Workers approaching the age of 60, 65 and beyond are not as comfortable with their abilities to sustain retirement living expenses as they used to be, says the Employee Benefit Research Institute.
In a survey the institute completed, only 13 percent of workers said they were "very confident" in having enough funds to cover the costs of retirement, half the number who reported that sentiment in 2007 and the lowest figures seen by the institute since the survey began in 1993.
For those who have already stopped working and began their retirement, the numbers were also half of 2007 levels, with 20 percent reporting that they were very confident, compared to 41 percent two years ago.
More workers are also planning to continue working past the normal retirement age, including nearly nine out of every 10 people surveyed who told interviewers they were continuing to work to increase their chances of financial security, and one-fifth of respondents planned to work into their 70s.
"Given the uncertainties that exist about [the] economy, it is no surprise the downward trend has continued," said Jack VanDerhei, the institute's research director. "By any measure, the two-year results amount to a very significant drop in workers' and retirees' confidence in their retirement prospects."