2013 Retirement Confidence Survey: A Secondary Analysis of the Findings from Respondents Age 50+

This presentation deck presents the findings of a secondary analysis of the Employee Benefit Research Institute’s (EBRI) 2013 Retirement Confidence Survey (RCS)—focusing on findings from survey respondents (i.e., workers and retirees) age 50 years and older.   

Key areas of retirement and retirement planning are examined, including:

• Preparations for retirement;
• Perceived confidence in various aspects of retirement; 
• Estimations of the amount needed to save for retirement; and
• Perceptions of the role of employer-sponsored savings plans, Social Security, and employment during retirement.

 Highlights include:

• More than half of workers age 50 and older have tried to estimate how much they will need for a comfortable retirement.  Four in 10 have guessed the amount, and about a quarter have consulted a financial advisor. Guessing is associated with decreased confidence in the amount estimated.
• Older workers expect Social Security and employer-sponsored retirement savings to be major sources of income during retirement; a majority also sees employment as a minor source of income during retirement.
• Nearly three in four (73%) older adults are at least somewhat confident they will be able to pay for basic expenses during retirement, fewer (56%), however, are confident they will be able to live comfortably throughout their retirement years.
• About a half or more of older workers and retirees are not confident Social Security and Medicare will continue to provide benefits of at least equal to what retirees receive today.
• More than half of older adults also are not confident they will be able to pay for long-term care, should they need it during retirement.

 Several infographics also are included. For more information, contact Alicia Williams at 202-434-6168.