(NEW YORK) — Despite an improving economy and a boost for most 401(k) plans with the recent rise in the stock market, Americans’ confidence in their retirement has fallen to a new low.
Nearly 60 percent of workers have less than $25,000 in total household savings and investments, according to a new report by the Employee Benefit Research Institute.
Only 13 percent of those surveyed said they were very confident about retirement, while 28 percent said they had no confidence they’ll be able to retire comfortably. That’s the highest level in 23 years of annual reports.
In the past five years, the percentage of workers saving for retirement fell from 65 percent to 57 percent. The findings are in line with other surveys that suggest most Americans are saving too little for retirement.
Long life expectancies may add to the problem, with millions of people living at least 30 years after quitting full-time work.
Copyright 2013 ABC News Radio
Jacqueline Howard, CNN
Ralph Ellis, CNN