The Employee Benefits Research Institute (EBRI) and Mathew Greenwald and Associates conducted the 2006 Retirement Confidence Survey (RCS), which was underwritten by the TIAA-CREF Institute. This survey measures American worker’s attitudes concerning retirement saving and planning, and examines their behavior to achieve their expressed retirement goals.
According to the press release, a large majority of Americans expect to enjoy a comfortable retirement, but many have not taken the actions needed to turn their aspirations into reality and face the prospect of having to work far longer than they expect. The survey, released today, showed many Americans’ retirement expectations are like a piece of Swiss cheese – full of holes. For example, many have accumulated only modest retirement savings, underestimate the share of their pre-retirement income they are likely to need in retirement, and have made no estimate of how much they will need to live comfortably once they retire.
The RCS is a comprehensive study of the attitudes and behaviors of American workers and retirees toward saving, retirement planning, and long-term financial security. The RCS contains a core set of questions that is asked annually, allowing for key attitudes and behavior patterns to be tracked over time.
Five survey "fact sheet" summaries have been prepared and are available for your review:
