Retirement confidence hits the skids

Can’t retire now.

It’s an uneasy refrain we’ve heard from many in our Public Insight Network since the markets took a dive last fall: Minnesotans conceding they simply can’t afford to leave the job market and, in some cases, retirees who’ve told us they now need to find work.

One of our network folks, a retired veterinarian, told us last fall he expected his stock portfolio to provide him “splurge” money and savings, then noted wryly, “Our generous Uncle Dow Jones has inexplicably quit sending us checks in the mail.”

Those uneasy feelings come through clearly in a new national survey that shows the public’s retirement confidence at record lows in the country. The Employment Benefit Research Institute data show:

13 percent of workers say they’re very confident about having enough money to retire comfortably, the lowest level since the survey began in 1993 and down from a peak of 27 percent two years ago.

28 percent of workers say they’ve changed their expected retirement age over the past year, with most saying it’s because of their financial security.

If there’s an upside, it’s that people appear to be getting the message about saving money. They survey found 75 percent of workers saying they or their spouses have save money for retirement.

If you see anything else interesting in the survey, please post below.

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