In the wake of persistent economic uncertainties, the latest Retirement Confidence Survey released by the Employee Benefit Research Institute and Greenwald Research reveals a mixed sentiment among American workers and retirees.
While confidence levels have not fully bounced back from last year's significant decline, a majority maintain a positive outlook on their retirement prospects. The survey, released on April 25, highlights concerns over potential government changes to the retirement system and the impact of inflation, yet underscores a steady belief in the sufficiency of Social Security and Medicare benefits. Despite these challenges, the findings suggest an enduring optimism, with two-thirds of workers and three-fourths of retirees confident in their ability to live comfortably during retirement.
The EBRI is hosting a webinar, "2024 Retirement Confidence Survey: Results and Insights," from 2:30 to 3:30 p.m. ET/1:30 to 2:30 CT on Tuesday, June 25, 2024.
Understanding these trends and concerns is essential for TEXPERS members, who play crucial roles as trustees and administrators of public pension systems. The insights from this survey could provide valuable context for effectively managing and supporting the public pension systems in Texas.
Understanding the Retirement Confidence Survey
The Retirement Confidence Survey, conducted annually by EBRI in collaboration with Greenwald Research, is renowned as the longest-running survey of its kind. It meticulously measures the confidence levels of American workers and retirees regarding their retirement prospects. This year's survey results are particularly significant for public pension system trustees and administrators in Texas.
Key findings from the 2024 survey include:
- Stagnant Confidence Levels: Despite expectations for a rebound, confidence among workers and retirees has remained the same from the notable decline seen in 2023.
- Continued Optimism: Nevertheless, most respondents remain hopeful about their retirement outlook.
- Concerns Over Government Changes: Around 80% of workers and 70% of retirees express concern that substantial changes to the U.S. retirement system may be imminent.
Expert Panelists and In-Depth Analysis
The webinar will feature a panel of distinguished experts who will provide detailed analysis and discussion of the survey findings:
- Craig Copeland: Director, Wealth Benefits Research, EBRI
- Lisa Greenwald: CEO, Greenwald Research
- Peter Kapinos: Head, Workplace & Investment Marketing, Empower
These experts will delve into the implications of the survey results, exploring emerging trends and providing critical insights that are particularly relevant to public pension systems.
How to Register
TEXPERS members are encouraged to attend this free webinar to better understand retirement confidence and its potential impact on public pensions.
Take advantage of this opportunity to enhance your knowledge and stay ahead of the curve in managing public pension systems. Join us for an hour of expert insights and critical analysis on June 25.
Stay informed, stay prepared, and stay confident in your role with the latest insights from the 2024 Retirement Confidence Survey.
About EBRI:
The Employee Benefit Research Institute (EBRI) is a non-profit, non-partisan organization committed to providing unbiased research and data on employee benefits and retirement issues. EBRI's mission is to contribute to, encourage, and enhance the development of sound employee benefit programs and sound public policy through objective research and education.
About the Author: Allen Jones is the director of communications and event marketing for TEXPERS. He joined the Association in 2017. Before TEXPERS, he worked in the news media industry, producing content for newspapers, magazines, and online publications and leading newsrooms as an editor and publications manager. [email protected]