Chart: Reasons For Lack of Retirement Confidence Among Public Workers

reasons for lack of confidence

Public workers aren’t confident about having enough income and savings to last through retirement. Why? The number one reason is inadequate savings. A significant portion of people (15 percent) are also worried that state and local-level pension reforms will cut into their pension benefits.

 

Chart credit: Retirement Confidence Survey 2014

Chart: Public Workers More Confident in Pensions, 401(k)s Than Social Security, Medicare

retirement confidence graph

A recent survey found that, among all streams of retirement income and benefits, public employees were most confident in their pension and 401(k) benefits; both in terms of being there for them when they retire and being sufficient enough to get them through retirement.

People were least confident in Social Security and Medicare. Only a small portion of people were “very confident” they had enough savings to get them through retirement.

Chart credit: Retirement Confidence Survey 2014