Survey Shows Tough Economy Leads to Increased Work Hours, Delayed Retirement
May 5, 2009
The Employee Benefits Research Institute summarizes the 19th annual Retirement Confidence Survey, which surveys Americans’ confidence in their ability to afford to retire. The study reveals that in 2009, the number of workers who are confident about having enough money for a comfortable retirement hit a record low of 13 percent. As a corollary, workers are now delaying retirement and 28 percent of those surveyed said the age at which they expect to retire has changed in the past year. To respond to the times, workers surveyed have taken a number of actions and 81 percent of those surveyed have responded by cutting their expenses and 38 percent are working more hours.
The Institute’s Issue Brief is found here.