In its most recent Retirement Confidence Survey
(RCS), the Employee Benefit Research Institute found
that retirees are becoming more confident in their
ability to afford a comfortable retirement. Worker
confidence, on the other hand, stabilized.
Meanwhile, worker expectations about various aspects
of retirement continued to differ from the realities faced
by today’s retirees.
Our new client alert examines these findings.
The RCS also revealed several points that may be
particularly interesting to financial professionals,
including: ● When leaving an employer, 38% of workers
and 44% of retirees rolled their retirement
plan money into an IRA. Half of workers and
38% of retirees put the money in the same
type of investment after it was rolled over. ● 44% of workers and 45% of retirees who
participated in a retirement savings plan with
a former employer received advice on what to
do with the money. For both groups, the most
common source of this advice was a
professional advisor. ● About 70% of workers said they were at least
“somewhat” likely to seek advice from an
advisor on assets they currently hold in their
retirement savings plan. By comparison, 43%
said they would use an online or telephone
advice service. ● Just 17% of workers and 6% of retirees said
they were “very” or “somewhat” interested in
receiving advice via an online service. 83% of
retirees are “not at all” interested in online
advice. ● 38% of workers say they are “very” or
“somewhat” interested in purchasing an
insurance product that provides guaranteed
income later in life (e.g., starting at age 80 or
85); 75% of retirees say they are “not at all”
interested. ● Nearly half of workers said they are at least
“somewhat” interested in longterm care
insurance; 61% of retirees are “not at all”
interested.