Workers and Retirees Losing Confidence

In 2023, only 64% of workers were at least somewhat confident that they would have enough money to live comfortably in retirement, a significant drop from 73% in 2022. Retirees felt better about their prospects, with 73% saying they were at least somewhat confident, but this was down from 82% in 2019. These were the largest declines since the 2008 financial crisis.

In both groups, the most common reasons given by those who were not confident were insufficient savings and inflation.

Source: Employee Benefit Research Institute, 2023

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M23-284969 through 09/08/2024