Infographic: Debt clouds retirement optimism
By Kristin McGrath and Juan Rodriguez | Published: March 21, 2013
The clouds may be lifting on the economy, but workers forecasting their chances for a comfortable retirement remain gloomy -- especially those in debt.
The Employee Benefit Research Institute measured record lows in retirement confidence in 2011 -- and confidence remains low this year, according to EBRI's 2013 Retirement Confidence Survey. Twenty-eight percent of workers are not at all confident that they'll have enough money to retire comfortably.
A big part of that pessimism is debt. Sixty percent of the 1,003 workers surveyed say that the amount of debt they carry is a problem -- and that debt, the survey found, is feeding into their attitudes about retirement. Only 3 percent of workers who describe their debt as a "major" problem also say they feel "very confident" about being ready to retire comfortably. More then half of them, meanwhile, say they are "not at all confident" that they'll retire in financial security.
The chart below shows how workers with varying levels of debt feel about their retirement prospects.
See related: How credit card debt delays retirement dreams
To use the graphic on your site, use the following code:
- Breaking the budget to go on vacation – Millennials most likely to take on debt for a summer experience ...
- Infographic: How many households have at least one card? – Your annual income and education level may indicate the chances of whether or not your household has a credit card ...
- Infographic: In divorce, women's credit suffers more – More than half of recently divorced women said their credit score tanked during marriage, compared to just 42 percent for men ...