Most people don’t know what the EBRI Retirement Confidence Survey is—but it offers a fascinating snapshot of how Americans actually feel about retirement.
From cost-of-living worries to healthcare expectations and gaps in Social Security knowledge, the numbers reveal something clear: you're not alone if you're unsure.
How confident are Americans about retirement? Some of the latest stats might not be what you expect, especially if you think you're the only one uncertain.
- 81% of workers say the rising cost of living is making it harder to save. And it's not just workers—66% of retirees are still concerned about everyday costs.
- Nearly 8 in 10 workers worry about major changes to Social Security or Medicare. Even among retirees, 71% share that concern.
- Despite high expectations, only 29% of retirees have worked for pay in retirement, but 75% of workers expect they will.
- Nearly half of retirees say their overall spending in retirement is higher than expected. That includes healthcare, housing, and even helping family.
- Only 20% of workers say they understand Social Security "very well." Even though 87% expect it to be a major source of income.
- One more eye-opener: Only 40% of workers have tried calculating how much they'll need for health care in retirement.
What's the takeaway? Confidence is high, but so are concerns. The more you understand where you stand, the better equipped you'll be to make informed decisions about your future.
Ready to get a clearer picture of your retirement readiness? Contact me today to discuss your specific situation and explore strategies that may help address your retirement planning concerns.