As life gets back to normal and the economy continues its recovery, the outlook among retirees and workers concerning their financial future remains optimistic.
The Employee Benefit Research Institute’s 31st Annual Retirement Confidence Survey – the longest running survey of its kind – found that 80 percent of retirees are confident in their ability to live comfortably throughout retirement, compared to 76 percent last year. Another 72 percent of workers expressed a similar confidence in their retirement, up three percentage points from 2020.
The EBRI conducted the survey with Greenwald Research in January. Other highlights:
- 80 percent of retirees reported that their overall lifestyle – including traveling, spending time with family or volunteering – met expectations or better and nearly 30 percent said their retirement lifestyle improved;
- 60 percent of retirees said overall expenses and spending in retirement met expectations, while 26 percent said spending and expenses increased;
- 22 percent of workers said they adjusted the age at which they plan to retire because of the pandemic and its economic impact, including 17 percent who plan to retire later;
- More than 4 in 5 workers who have a workplace retirement savings plan said they are satisfied with the benefit. Just 30 percent made changes to their plan in the past year with 60 percent increasing the amount they contributed and 25 percent reducing or stopping contributions.