Survey finds an unfounded rise in retirement confidence

Denial is the first emotional stage of grief – and that may be where Americans are at right now in their attitudes about retirement security.

The 2015 edition of the longest-running national survey of retirement confidence, released today by the non-profit Employee Benefit Research Institute (EBRI), reveals a second consecutive annual jump in the percentage of workers and retirees in an upbeat mood about their retirement finances. Unfortunately, their rising confidence likely is unfounded.

EBRI’s 25th annual Retirement Confidence Survey found that 37 percent of workers are “very confident” about their ability to achieve a comfortable retirement – double the number found in 2013. Thirty-six percent are “somewhat” confident.

But the survey showed little improvement in the fundamental ingredients of successful planning for retirement. The amount saved for retirement remains shockingly low in a majority of households, and many lack even a rudimentary understanding of how much they need to sock away. Survey respondents also indicated an unrealistic sense of confidence about their ability to meet health care and long-term care expenses. Learn more at Reuters Money.

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