Industry News

Recently, the Employee Benefit Research Institute (EBRI) published its report, 2022 Retirement Confidence Survey Summary Report. The 32nd annual survey found that the overall confidence of workers and retirees in retirement security remains optimistic despite the impact of the COVID-19 pandemic.

However, about 33% of workers and 24% of retirees report being less confident with 33% of workers and 50% of retirees citing inflation and cost of living as the primary reasons for the decline in confidence.   

According to the survey, 80% of retirees are confident in their ability to live comfortably throughout retirement. In addition, about 70% of workers are confident in their ability to retire comfortably.

Overall, most workers are satisfied with their workplace retirement savings plans and the tools and resources available. However, about 40% of workers and 20% of retirees reported a lack of resources for financial and retirement planning advice.

About 40% of workers expect to gradually transition into retirement and work for pay in retirement. However, only 17% of retirees reported having a gradual transition while 73% reported their retirement was a full-time stop.

The survey found that about 75% of retirees and 67% of workers feel confident they will have enough money to pay medical expenses in retirement. In addition, it found that confidence for Social Security continuing to offer benefits of at least equal value to those received today remains constant for both retirees (69%) and workers (52%).

The summary report is available here.