The Employee Benefit Research Institute's annual survey, released on April 9, indicates the weakest worker confidence in seven years regarding retirment. Only 61 percent of individuals said that they were "very confident" or "somewhat confident" of having enough money for retirement. That was down from 70 percent in 2007. What's more, this was the poorest showing since 63 percent in 2001, when the economy was in recession.The percentage of workers who put themselves in the "very confident" category dropped to 18 percent this year from 27 percent last year. The 9 point drop was the biggest in the survey's 18 years history, EBRI said.
Confidence among already retired workers also fell, with just 29 percent saying this year they were "very confident" they had enough for a comfortable retirement, down from 41 percent in 2007, according to EBRI, a nonprofit group based in Washington, D.C.Temple University business professor Jack VanDerhei, who was co-author of the study, said that workers and retirees were reacting to the many things currently hurting personal finances, from rising gas prices to the decline in home values and the drop in portfolio balances. "The economy and health costs are major concerns," said EBRI President Dallas Salisbury. "If there is a silver lining, it's that Americans finally may be waking up to the realities of being able to afford retirement."The good news, it appears, is that most Americans are trying to save money for their later years.Some 72 percent of workers said they have saved some money toward retirement, while 64 percent are putting away money. Unfortunately, 22 percent of workers say they have no savings of any kind, the study found.Retirement savings are not all that great, however.Nearly 50 percent of workers have set aside less than $25,000 for their retirement, while 24 percent have $25,000 to $99,999, 15 percent have $100,000 to $249,999, and 12 percent have $250,000 or more. The figures do not include the values of primary residences or pensions.Four Retirement Sayings and Retirement Quotes about Earning Money to Help Your Retirement PlanningMoney will appear when you are doing the right thing in your life.- Michael PhillipsMoney is the seed of money, and the first guinea is sometimes more difficult to acquire than the second million.- Jean Jacques RousseauIt's no trick to make a lot of money, if all you want is to make a lot of money.- Everett Sloane in the movie Citizen KaneTo be clever enough to get a great deal of money, one must be stupid enough to want it.- George Bernard ShawCheck out Ernie Zelinski's Blog on Morgan James PublishingandErnie Zelinski on Book TourOther Websites or Blogs for Information about Ernie: Ernie Zelinski's Retirement Articles on American Chronicle Ernie Zelinski's Blog on Amazon.com The 237 Best Things Ever Said about RetirementThe Joy of Not Working is all about learning to live every part of your life - employment, unemployment, retirement, and leisure time alike - to the fullest. You too can join the thousands of converts and learn to thrive at both work and play. Illustrated by eye-opening exercises, thought-provoking diagrams, and lively cartoons and quotations,
The Joy of Not Working will guide you to enjoy life like never before.
With a focus on the non-financial aspects of retirement,
How to Retire Happy, Wild, and Free explores the myriad choices and decisions we are all confronted with in living out our retirement lives. Easy to read and well laid out, the bestselling non-financial retirement book on Amazon.com emphasizes preparing for retirement long before you retire.
How to Retire Happy, Wild, and Free is a provocative, entertaining, down-to-earth, and tremendously inspiring book that will help you get more joy and satisfaction out of all your retirement activities.
The World's Best Retirement Book
Retirement Wisdom You Won't Get Anywhere Else Purchase at Links Below
Amazon.comBarnesandNoble.com
Posts
