Every day it seems that some sort of economic survey, study or report is released indicating the current state and trajectory of the economy. For the most part, 2013 has shown relatively upbeat headlines and signs that the U.S. economy is on the mend – the major market indices have made up their losses from the financial crisis, the Dow and S&P 500 continue to set new all-time highs, the unemployment situation is improving (albeit slowly) and housing has begun to recover.
Yet, hidden in the barrage of good news is a recently released survey by the Employee Benefit Research Institute revealing Americans’ lack of confidence in their ability to comfortably retire. In the survey’s 23-year history, there has never been a higher percentage (28%) of respondents stating that they have no confidence whatsoever in their ability to retire comfortably. Also troubling is the fact that only 13% said they were very confident they will have enough to retire and live a comfortable lifestyle. Just six years ago that number was more than twice that, at 27%.