A new survey conducted by the Unretirement Index found that there was a 20 percent decrease in retirees' financial confidence in the past year. Last year, 42 percent of retirees felt confident, but only 23 percent felt that way this year. Faith in social security also plummeted, down to 9 percent from 22 percent in 2008. Also, one in five workers out of the 1,500 who responded felt as though they would never retire.
"This represents the most significant drop in retirement confidence we've seen in the four years we've compiled the Sun Life Unretirement Index," said Wes Thompson, president of Sun Life Financial U.S. "Although the recession officially ended in 2009, average Americans feel that the downturn has not ended for them, which is substantially eroding their trust in their retirement future."
However, there was positive spin on the survey. No matter how much a person made, people who expected a guaranteed lifetime income from annuities or who owned a long-term care insurance product were much more secure. This is important for individuals who are uneasy about their healthcare, as this factor can change their outlook on retirement living.