Assessing Your Retirement Confidence

Quick Answer: Discover your retirement confidence and learn how a personalized plan can secure your future. Explore safe money alternatives today!

In prior blog posts, we discussed the importance of preparing for retirement. After all, it’s a critical component of a secure post-retirement lifestyle. Having an effective, personalized retirement plan will help bring lasting peace of mind. 

Unfortunately, surveys continue to show Americans have strong anxiety about their retirement. A recent PricewaterhouseCoopers survey report offers insights into current levels of retirement confidence. In the 2015 Employee Financial Wellness Survey, retirement confidence was stronger than last year’s survey. 57% said they weren’t confident they’d be able to retire when they wanted to – down from 60% in 2014 and 65% in 2013.

The data resonate with insights gathered from other surveys. As previously discussed, running out of money in retirement continues to be a primary concern of American workers and retirees alike.

What about Other Insights?

Other measures also provided insights into Americans’ retirement concerns. Among other changing dynamics, defined-benefit pension plans are on the decline in the American workplace. As a result, people understand their retirement now falls more squarely on their shoulders.

In the PwC report, over 70% said they should hold primary responsibility for retirement funding. Likewise, 17% said it should be their employer and 13% reported it should fall to the government. Despite those trends, it was clear most of the employees were uncomfortable with undertaking this obligation as their own. Just 51% reported they would be open to losing a portion of their future compensation for guaranteed retirement income.

Many of the surveyed parties also indicated their belief they would have to continue employment in retirement. Of all surveyed employees, 54% would consider part-time work if their employer offered it to them. Furthermore, 35% said it was likely they would have to draw from their retirement money to pay for non-retirement expenses – another factor which could impact future income resources.

What about Your Retirement Confidence?

So we have covered some dynamics of retirement confidence in America. But what about you? Are you confident you have everything you need to enjoy a secure, peaceful retirement?

Here are some questions to consider:

• Do you have a retirement plan in place?
• What standard of living will you and your partner desire in retirement?
• What sources of income will you be drawing from?
• Does your “retirement number” account for future living costs?
• Does it account for healthcare costs? Long-term care costs?
• What is your current health status? Your partner’s status?
• Do you or your partner have a chronic medical condition?
• What is your “Safe Money” amount – or how much you can’t afford to lose?
• How much will Social Security be offering you as an income source?
• When do you plan to file for Social Security? Your partner?
• Will you be giving money to loved ones for additional factors like college savings?
• How much of your retirement funds is allocated in market-based investments?
• What are your plans for leaving an estate?
• What’s your effective tax rate likely to be in retirement?

These are just a few dimensions to consider within your unique needs. Everyone has different goals, objectives, and requirements. It’s important that your retirement plan be tailored to you and your partner’s own specifications. As time elapses in retirement, we believe your plan also shouldn’t rely too heavily on investments with high market risk as income sources.

Need Help?

If you’re ready for personal guidance, SafeMoney.com can help you. Use our Find a Licensed Advisor section to connect directly with an independent financial professional, and to request a personal strategy session to discuss your needs and goals. And should you have any questions or concerns, call 877.476.9723.

Frequently Asked Questions About what is your retirement confidence

How can I assess my retirement confidence level?

To assess your retirement confidence level, start by evaluating your current financial situation, including savings, investments, and expected income sources. Consider your retirement goals, such as desired lifestyle and expenses, and determine if your current plan aligns with those goals. A personalized retirement plan can help identify gaps and provide strategies to boost your confidence.

What are safe money alternatives for retirement savings?

Safe money alternatives for retirement savings include fixed annuities, high-yield savings accounts, and certificates of deposit (CDs). These options typically offer more stability and less risk compared to traditional investments, making them suitable for retirees looking to preserve their capital while earning a modest return. It's important to evaluate each option based on your risk tolerance and financial goals.

How can a personalized retirement plan improve my confidence?

A personalized retirement plan takes into account your unique financial situation, goals, and risk tolerance, allowing you to create a tailored strategy for your retirement. This plan can help you understand how much you need to save, what safe money alternatives to consider, and how to allocate your assets effectively. By having a clear roadmap, you can feel more secure and confident about your financial future.

What factors affect retirement confidence?

Several factors can affect retirement confidence, including your savings rate, investment choices, and expected retirement expenses. Economic conditions, such as interest rates and inflation, also play a significant role in shaping your financial outlook. By focusing on safe money alternatives and regularly reviewing your financial plan, you can enhance your confidence and better prepare for a secure retirement.

Take the next step, run the numbers with our free retirement calculators.

Updated May 2026: The 2024 Employee Benefit Research Institute Retirement Confidence Survey found that only 27% of workers are 'very confident' they will have enough money for a comfortable retirement — the lowest reading in over a decade.