To: Kenneth E. Phillipps who wrote (102299 ) 4/4/2011 1:55:33 PM From: Hope Praytochange 2 Recommendations Respond to of 224744 Retirement savers’ confidence plummets Workers are more pessimistic about being able to save enough SAN FRANCISCO (MarketWatch) — The portion of U.S. workers who are pessimistic about being able to save enough money for retirement rose sharply in the past year and a third of workers said they were forced to tap their savings to pay for basic expenses, according to the annual Retirement Confidence Survey by the Employee Benefit Research Institute. Twenty-seven percent of workers said they are “not at all confident” about saving enough money for a comfortable retirement, the highest level in the 21 years of the survey and up from 22% a year ago, according to EBRI, a nonpartisan, nonprofit research organization that conducts the survey with Mathew Greenwald & Associates, a Washington-based market-research firm. Four Medicare myths Misconceptions about Medicare, the popular health program for seniors and the disabled, are rampant. MarketWatch's Kristen Gerencher breaks down four that could hurt your pocketbook. More retirement advice, savings help • Hike your Social Security benefits • Retirement products' rising prices • Eight retirement resolutions • The 10 worst states for retirees • What to ask before buying an annuity • U.S. retirement system ranks 10th -- of 14 • Special Report: Retirement income for life • Seven steps to a sound retirement • The Social Security shortfall • Target-date funds and 401(k)s • The good life isn't only about money • Retirement may mean a lifestyle downgrade • Figuring your Social Security benefits • Social Security: What couples should know • Timing your Social Security benefits • Fix Social Security by hiking retirement age • Translating nest eggs into retirement income • Retirement tools often underestimate risk • Delaying benefits can pay off on Social Security See the MarketWatch Guide to Retirement129977 Another 23% said they are “not too confident” — all told, it adds up to about half of workers worried about saving enough for their future retirement, according to the telephone survey in January of 1,004 workers and 254 retirees, all of whom live in the U.S. and are at least 25 years old. At the other end of the confidence spectrum, the portion of workers who said they are “very confident” about their retirement savings dropped to 13%, a low point last seen in 2009. Another 36% are somewhat confident. Reality sets in? It might be that more of us are coming face to face with the truth, and it’s worrying us. After all, 56% of workers, among those who provided these financial details, said they have less than $25,000 saved, excluding their home’s value and any traditional pension plan they may have. Of those, 29% said they have less than $1,000 saved. Even more worrisome, among workers close to retirement — 55 or older — 29% have less than $10,000 saved.