The latest update from the longest-running retirement study paints a picture of decreasing overall retirement confidence among American workers and growing gaps between what they expect their retirement to look like and what current retirees have actually experienced.
Overall, just 60% of today’s workers are confident about having enough money to live comfortably throughout retirement, according to the 27th annual Retirement Confidence Survey from the Employee Benefit Research Institute (EBRI). That’s down from 64% in last year’s study.
Mind the gaps
As for the expectations gaps, in the 2017 study, 52% of current workers said they expect to retire later than age 65 or never retire—up from 43% in the 2016 study. And yet, just 14% of today’s retirees actually retired later than age 65 or never retired. More specifically, 38% of today’s workers expect to retire at age 70 or later, whereas just 4% of current retirees waited that long.