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Employees Still Not Well Prepared for Retirement

Wed, 06/14/2000 - 12:00am — Karen Stevenson
Description: 

The Employee Benefits Research Institute (EBRI) has released the results of their 2000 Retirement Confidence Survey. This survey has been administered for ten straight years now, and survey results provide some interesting insight into the attitudes of employees about retirement.

In this year's survey, results were stratified by generations to see what differences exist in the attitudes of different age groups to some of the retirement questions. For example, they asked different generations what age they expected they would be able to retire, and found the youngest age groups anticipated retirement at much earlier ages than older age groups. Nearly half of the "Generation X" (under age 35) respondents believed they would retire by the age of 60, while only 19% of the "Pre-Retirees" (age 55 and up) expected to retire that early.

The EBRI concluded that many of the survey results continue to show a general lack of awareness about retirement planning. About 80% of all age groups expected to retire no later than age 65, but most had less than $100,000 saved up for retirement purposes, and few were aware that the age for receiving full benefits from Social Security had changed.

The Employee Benefits Research Institute (EBRI) has released the results of their 2000 Retirement Confidence Survey. This survey has been administered for ten straight years now, and survey results provide some interesting insight into the attitudes of employees about retirement.

In this year's survey, results were stratified by generations to see what differences exist in the attitudes of different age groups to some of the retirement questions. For example, they asked different generations what age they expected they would be able to retire, and found the youngest age groups anticipated retirement at much earlier ages than older age groups. Nearly half of the "Generation X" (under age 35) respondents believed they would retire by the age of 60, while only 19% of the "Pre-Retirees" (age 55 and up) expected to retire that early.

The EBRI concluded that many of the survey results continue to show a general lack of awareness about retirement planning. About 80% of all age groups expected to retire no later than age 65, but most had less than $100,000 saved up for retirement purposes, and few were aware that the age for receiving full benefits from Social Security had changed.