Workers’ confidence in their ability to retire is going downhill, according to a recently released survey by the Certified Financial Planner Board of Standards.
Two-thirds of the 1,000 respondents said they have less than $100,000 in assets, not including their primary residence, according to the survey which was conducted in conjunction with Heart + Mind Strategies.
That depressing fact is probably what makes 60 percent of workers feel it is harder to retire now than it was five years ago, CFP Board said.
Most of those surveyed have no confidence in the situation improving, with 58 percent saying they feel it will remain difficult to retire five years from now.
“By 2060, there will be more than 98 million Americans who are 65 or older,” said CFP Board CEO Kevin Keller. “People are also living longer than ever before. In many cases, retired Americans will need to support themselves for 10, 15, 20 or even 30 years, meaning people need to save earlier, save more and be better prepared for the financial challenges of retirement.”
However, some people are taking action to change their situation. One in three people said they are now much more proactive about setting and following a financial plan. Nearly 60 percent of the participants said they probably will work with a financial advisor for their retirement needs.