Archive

Retirement Confidence Plunges Among Workers 50-64

By Staff Report

Jun. 3, 2009

Only 44 percent of workers ages 50 to 64 said they were very confident about having enough resources to live comfortably five years into retirement, down from 63 percent in 2007, according to a Watson Wyatt Worldwide survey released Tuesday, June 2.


About 18 percent of workers in that age group believed they had sufficient resources to live comfortably 15 years into retirement, down from 34 percent in 2007, according to a news release on the survey results.


Also, 55 percent of all workers who have defined-benefit pension plans are very confident about having enough resources to live comfortably five years into retirement, while 38 percent of those with only defined-contribution plans had a similar level of confidence.


Retirement security is a huge concern as individuals have seen significant amounts of their pension and retirement savings decline,” David Speier, Watson Wyatt senior retirement consultant, said in the news release.


The 2,232 active employees and 904 retirees were surveyed in February.



Filed by Doug Halonen of Pensions & Investments, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.


Workforce Management’s online news feed is now available via Twitter


About Workforce.com

blog workforce

We build robust scheduling & attendance software for businesses with 500+ frontline workers. With custom BI reporting and demand-driven scheduling, we help our customers reduce labor spend and increase profitability across their business. It's as simple as that.

Book a call
See the software

Related Articles

workforce blog

Employee Engagement

12 practical employee appreciation ideas for better engagement and retention

Summary Showing appreciation to your employees improves engagement and retention. There are 12 practica...

employee appreciation, engagement, HR, raccoons

workforce blog

Compliance

California fast food workers bill: why it’s more than meets the eye and how to prepare

Summary: California signs bill establishing a “fast food council” that has the power to raise the indus...

workforce blog

Employee Engagement

7 statistics on employee turnover in 2022 every HR manager should be aware of

Summary July 2022 saw 5.9 million total separations – More Replacing a full-time employee can cost up t...

employee retention, employee turnover