Americans May Be Too Confident About Saving for Retirement
April 23, 2019
A new study has found that more Americans are feeling confident that they will be able to save enough for retirement, but the survey also reveals that this confidence may not be based on reality. The study, conducted by the Employee Benefit Research Institute, found that more than two-thirds of U.S. workers feel somewhat or very confident that they will be able to save enough to ensure a comfortable retirement. For those already retired, 82 percent are confident they will be able to live comfortably through retirement.
However, the study also found that few workers have a realistic sense of just how much money they will need. Fewer than half, 42 percent, have actually tried to calculate how much they will need to save. Only one-third have tried to calculate the costs of medical expenses incurred during retirement.