Retirement Confidence Survey.pdf

About 7 in 10 American workers reported being very or somewhat confident in their ability to have enough money to live comfortably throughout their retirement years before the onset of the coronavirus pandemic. The 2020 Retirement Confidence Survey found that 69% of workers felt confident, with 27% feeling very confident, and these numbers remained near the same level at the end of March 2020, with 63% feeling confident and 24% feeling very confident. Retirees also showed similar confidence levels, with 77% feeling very or somewhat confident before the pandemic and 76% after. The survey also looked at confidence in other aspects related to retirement, such as having enough money to cover basic expenses, medical expenses, and long-term care, and found that workers' confidence in these areas did not change significantly, although the percentages of those very confident did decrease. Retirees showed no statistically significant changes in their confidence. The confidence of workers in preparing for retirement also did not waver, with 67% saying they were very or somewhat confident before the pandemic and 64% after. Confidence in government programs, such as Medicare and Social Security, was also maintained after the onset of the pandemic.