2015 2016 2017 cent of worke families’ rs and 62 ho pm ere ce s, nt are of r based etirees on the highe ). Roughly a st thir qualit d of b y, otmost depe h workers ( nda 38 p blee rcinformatio ent) and re n. tire EBRI’s Web es (34 perce site nt) posts In another expectations gap,E t sti hm ea R te (2 CS d y 02 o h ) uas r exp 7 7c 5o -6 en n3 s s1 es in is 2t; en re eti t-m ly rem afil oen :u n tsu d bts hcat rip w tio onrs@ kers eb ri. are org f ar m Mo ere mb leik rs ehly ip t oInfo exp re mcatti too n : wo In rk q ufo irr ies p ay Don't Know / Refused care exp feel ens very co es are ab nfioduent t th (32 e sa perc me a ent). s ex pected. A greater share of retirees (53 perc 56% ent) report that their other, non- workers say they are very or somewhat confident that the Social Security system will continue to provide benefits of at Specialize in converting assets into retirement 52% 86% 1% 19% 43% 48% 33% W wa hile ves m oa f n the y w RC ork Se . rD s arteac o pg re n Ver s iz ee y nt stte h res d e s in ed netead b le tos Ssin o a m vt ew ehis s hi a zrta e sb tp rles o er sed a t m mo au yn no tN sot tt t o too o ltiv a ste l re tc so so e 1 m d0f0 o rd ta ue b Nl o y tt a o i n t a r orlund e l st trie re sing sm ede a nnd t, l/o owe r m r ip ss eing rce ntages of all research finding 48% s, publications, and news alerts. EBRI also extends its education and public service have A con ons H ide ew reid tt moviSn og urc e: o r Emd Y po o louw yee trn yB t - en o s re m ef izing g ita R a in esea rd ta. in in rF c y g he o I nw EBRI u st ri te c uu tr e r ra e s nn a d m t y a Ge rs een m t 48% she eb tw le e a y rsh v ld e & h l b ip a Ay sso v e a cn iaP t d ta es, r /o in lk 2r 0e c 1c 7d ip o R et n a w itri rl em itF b h en iun tti a C a o op n n nfr s c ido ia en to fe cl e s EBRI G Ss ur io rvo ey na u .-ERF pl fina sn hc oia uld l abd ev d isirec or ted abo tut o EBRI Fi One gu rin e 11, 4 w Re orkte irrs em (e 2n 4t Sp oC e uo rr ce: nf c e Eid n mp te) lonc yan ee e Bd en A ef 4 m it Rio n esea ng 10 rc hS Ire ntst re it tuis tre e s ae e nd d s G ( W reen i3 nc o 9 w or a me p k lde e &rrc A ssso ean cnd ia tt) es, re T 20ho 1p 7o Rs et rt e ir em tW h en a it t t C h otnh D fid e e en y b c t e h S................................................... a urv vey e . obtained investment advice fro m 11 in retirement than reti Sr oe ure ce: s Ea mr pe lo yee toB en ha efiv t Re esea ac rct hu Ina stl itluy te wo and G rk reen ed w. a ldT &h Ae sso p cia e tes, rc e 20n 17t Rag etirem e en of t C w ono fidrk ene ce rs Su rvp eyla .67% nning to work for pay in Source: Employee Benefit Research Institute and Greenwald & Associates, 1998 ?2017 Retirement Co 21% nfidence Surveys. Talked with a professional financial advisor 16% health care expenses are about the same as they expected. Howe 26% ver, 3723% percent report that non-healthcare expenses least equal value to the So ub rce e:n Ee mf pi lotys ee rBe en cef eii t R vesea ed rcb hy In str ite utt e ir ae nde Gr se e to nwd aa ld y & ,A sso inc cialud tes, 1ing 993 ? 20jus 17 Rt et i6 rem p ene t C rc oe nfint den cw e Sho urvey a s.re very confident (Figure 30). withdrawing only the earnings on your investments 23% • EBRI’s reliable health and retirem Source: Employee Benefit Research Institute ae ndnt surveys ar Greenwald & Associates,e just a click away through the topic boxes at 2017 Retirement Confidence Survey. Figures and n-sizes from all years presented exclude those who answered “Don’t know” or refused to answer. ? Workers role who to improving Ameri have a retirem Pre esid nt can eplan, ns’ t Ha finan wh rry Co et cial her a naw kn ay owle defin at thdge ee ad bo contributio thro ve ad ugh dressits a , n (2 pl 0w 2an, defi ) ard 659--win 06ned benefit 7ning 0; e-mp aubli il: co pla cn a se w na rvice , or y@e IbR cam ri. A, are far orgpaign 46% w caotr ekgeorri s essa.y they are currently saving these high amounts. For example, 63 pe34% rcent say their needed savings is 15 per- about retirement planning r a eftiin re an mc ein alt ad pla vnning isor w ( h2 S So o o3 u uw r rc cp e: e: as e E Er m m cp p pe llai o on y yee ee d t o B Bt en en h f ef ef ro wo iit t R Ru esea esea rgkh e r r c crf h hs e I In n e st st a iis t tnd u u t tan e e a a 3 n nd d d4 G G c r rp een een oe m w w rc a am lle d d int & &s A As sso sso io o c cfn ii a ars t tes, es, e . t A 2 2i0 0r1 1m e 7 7 R R eo et et sn ii) r rem em g , c en en w a t t o lC Cc o o rk ul n nf fiie d d a en en rs te c c, e e d S San u uho r rv vey ey e w ..v e m nuc gre h at the er y sw ho are uld e lik xpeely ct s ne to ed for retireC moen nd tu neon w t, st Ha Rn d Se s ravti ce 79s p ercent, compared with just 29 pP erru ce dn en t o tifa r l eR tiet reie rem s wh en ot rep72% ort they have worked for pay in ® are higher than expected (Figure 34). 17% Manage your financial assets for you the top of the page. ChoosetoSave and That ythe ou kn co ow mpanio how to p n rot site ect yww ourw.choosetosave.org Figure 12, Worker and C alc Reu tilat reed e R ho ew ti mu rem ch en m t oS ney av y in og us w B oe ulh d lik avely ior ................................................................................... 11 more likely to feel Sour cconf e: Empide loyee n Ben t about havin efit Research Institute g an enough d Greenwald &mon Associae tes, y for r 2017 Retire em tirement. In ent Confidence Survdeed, th ey. ey have saved more than cent or more of their incomes, compared with 61 percent of those curre21% ntly saving who 29% say they are saving less than 78% retirement health expenses (21 percent of workers and 39 percent of retirees), and prepared a formal, written financial work with a professionY al o uf d in oa n'tn m ciind al s ad penv diis ng o d r oas wn yto hue ay s set ap s a p sro neac ede hd retirement. Half belie 21% ve they will do this (49 percent), while Co retn irfeid m ee nn cte (tFi hg at u rSeo c 28 ial ). S ecurity will continue to provide benefits that are at lea11% st equal to today’s value is higher among accumulated retirement savings when you Editorial Board: Harry Conaway, publisher; Stephen Blakely, editor. Any 16% views expresse 36% d in this p39% 52% ublication and t25% hose of the authors should not Federal Reserve E nm eed pl to oy co ee ve Br h en eef alth it s e xS py en sste em s in retirement T. R 19% owe P 19% rice 11% f Ie n etl he it o isr yim , tp he or tw ant eig th hta etd an sa m ad pvle isso r ofw 1 il,l0 m 82 an w ag ork e e th rse ian r as d s5e89 ts fro er tir th ee es m y (ie 7ld 2 p ae s rc ta etn istt)ic . R al ep tirre ec eis s,io in n o co f n ptlus ras to,r am reinu ms o re 3. 0 li kpe ely r- W Ino ad rke dr itsthose wit i ow nho , s tfre ee sh l se out st dr e w s a pla o se rk de n a rs , hav b o (6 ut 3 e rpe t etaken more steps to rc ireem nte)nt are ar e m , opre er ha than pprepare s tno hre t e sur tfor retir ip mre issing asly e lment, ,ik le elsys as and feel lik e uly ns tto re f less sese el dc stressed abo o wnf ork ide ers nt (in 17t he u pt retirem eir rc a eb nili t)t y te o tnt o 28% 15 percent (Figure 14). transiti 26% on to retirement be ascribed to the officers, trustees, 24% me 8% mbers, or other sponsors of the Employee Benefit Research Institute, the EBRI Education and Research pl 4 an in 10 for re re tt ire ire em s e dn ot s(o 1 1 c u prre erc netn lyt (o3f7 w poerk rceern st an ). d 19 p23% ercent of retirees) (Figure 25). workers ages 55 or older Pr th epar an e am a fo on rm gal y , w ou ritn ten f ger inw anc orial pl kers an f , ao nrd retirees are more likely than workers overall of any age to Figure 13, Worker and Retiree Savings Amounts by Plan vs. No Plan 11% ....................................................................... 12 Sou• rces Need a number? of Retirement Check out the Income EBRI Databook on Employee Benefits. 14% EBRI is supported by organizations from all industries and sectors that appreciate the value of 12% to Giv sa en y F I tiha N t iR s tA ve ne ray rliymp one or-ta qu nar t 5% ftoerr an of r ad etv iris eo er s to sa y mtan heag y h ead th e to ir d as raw setT sd h o fe o w r Se nt hm gea m oln G e (4 r yo 3 fu ro p pe m rc e sa nv t i10% ng vs.s 2a6nd p einv rce en stt m of ent wo sr tko e rcso )v . er T ce hnt osaeg e re p po oint rting s f o th r a w t otrhe keir rs le av nd el o 4f. 1s a pv eing rcesnt aa nd ge inv poe int sts m fe on r trse is tir e loew s e 10% (rw tit hh an 99% 5 e xp peerc cteent d tchi er nk ta int it is y) porfim waha rily t tb he ec r ae us sul e ttshe wy o uld re ha Rp et vo eF rt i u eremen nno td h , at ug or th th hee m iryt o st P w ne afo fly s. rr a y t N n o o ab s tliv h io neu g t c h o e th rm ee if nio r ir s p ta te ob rs b ly o e n in co al nt st he firn uir e ad n ra c e s e tis arn e w m ath te eilmp n et at t yte o w a aro id srk . oO r (h n Fiig lny d ur e3 r 3 e th p 8 e e ) a. r dc o O e pv tn ie o tn ral o offl , s at3 nry 0 e s pp s ee e nd rdc 8% i ne wo gn lte rgo k isl e f r awo s ti ofn r ek ,e e rle rg v sue ls a ra ty iy o o n t ,r h oa r t preparations. retirement 19% Source: Employee Benefit ResearchNo Inst a itustse ea ts n/d n G ot reen apw pa lic lda & b A le ssociates, 2017 Retirement Confidence Survey. A Am lmoong st a tho ll rs ee t irw eho es w saho y t s ha ay t tthe heir y wo hea rk lte hd c faore r p oar yo in the re r te irxepm ee nnt se sin we the re 2 hig 017 he R r CS tha g n ivte he a 15% y peoxp siteiv ce te r de,a 5 s0 o n pe fo rc r ednoting say s o th , ey Stress About Preparing for Retirement T be he c o le nf ve idl eont f ca ob nf oid ute tnc he e fe uxp tur re es v sa elue d b y o ft ho Sosce ia a l lr Se ea cd ur yi tin y b re etne ire fit mse . nt H al co f nt ofinue retire s teos b (e 5 1g p re ea rc te ern tth ) a sn a yc o th nf eid y e are nce c o lenvfe id ls e nt These stressed workers have a median age of 46 (higher than the median of 42 among those not stressed), and tend unbiased, reliable information on emplo interpretative rule, or as legal, accounting, actuarial, or other suchy pee b rofessienefits. onal advice. Vis www it .ewww.e bri.org bri.org/about/join/ for more. 2013 2014 2015 2016 2017 W R b hig ha W e eo hile v the ir ie frk e al e b r e al - re ls ts h m e A , w an n m h oho o s una e -we te ri al x c ap b an v rl e e e le re r c sc ,t t t u e ag io a re rd lrs a e e e o e d s nt s x d p 2 p (ly r8 t 5 e e o 8 n s fa e s a tn p he e rv d e s ing arc ,ir o m re ls e d n le o a tet iv rs rr )e ing e s we re e d ts ha o p s r - wo o e a it n r nd - tst w u u the l h r id inv th v at y e t- h y e m tS e hin e so e n d tc m r k b iwi al e e etla n t h S h e tte s e i xo y c c p ( ns o u e 2 ne m ri c 6 hip tt p e e y pd ld e e p w trc ft ro e 2013 o o it e r a v h n h ricd te a tc )he e tv u ,ir s e rte 2014 a ir he e lm c o ift y we y ie h na . nt e ha Tr r n h a 2015 la v c e ec ia e rv m k e l e w no aj la a s it d r o w 2016 hd o e v r le f is o o rc d o a tr u h g rw m re e o rn 2017 r e ir s n n m p o fotut o m r o s sr u s e s a e o r i v b e ne u tiln ha e rc a g g d s e s n av o to a is u iv en fr xp o e c d ir n e , im e c sa co tp s o m e fa d e c e t rf. ro o S r r ix th soe m ye w G wu o ha rat rryd ciaa obn nof u iL dt ie fe th n tI e n iin r s u p th e ra e rs n ir o ce n ab al i liftiy n an toc re est iat re w coom rkf. ort Mab ore ly ,t hcan om h pV al aa re f no d gf u w ta hir toh d s e 7 3 w p he orc weonrry t o fa b wo ou rk t e prs ers w oh no al are fin an nocte s st re ats w se od rk One issue surrounding obtaining financial advice is whether the advice will be in the recipient’s best interest. Sizable Fi sag yu ing re 14, the yW doid rke so r Es betc Siom a uus rce: ate e E m st p he o loyfee y N Ben w ea e ent d fit R ee ed sea d A rt ch nnua o I ns stitta ute l y aSa na dc v G ting riee ve nw sa a lR d n &d a At sso iens ci vo av tes, s lve . 2017 Re C dur (9 r tie r0 ent men p e t Co Src anfi v eing d n en t) ce s o SRa urr ve et yn e . jso .......................................... yed working (82 percent). 13 coped with these higher-than-expected expenses by adjusting their budget, adapting, managing, and/or living within expr• esseInstantly get e-m d by those yet to rea tiil noti re. Ret? ircations of the latest EB ee confidence about having RI data, enough surveys, publications, and m money for a comfortable retiremeetings ent remains about ? the Nearly futur 3 in e va 4 lue workers of Socia (73 percent l Security b )e not nef cu its,rrently savin including 13 g p for retir ercent e wment ho ar say they e very cowoul nfided ntbe at (Figur least e 30 somewhat ). to have lower education and income levels than workers who do not feel stressed about retirement preparation (Figure Workers Retirees No Retirement W P olran ( kersn=273) 89 inv O Wn o e e p rk se o te rc m fr s t e e h n w nt etho sp s ay r t iha a m rie a n t ric y tshe u iv rm e rye h p nt ha ior cIlly n Ver e d t y a s c ou H n e yto av xp t c h rnt t e a a o o et b r n R c ib f ic et wo lt iiden th e u y iroos t d em tr o ing .k t ent c I ee n h r oos s d tP a o e lu n an* S e e e s od ad w e m m (, n= h p t ew v 2 o ic lo 809) i8 s h h s e y p a p a e rtrv e c r od w e ro r c ho u e n fe c o t fn iir tden r stw o e ro m e ill rtft e ir p rnt e e rto m iN r v sot e e a id n e v te s t oo ing iinf re sc sp a on o n o p rfm r la ie d t n a e m tn h th p io taa ltn ov y te a he e nd N rv- o a s le trp at a iv o o de all us ns vl ic o c o e s fr o o e t n o u he d fn id r c r e ir ho e e n s ttsir w a fe rv o m th ing m e e nt y sw ( a hic s tnd h ae v h ing rte he tsir yp e le caa )n, n i( in tn he 1 7 10 am ll p e s (aur r 5 nd c7e v n e p tt y e he )s r ,c o i r e ho r n sht p w a )o v e b us e v e e e ld ire e ,(v p 6 te ha l1 e ttp h te e e d m rc y ta h e w ye n ill b itr e s ne s ay a m e v o d ing itr e tio s ss a r e (e 1 rm t io 6 ir aj us e p e o la r r th c ts e e a o rnt n uar )tn c .h d e e T o ho o ne rfe s a itn e ic rc ly a s o a l m ay csing e a m ) lc , ul a w tny he aotrk io ir (5 ns ele 4 rs vo p e an fe l r s o d c afe m ts nt ha p e )v ling i ing r sa sy p se o tra u he rnd o se ry. s inv w T che ill oe ns ne stte in m eu inc e den tlud tto s o s is e eax v r hig p e ee f us m c he t o a trro ls e f(e Fiegl u tr he e y 11 w )o . uld be more productive at if they did no Dto n s'p t ke nnd ow time worrying (Figure 9). Many say financial education or m Exp ajori ec tiet sa ot f ib o on ths w A ork bo eru s t (7 R 4 et perc iremen ent) andt r etirees (70 percent) strongly or somewhat ag 19% ree that the advice they EBRI Issue Brief is registered in the U.S. Patent and Trademark Office. ISSN: 0887 ?137X/90 0887 ?137X/90 $ .50+.50 th H Oo nly ew ire J a m v.b e P eo r.a , ut ns M t he or h . a A y g lf a s s o n a im fy a ila tlh l ra w n t o u fr im na ke bn re scr ia are rl ep r e v oa e rt srs o y n re o sr d as uls o co m tio p en w la sh y in e ad t s cp ao en rnd o fild eing e in nt 15% ( W tt 4 ha ha 8 e tlls t p d e te he F rc c ais e y r36% nt g io ao ) n, r ,e w s duc hile oing h 51% a a a s t hi w go a rd o nt d(ing 3 jo 5b p m o eo fr ne cp ernt y e p ) to a s ra b ing y u y t he fe ina xyt ras nc cut ia lly b a ck high. Sevand sem enty-ninei nars by clicking on the “Notify Me” or pefrucne dn st to o if n vre estt y ire oe urs r e rti erp eo mr etn f t c ee olnin trig b ue tiio th nse ir n very “RSS” buttons at the t or somewhat confident ab op of our hom out having enoug e page. h money to 7). Work likely to save ers who feel f sotr retirem ressed ab eo nt uti fr contri etirembutio ent p nrs are m eparatio atche n are d no by the tablyi r em morplo e lik ye er. Approxim ly to say thaately two t their de-b thir t le ds of no vel is a n- Are Currently Saving *Have Retirement Plan defined as respondent or spouse having at least one of the following: IRA, DC plan, or DB Figure 15, Impact of Saving Less T Hh aa vn e Sa Neve ed de A d nfy M or R on etey irement ............................................................................... 13 lt t inv s o su d at ha o ho b raw c e tb e n a h uld re sin . te a tM int m xp h s fm o in e e a e e r int a r a r e c 4 n v nc re t s0 ie ta e ha 1 is g d ia tw i(k e re l n c e lo ) a itd m tw he h d e pa e a v e lb a ir lf nd n ic rn e te tb a i tte . ha e s o n o Is lie tc n n r n e he o - d tv th d m e e se re x e a e ( fc p d tFi n o is ha e f,r -ro g c io m e 7 u ttxp m 3 e n s rs e d sa p o e a v e a 20 c a f ing b t r w tno e c o )tie d .d his ut n n le e irtn e m s v v o p s sa e fo o p ri t sin ne e o h tem ns m a tty y n p in e e in ln o ,is o t t fy t he the ne s p e he o e d ir u e r ir e wo fd rc ro fe e c fre e t ur d m rs ir c k .te w r a e s e ( m n r ill S nt s o ce o e fr m nt c e rq ( ie e p al .ue 2 t a o 5 ir Fn S rs e o tp e t m u tio te c he r h u r e n e c in ri n y e y w tt nt y w 10 a p o ill r ) ir la s e ,d (4 n. ing ha tto he h1 fe W fv e ir p e a fr he e e nd e a le r d d b c n s e e ilit q s s ral tn u ue he ty tc o ) h p s tsrliv o ro te e a io p a e g rn p e o d ro ltr am d an o ir tn re ttd o in h m b e t e h y tre rhe , a e ln te ta h tt v ir ir nd p es e e iro s a lr m a v is c v s v ing c e u i ing d rab nt rre e es e s o s a ning n p u nd tlt a n as . advice programs at work would be helpful for increasing their productivity. Specifically, about half of workers believe receive from a professional financial advisor is in their best interest (Figure 19). W (6o 7r p ke er r cceonnf t)id , n ee nc ee d in in gp M m lan eo dn ic eay re to ’s m cur ake re nt en le ds v e m l e oe f tb ( e4 ne 2 fp itesr c be ent ing ), m a a dint ecraeine ase d in in tthe he v fut alue ure o is f t a he lso ir lo saw v ing (Ms e d oic r a in re ve is st t m he ent s o fo rr dre idt iw reitm ho en ut t . (M 56 o rp ee trc he an n t) 2, in inc1lud 0 (ing 22 p jus erc t e 1n 8t )p e sa rcye tnt he w y ho dr efw ee d l o ve wrn y m coo nf ne idye nt fro ft or m h Ret atthe tihe rir em y sa en a vrie tng do s a innd g ainv go eo sd tm jo eb. nt sR (eFtig ire ur ee s Though the median expected retirement age for workers and retirees has remained unchanged for many years, live cM om erc foe rtra bly throughout their retirement years (compared with 75 percent in 2016). One-third of retirees feel very saving workers say they would fbe or Ret like irem ly to en save for t retirement if automatic paycheck deductions with the option major problem (30 percent vs. 12 percent of workers who do not feel stressed). Furthermore, stressed workers are less In addition to stress, 18 percent of all workers describe their level of debt as a major problem and another 41 percent e p ex m ape rp tilo c cip tyee a d, rnt , a s a n nd ad re 2 m 9 ao sp rke e e rd tcha e ant b n o 8 fut in i n d the 1 it0 is lik ( 8 hig e3liho p he eo rrc d te ha o nt f n )s e o ee fx k p eing e lig ctib e ale d d v (e iFi c m e gp u flo rro eym e 36 e ss). o s m ae y o the f ty he cs oen tsro ib uu rce te sm , ne one ar yly t o 7 tin he1 ir0 e sm ap y lo tha yetr ’tsh p ela y n. w (1 W inc ill hile 8o ha p me e a v rc te rte e ele n p m tla s)p s ,c tp m e s m ay o ar e ne ie n nt g y m fo fa o o fd rfr e ta the rta d ov e a m e bg l tinim e oo d rr e a a int nd ze m e o trdhe trt is ag ia s nm ag b eilit fe e a y nt c( t1 c o( 2 o r5 v sp 4 ,e e rit p r a c e g is e re c n i e m tf) nt o,p r o an e esa lig s d c ib h) ib w le le . it hd t H o w a r o q lf a rua w k oe f ing n rtt sh if o a y le nd s te she s wh tthe ha eo rirr n o sd a r es e y xp p tth e e hnd a c etty e e m d a nt a r(e s y 10 . ) sa r e p v se ult in rc g e flrn e otss m ) ( tF th he ig an ur m e . t R ha et t irre etm iree m netnt A p gla en ning Sourc e: (5 E3 m pp loye ee rc Be ennt efit) Resea anrd ch Ifnist n itan ute a cnid al G rp een lan waln d & in Ag sso p ciaro tes,g 2ram 017 Rets ir em (4 en 9 t C p oe nfirc den e cn e t Su) rvw ey.ould be very or somewhat helpful Source: Employee Benefit Research Institute and Greenwald & Associates, 2013 ?2017 Retirement Confidence Surveys. 3 (2 f te e 5d n 3 ). e d p ral teor c h b ee e nt al m )t,h o o re cra k re ce o e n in p fis ing duern an he t c in a e lt tp h hro ein ig r sram re uran tire fc o m er eo tn h r te o pt ere h ld ep e r a rl b ra ye t n an io efn dits s d , ias (s1 ab 3 7 lp 1 ee dp rc )e . e rc Jn u e tsn )t .t 3 are 8 p e vrc ery en o t r os f ow m oerk wehrs at scay on tfh ideeyn a t re th a vte t ry h eor y did workers are notably more li © 2017, Empkely to say th loyee Benefit Re ey expect to search Institu ret tei ? re at Educ age 70 o ation andr olde Resear. rch Nearly Fund 4 . All in r10 (38 percent ights reserved. ) of workers Figure 16, Stress and Feelings of Financial Security ................................................................................................ 14 confident (32 percent), while 8 percent say they are not at all confident (Figure 2). likely to of cha feel ve ngi ryng or or so s mte oppi wha ng t f the inanc m, at eit ially seher cur 3 e There’s lo (perce 30 pent or rcen 6 t ts more! vs p.ercent 71 pe of s r cena tlar ofy wo , wer rkee us rs wh edo by the do noir em t feelplo stryeer. ssed) Nine in 10 workers (90 percent) work with or feel it is important to work with an advisor who will provide them with Source: Employee Benefit Research Institute and Greenwald & Associates, 2017 Retirement Confidence Survey. call it a minor problem. Just 32 percent of workers who describe their debt as a major problem say they are very or As workers seek advice, most feel it is important to choose an advisor who can provide them with information and 37 t a N h re e e ). a yve r ly nr e y h ea d lilf ke s o alfy y a o tll h r e w sy o om p rk la e ew n rsh t o ( a4 tw 6li o ke pre kly r in ct eo nt r es)te irr ee ek m pa oed rnt tvi t c ha (e 5 0 tf r to p he m ery ct e h cnt u e thirr )r. e re S nt t m ilre ya lle inv me re n sstha t pin r lan ea s n p thin ro IRA vki d ,t e he ar nd y (6 w 39 7 ill p p e ha e rc rc v ee e nt nt)to , ca rle ai n ly m ind o tn o e p g he o and vve ee r n nt a m ent in increasing their productivity at work. Another 47 percent feel that health care planning would be at least somewhat somewhat confident that the Medicare system will 1100 13 continue St t reet o pNW · Suite 878 rovide benefit s of at least equal value to the benefits a A sg iood n pri jo ob r ypere arpsari , th ne gr e (F iig s ur a e b i5 g) g . ap between when active workers expect to retire and retirees say they actually did: expect to retire at 70 or beyond, while only 4 percent of retirees report this was the case. Just 9 percent of workers say S So ou urrc ce: e: E Em mp pllo oy yee ee B Ben enef efiitt R Resea esearrc ch h I In nst stiittu utte e a an nd d G Grreen eenw wa alld d & & A Asso sso c ciia at tes, es, 2 20 01 17 7 R Ret etiir rem emen ent t C Co on nf fiid den enc ce e S Su ur rv vey ey.. (Figure 8). information and advice about how to cover medical and long-term care expenses. Nearly as many say it is important somewhat confident about having enough money to live comfortably throughout retirement, compared with 78 percent ad f tirn av an diit cc e io i al ab n aso l eu d rv t e ifh c ine e os w dc th o bm e ene y p an sfh ity o p u o e lr d ns ad m iov an n is p ag ola r e n. ( 6t 4 h epir eras cesnt et)s, (a9nd Washington, DC 3 pae rc fina ennc t c ia all l s 20005 tehriv si c ve esry c o om r s po am ny e w rehtat aine im dp b oy rt an the t)ir. e Nm otp ab loly ye fre tw oe r Fi s eg rv uircee s 17, (1 7 Li k pe elrc ihe ood nt) ,of c oPm rog mu ra nm ity s s t o erv Hie cle ps N (8 on p-e sa rcveen rs t) ............................................................................................ , or family (8 percent) (Figure 15). 15 helpful (Figure 10). Visit EBRI online today: www.ebri.org received by retirees today, and only 5 percent are very confident (Figure 31). they plan to Workers con r tie ntire ue tbefore o repora t gae n 60, exp compar ected m ed edwith ian re 39 tire per me cn en t t of reti age of 6 rees who r 5, while re etport iree t s h rey reti eport tred th hey reat early. tired at a Seventeen median a ge (202) 659-0670 www.ebri.org www.choosetosave.org ebr ebr ebr ebr ebr ebr ebr ebr ebr A research rep ebr ebr ebri.org ebr ebr ebr ebr ebr ebr ebr ebr ebr ebr ebr ebr ebr ebr ebr ebriiiiiiiiiiiiiiiiiiiiiiiiiii...........................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 Issue Bri IIIIIIIIIIIIIIIIIIIIIIIIIIIs 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 ss 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 sue 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 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 or 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 riiiiiiiiiiiiiiiiiiiiiiiiiiit from the EBRI e 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 f • March 21, 2 • • • • • • • • • • • • • • • • • • • • • • • • • • • 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 arc c c c c c c c c c c c c c c c c c c c c c c c c c ch 21 h 21 h 21 h 21 h 21 h 21 h 21 h 21 h 21 h 21 h 21 h 21 h 21 h 21 h 21 h 21 h 21 h 21 h 21 h 21 h 21 h 21 h 21 h 21 h 21 h 21 h 21,,,,,,,,,,,,,,,,,,,,,,,,,,, Education and R 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 017 • No. 431 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 17 • 7 • 7 • 7 • 7 • 7 • 7 • 7 • 7 • 7 • 7 • 7 • 7 • 7 • 7 • 7 • 7 • 7 • 7 • 7 • 7 • 7 • 7 • 7 • 7 • 7 • 7 • N N N N N N N N N N N N N N N N N N N N N N N N N N No 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........................... 431 431 431 431 431 431 431 431 431 431 431 431 431 431 431 431 431 431 431 431 431 431 431 431 431 431 431 esearch Fund © 2017 Emplo yee Benefit Research Institute 19 20 22 27 24 28 21 14 13 23 25 26 29 10 18 16 15 17 12 11 6 2 7 3 4 5 9 8

Volume 431

Pages 32

EBRI Issue Brief

Lisa Greenwald

Craig Copeland

Jack VanDerhei

Retirement