On a positive note, the survey found that about half of workers (47 percent) say they and/or their spouse have tried to calculate how much money they will need for a comfortable retirement, up considerably from the low point of 29 percent measured in 1996. As before, the 2008 survey finds that doing a retirement savings calculation is particularly effective at changing worker behavior: 44 percent who calculated a goal changed their retirement planning, and of those almost two-thirds (59 percent) started saving or investing more.
The survey picked up several other signs of public unease about
-- Overall concerns about basic expenses: Confidence in specific financial
aspects related to retirement decreased. In particular, the percentage
saying they are very confident in having enough money to take care of
basic expenses decreased from 40 percent in 2007 to 34 percent in 2008
for workers and from 48 percent to 34 percent for retirees.
-- Worker health concerns: Measured another way, workers said they are
increasingly not confident about having enough money for medical
expenses (43 percent in 2008, up from 32 percent in 2007) and for
long-term care expenses (54 percent in 2008, up from 44 percent last
-- Retiree concerns: Retirees' loss of confidence is reflected in several
attitudes they hold about their retirement finances. Retirees are less
likely than in 2007 to believe they can always cut bac
|SOURCE Principal Financial Group|
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