Confidence About Achieving Secure Retirement Plunges

Among survey respondents who identified themselves as full-time workers, only 54% claimed to be confident in achieving a comfortable retirement, down from 59% found in the last survey, which the company conducted nearly a year ago. Only 18% of full-timers cite saving for retirement as their greatest financial priority right now, down from 27% in the previous survey.

When asked what top 3 priorities the new President and Congress should focus on to improve their prospects for a secure retirement, 57% cited fully funding Social Security; 34% cited implementing financial literacy education in schools; and 28% cited encouraging 401(k) plans to offer to pay benefits in a form that guarantees retirees a set level of monthly income for life.

Other priorities named by survey participants included: providing tax credits to workers who contribute to an IRA or a 401(k) plan (26%); providing incentives for buying long term care insurance (24%); and ensuring that all workers have the ability to contribute to a 401(k) plan or a similar type of plan (21%).