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Confidence in retirement cash shrinks

March 15, 2011 at 8:28 PM

WASHINGTON, March 15 (UPI) -- Confidence in a comfortable retirement is slipping, a U.S. research group said.

The Employee Benefit Research Institute said 27 percent of U.S. workers in a recent survey indicated they were "not at all confident about having enough money for a comfortable retirement." That was the lowest percentage since the survey began 21 years ago.

Twenty-nine percent of workers indicated they have less than $1,000 set aside for retirement. More than half, 56 percent, indicated they currently have less than $25,000 for retirement.

In a similar survey of 3,000 adults conducted by Rasmussen Reports for COUNTRY Financial, only 28 percent of respondents indicated they agreed "it is possible for a middle income family to save for a secure retirement."

A year ago, 30 percent indicated agreement with the statement, down from 36 percent in 2007.

"It is understandable people are still uneasy about retirement given the length of the economic unrest. But regardless of your income bracket, it's important to continue setting aside money for the future," said Keith Brannan, the firm's vice president of Financial Security planning in a statement.

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