According to a new study by the institute:

34% of workers with a household income of $100,000-plus are very confident about their future retirement, compared with 14% of those with an income of $50,000 to $99,999 and just 11% with an income of less than $50,000.
Urban workers (32%) are more likely than suburban (19%) and rural workers (16%) to be very confident.
Full-time workers (25%) are more likely than part-time workers (15%) to be very confident.

Nevertheless, many Americans have a positive attitude and are working toward their retirement goals:

More than four in five workers are saving for retirement through their current employer's 401(k) or similar plan and/or outside of work.
34% have taken a loan, early withdrawal and/or hardship withdrawal from a 401(k) or similar plan or IRA, including 25% who have taken a loan and 25% who have taken an early and/or hardship withdrawal.
Workers have saved a median of $93,000 in all household retirement accounts.
Almost half indicate that debt interferes with their ability to save for retirement.
One-third of workers have a written financial strategy for retirement.

"Despite the immediacy of the pandemic and its challenges, it is remarkable that workers are maintaining a focus on their future retirement," Collinson said. "Nevertheless, many are still at risk of not achieving long-term financial security."

Instant Insights /

Americans are focused on retirement goals, despite low confidence

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