Many American workers recognize the retirement system is in the midst of a major change, but many aren’t doing anything about it, according to a survey.

The 17th annual Retirement Confidence Survey, sponsored by the Employee Benefit Research Institute and Mathew Greenwald & Associates, found that among workers who have experienced reductions, nearly two out of five have done nothing in response to the reductions.

The survey also found only 41% of workers say they or their spouse currently has a defined benefit(DB)plan, yet 62% expect to receive income from such a plan when they retire.

And almost have of workers saving for retirement report total savings and investments—excluding their home or any DB plans—of less than US$25,000.

The majority of workers who haven’t put money aside for retirement have little in savings. Seven in 10 of these workers say they have total assets of less than $10,000.

To read the survey, click here.

To comment on this story email craig.sebastiano@rci.rogers.com.

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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