A Decade Later, Workers No More Likely to Calculate Retirement Needs
more Fast Facts from Employee Benefit Research Institute (EBRI)
Nearly half of workers age 45 and older have not tried to calculate how much money they will need to have saved by the time they retire so that they can live comfortably in retirement—and that’s pretty much how things stood a decade ago.
Statistically, workers are no more likely to have done this calculation in 2013 than in 2003, according to the 2013 Retirement Confidence Survey, though the likelihood of trying to do a retirement savings needs calculation increases with age. One thing that has changed: Workers of all ages appear to be planning to retire later, on average, than similarly aged workers were in 2003. In particular, the percentage planning to retire at age 66 or older has increased significantly for every age group, except the youngest.
Additional findings from the 2013 Retirement Confidence Survey are available online here. The Employee Benefit Research Institute is a private, nonpartisan, nonprofit research institute based in Washington, DC, that focuses on health, savings, retirement, and economic security issues. EBRI does not lobby and does not take policy positions. The work of EBRI is made possible by funding from its members and sponsors, which includes a broad range of public, private, for-profit and nonprofit organizations. For more information go to www.ebri.org