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Americans Much More Worried about Retirement, Health Costs
Americans’ confidence in enjoying a comfortable retirement has dropped to its lowest level in seven years, according to the 18th annual Retirement Confidence SurveyÂ® (RCS) conducted by the Employee Benefit Research Institute (EBRI). The percentage of workers who were very confident about having enough money for a comfortable retirement decreased sharply, from 27 percent in 2007 to 18 percent in 2008, a decline of 9 percentage points and the biggest one-year drop in the 18-year history of the survey.
More than half of retirees (54 percent) say they are now more concerned about their financial future than they were right after they retired, a 14 percentage-point increase from a year ago (40 percent in 2007).
In addition, health-care costs are a big concern for retirees. Among those who left the workforce earlier than planned, more than half (54 percent) say they did so because of health problems or disability. Almost half of retirees (44 percent) say they have spent more than expected on health-care expenses.