Industry News

On April 23, 2019, the Employee Benefit Research Institute released its 2019 Retirement Confidence Survey Summary Report. The 29th annual survey found that workers’ overall confidence in retirement security has returned to pre-financial crisis levels. According to the survey, the percent of workers who are very confident about having a financially secure retirement increased from 17% in 2018 to 23% in 2018. Additionally, the percent of workers who are very or somewhat confident increased from 64% in 2017 to 67% in 2018, similar to the levels measured in 2007 before the financial crisis of 2008.

The percent of retirees who are very confident about having a financially secure retirement was 35% while 18% are not too or not at all confident in 2019. Retirees reported being at least somewhat confident in having enough money to cover basic expenses throughout their retirement years was 85% in 2019. In addition, health care expenses are greatly affecting retirees’ confidence. The survey found that retirees reported being very or somewhat confident about having enough money to cover medical expenses was 80%, and for long-term care was 59%.

A key difference found in the survey was workers’ expectations related to relying on income from working in retirement compared with retirees’ actual experience. About 80% of workers expect to earn income from working in retirement compared with only 28% of retirees that report actually working for pay in retirement.

The summary report is available here.

The fact sheets and additional information are available here.