While more than 40% of workers expect to gradually transition into retirement, only 17% of retirees reported having a gradual transition and 27% reported working.

Workers remain satisfied with their workplace retirement savings plans and with the tools and resources available, the survey found. More than 80% of workers who are offered a workplace retirement savings plan are satisfied with the benefit. This is important given that workers (82%) remain far more likely than current retirees (47%) to expect their workplace defined contribution retirement plan to be a source of income in retirement.

Workers’ confidence in Medicare and Social Security is holding, but retiree confidence in Medicare declined, the survey found. But three-quarters of retirees and two-thirds of workers feel confident they will have enough money to take care of medical expenses in retirement.

At the same time, many workers want to focus on their retirement savings but face many obstacles, particularly debt.

“Debt is challenging retirement preparedness,” EBRI stated. Nearly half of workers say debt has negatively impacted their ability to save for retirement. And the impact of debt on retirees is also inching up. More so than last year, EBRI found that more than 25% of retirees say debt has impacted their ability to live 

“The Americans who are more likely to feel that their futures appear grim since the pandemic are those who were already pessimistic about their futures, due to lower incomes, problems with debt, or lower health status,” Copeland said.

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