Americans More Optimistic About Future of Retirement
A recent study indicates that as the economy has begun to rebound from post-recession lows last year confidence is up among U.S. employees in their ability to retire comfortably. The study found that the percentage of workers who said they were very or somewhat confident about having enough resources to live comfortably 15 years into retirement increased from 62% in 2010 to 68% in 2011.
The caveat, however, is that workers are less confident about living comfortably throughout their entire retirement. Less than half (47%) of respondents said they were very or somewhat confident they would have enough resources to last 25 years into retirement. That compares with 40% who said there were very or somewhat confident in 2010.
Fewer employees are also experiencing significant declines in their pension and retirement, according to the study: 47% in 2011 versus 55% in 2010 and 60% in 2009. Additionally, employee satisfaction with their household finances continued to improve, jumping from 33% in 2010 to 41% in 2011.
However, in spite of this more realistic view, three in five workers (59%) remain generally unsatisfied with their financial situation, looking to improve their financial decisions and planning and saving for retirement.
Where do you fit into this snapshot? Are you more confident about your future, about the “golden years”? Do you have the income you need to live without the stress of money issues after you retire?
Risk Advisors of America provides individuals with various financial planning solutions, including life insurance, executive retirement planning, non-qualified deferred compensation plans, and other products. As part of our employee benefits consulting services, we also work with employers to provide retirement solutions to their employees, helping them get serious about savings through fixed pension, profit sharing, and employer-sponsored plans. Whether you’re an individual who is interested in taking a look at your retirement picture or an employer who wants to improve your benefits programs, please give us a call at (877) 881-0743.