Are You Confident About Retirement Confidence?

Last week the nation’s longest-running, and arguably most comprehensive, retirement confidence survey reported that American workers’ confidence about retirement proved to be remarkably resilient.  

In fairness, the Retirement Confidence Survey, conducted by the Employee Benefit Research Institute and Greenwald Associates, found that only about 24% were VERY confident, though that was higher than a year ago, and better than the survey’s findings from back in 1993.  In fact, half of workers and 7 in 10 retirees say the pandemic has not changed their confidence in achieving a secure retirement – though a third of workers (and a quarter of retirees) say it’s made them somewhat or significantly less confident they will have enough to live comfortably throughout retirement.

There were points of differentiation, of course – significantly, those with a retirement plan were more confident than those who lacked that support, those with heavy debt were less confident, and those who had made some effort to determine their retirement income needs were also more confident.

Still, all in all, the findings seemed relatively sanguine, particularly in view of the impact of COVID. 

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* 1. Last week the reader poll focused on financial literacy - do you think/find that workers who are financially literate are more confident about retirement?

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* 2. Generally speaking, when it comes to the subject of retirement, would you say that the participants in the plans you work with are:

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* 3. Do you think confidence matters with regard to retirement preparations?

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* 4. Based on the information provided, most might say that the relatively high level of confidence displayed by consumers is misplaced, or at least optimistic.  Why do you think so many are so confident (check all that apply)?

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* 5. How confident are you about YOUR retirement?

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* 6. Other comments about confidence, retirement confidence, the lack of retirement confidence, retirement overconfidence, the reasons for retirement confidence (or lack thereof), surveys that try to gauge retirement confidence, the importance (or lack thereof) for measuring retirement confidence, or life in general?

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* 7. OK, last question; how're you doing (check all that apply today)?

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* 8. What is your role working with retirement plans?

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* 9. What size plans do you work with PRIMARILY?

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* 10. Suggestions for future survey questions?  Seriously - what would you like to know about/from your fellow NAPA-Net readers?  Or what would you like to be asked?

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* 11. All responses are confidential, of course - but just in case you would like a response - or want me to know you responded - or just want to say hi - here's your chance to do so (don't forget your email)!

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