Faced with concerns about a receding economy and the cost of living, as well as worries about the declining value of savings and the increase in health care expenses, American workers and retirees have lost confidence and have serious doubts in the prospects of either fund a comfortable retirement or enjoy a financially secure retirement, according to a survey released today (Tuesday) by the Employee Benefit Research Institute [EBRI].
From EBRI: American workers are reporting the lowest level of retirement confidence recorded since the Retirement Confidence Surveys [RCS] first began asking this question in 1993. Only 13% of workers in the 2009 RCS say they are very confident they will have enough money to live comfortably throughout their retirement years (down from 27% in 2007 and 18% in 2008). At the other extreme, 22% are now not at all confident they will have enough money to live comfortably (more than double the 10% level in 2007 and up from 16% in 2008).
Perhaps even more serious than the decline in retirement confidence in general is the decrease in confidence about being able to pay for basic expenses in retirement. Only 25% of American workers are now very confident that they will have enough money to pay for basic expenses during retirement (down from 40% in 2007 and 34% in 2008).
For the common working man the retirement age will be pushed higher and higher. Some folks are already thinking of working into their 70s, and some unfortunately, will have to work until they are unable.
My main question for you folks out there is: do you think there is any other career–other than politician/crook (both words really fall under the same definition) or Wall Street incompetent banker – where you could be so wrong, f… up so freaking royally and yet be so well paid AND retire whenever you please?