According to the 2009 retirement confidence survey from the Employee Benefit Research Institute, workers who said they are very confident about having enough money for a comfortable retirement this year hit the lowest level in 2009 (13%) since the survey started asking the question in 1993, continuing a two-year decline.
The economy, inflation and cost of living increases are among the top concerns for their lack of confidence about retiring. As a result, 89% said that they have postponed retirement with the intention of increasing their financial security. The percentage of workers planning to work after they retire has increased to 72% in 2009, which is up from 66% in 2007.
For credit unions hoping to help members navigate their way through retirement, many surveyed said a company's reputation is very important when it comes to giving them confidence about their financial products (60% of workers and 59% of retirees). Other factors that were important in the selection process for both groups were investment performance, the company's credit rating and having a long-term relationship.
EBRI surveyed 1,001 workers and 256 retirees age 25 and older in the United States.