FedSmith.com Users Are 'Very Confident' in Their Ability to Retire

By on September 18, 2012 in Current Events with 13 Comments

In a recent survey, we asked prospective retirees how confident they were in their savings and ability to retire. A majority reported being “very confident.”

The Employee Benefit Research Institute recently released its annual Retirement Confidence Survey which indicated that many American workers have very little in savings and, consequently, a lack of confidence in their ability to someday retire successfully.

We were curious if FedSmith.com users would feel the same way. Our survey results indicated that prospective retirees reading our site are, generally speaking, feeling very much the opposite of the workers profiled in the EBRI survey.

Here are the results from the questions we asked out of the almost 6,500 responses:

What is your current age?

20-29 1.7%
30-39 6.1%
40-49 15.4%
50-59 47.7%
60-69 26.8%
70+ 2.2%

At what age do you plan to retire?

50-52 2.4%
53-55 5.2%
56-59 24.4%
60-62 27.1%
63-65 19.6%
66-69 14.8%
70+ 5.7%
Never 0.8%

How confident are you in your ability to retire someday?

Very 55.0%
Somewhat 35.6%
Not too 6.9%
Not at all 2.5%

What is your current total savings, excluding your home or any defined benefit plans?

< $1,000 4.4%
$1,000 – $5,000 4.7%
$5,000 – $10,000 4.2%
$10,000 – $50,000 13.4%
$50,000 – $100,000 13.9%
$100,000 – $500,000 44.1%
$500,000 – $1 million 12.0%
$1 million+ 3.3%

Do you anticipate having income from a defined benefit plan in retirement?

Yes 93.5%
No 6.5%

What do you anticipate your annual expenses will be in retirement?

< $10,000 3.4%
$10,000 – $25,000 18.6%
$25,000 – $50,000 48.2%
$50,000 – $75,000 26.2%
$100,000+ 3.7%

There were clear indications of having both the confidence and savings necessary to be able to retire. Most respondents said they expected to have income from a defined benefit plan which isn’t too surprising since FERS and CSRS both offer a potential source of income in retirement.

Do you have any other thoughts on planning for a successful retirement? Feel free to share them in the comments.

© 2016 Ian Smith. All rights reserved. This article may not be reproduced without express written consent from Ian Smith.

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About the Author

Ian Smith is one of the co-founders of FedSmith.com. He enjoys writing about current topics that affect the federal workforce. Ian also has a background in web development and does the technical work for the FedSmith.com web site and its sibling sites.

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