A new survey from LIMRA underscores what many other studies have found: Americans are not feeling confident about their retirement savings. In a release entitled "It's No Longer Your Parents' Retirement," LIMRA researchers said that workers today are concerned that their households will not receive enough lifetime-guaranteed income to cover basic living expenses in retirement.
The study noted the long-term movement away from pensions and toward other types of retirement plans: 61% of pre-retirees said they expect a defined contribution (DC) plan to be a top retirement income source, with only 27% saying a traditional defined benefit (DB) pension plan is likely to be a top retirement income source. In comparison, only 8% of currently retired respondents in the survey said DC plans are a top income source, while 38% said a DB pension was a top income source.
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