Back in January, about 7 in 10 American workers reported that they were very or somewhat confident about their ability to have enough money to live comfortably throughout their retirement years, according to data collected from the 2020 Retirement Confidence Survey, conducted by the Employee Benefit Research Institute and Greenwald & Associates.
Of course, much has changed since January, so the EBRI decided to run the survey again in late March, to see how the COVID-19 pandemic and its resulting market aftershocks has influenced confidence.
Surprisingly, the survey found that the number of respondents who were very confident or somewhat confident in their ability to live comfortably upon retirement had only dropped to 63% in March.
When it comes to long-term care costs, however, the numbers are a bit more worrisome. Only 18% of workers are very and 36% are somewhat confident that they will have enough money to cover nursing home or home care costs. That amount dropped to 50% in March from 54% in January.