July 26, 2012 (PLANSPONSOR.com) - Only 19% of full-time public
sector workers are very confident in their retirement income prospects, with
many expressing concern about the impact of rising health care costs, a report
The Center for State and Local Government Excellence, along
with the TIAA-CREF Institute, discovered that only 16%
of teachers and 25% of police and firefighters are very confident they are
saving the right amount for retirement. A full 57% of public
sector workers expect to work longer than they would like, and 72% expect to
work for pay after retiring.
The “2012 Retirement Confidence Survey of the
State and Local Government Workforce” surveyed more than 1,200 state and local
government employees across the nation, including public educators, police and
“Much has been written about the
financial condition of pension plans and plan reform in the public sector, but
little has been documented about public sector workers’ confidence,
expectations and behavior with respect to retirement planning and saving,” said
Paul Yakoboski, senior economist with the TIAA-CREF Institute.
In particular, the survey indicates the rising cost of
health care is a factor in the tepid expression of overall retirement
confidence. Only 22% are very confident
that they will have enough money to take care of medical expenses during
retirement, and two-thirds are not confident that Medicare will continue to
provide benefits of equal value to those provided today
To view the full survey, click here.