June 2022

#TRENDING

How retirement confident are Americans?

Despite a pandemic and inflation, Americans remain confident they will have enough money for a comfortable retirement, according to the 2022 Retirement Confidence Survey recently conducted by the Employee Benefit Research Institute (EBRI) and the independent research firm Greenwald & Associates.

In addition to reporting on the mindset of workers as they look ahead to retirement, the survey also captures the experiences of those who have already retired, providing valuable insight into the realities of retirement, what to expect and the importance of planning. “Research like this helps us continue to better understand individuals’ journeys to retirement and helps inform our financial wellness programs to support them along the way,” says Lisa Margeson, Retirement Research and Insights, Bank of America, and vice-chair for EBRI’s Financial Wellbeing Research Center.

Key findings include:

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  • Americans remain optimistic

    7 in 10 workers and 8 in 10 retirees say they are confident they will have enough for a comfortable retirement

    Source: 2022 Retirement Confidence Survey, EBRI, published April 2022.

  • Factors influencing confidence

    One third of workers and one half of retirees who are feeling less confident cite inflation as the reason

    Source: 2022 Retirement Confidence Survey, EBRI, published April 2022.

  • Path to retirement

    47% of retirees report they retired earlier than planned

    Source: 2022 Retirement Confidence Survey, EBRI, published April 2022.

  • Path to retirement

    44% of workers expect to have a gradual transition or reduction of hours leading to full-time retirement

    Source: 2022 Retirement Confidence Survey, EBRI, published April 2022.

  • Preparing for retirement expenses

    1 in 3 retirees find overall expenses to be higher than expected

    Source: 2022 Retirement Confidence Survey, EBRI, published April 2022.

  • Preparing for retirement expenses

    2 in 5 say health expenses are higher than expected

    Source: 2022 Retirement Confidence Survey, EBRI, published April 2022.

Key takeaways

  • Download EBRI’s 2022 Retirement Confidence Survey.
  • Work with your Bank of America representative to offer educational seminars, engagement strategies and tools to help employees take control of their futures.