More Workers Focused on Saving for Retirement

Forty-five percent of workers and 38% of retirees named being able to afford good medical care as a top issue that keeps them awake at night, up from 40% of workers and 32% of retirees in third-quarter 2009. Being able to enjoy the same quality of life I live now/lived before I retired, cited by 45% of workers and 35% of retirees (up from 41% and 31%, respectively, last year) is also a top concern.   

However, nearly one out of five workers indicated they have increased their retirement savings to improve their financial well-being, according to a press release. A quarter of workers have created a plan for retirement, up from 17% in the third quarter of 2009, and half of workers say they have taken a greater interest in understanding the benefits they receive through their employer given the economic environment in the last year.   

In addition, 27% of workers (up from 21% in 2008) say they were automatically enrolled into their employer’s 401(k) retirement savings plan.  

Seventy-five percent of workers and 61% of retirees are very concerned about their long-term financial future, the highest level since third-quarter 2005, The Principal said. In addition, a third of workers and 22% of retirees said their stress level related to their personal financial situation is much higher than at the same time last year.