The Employment Benefit Research Institute (EBRI) conducts its Retirement Confidence Survey every year, which assesses Americans' attitudes and behaviors about retirement planning.

Let’s examine some of this year’s survey's biggest insights to see how workers and retirees feel about retirement.

What is the EBRI Retirement Confidence Survey?

Before we dive into the findings from this year’s survey, let’s explain what the survey is.

The Employee Benefit Research Institute (EBRI) Retirement Confidence Survey is an annual study that assesses American workers' and retirees' attitudes and behaviors regarding retirement planning and preparedness. Conducted since 1990, it is one of the longest-running and most comprehensive surveys of its kind, offering valuable insights into the public’s confidence in their ability to retire comfortably.¹

The survey evaluates various aspects, including savings habits, retirement expectations, and the role of employer-provided benefits. By analyzing trends over time, the EBRI Retirement Confidence Survey helps policymakers, employers, and financial advisors understand the factors influencing retirement readiness.

Biggest Insights From the 2024 EBRI Retirement Confidence Survey

Let’s look at some of the most significant insights from this year’s Retirement Confidence Survey. The 2024 survey of 2,521 Americans was conducted online from January 2 through January 31, 2024. All respondents were ages 25 or older. The survey included 1,255 workers and 1,266 retirees.¹

The Majority of Respondents Are Optimistic About Retirement Savings
68% of workers and 74% of retirees are confident they will have enough money to live comfortably throughout retirement.²

Social Security Remains the Top Source of Actual and Expected Income for Americans in Retirement
Most workers (88%) expect Social Security to be a source of income in retirement. Nearly all retirees (91%) report Social Security as a source of income.

However, nearly twice as many retirees (62%) report Social Security as a major income source than workers (35%) expect it to be.

Other related findings about Social Security:

• Two-thirds of workers and three-quarters of retirees understand Social Security and the various employment and claiming decisions that impact their retirement benefits at least somewhat well.

• Workers expect to claim Social Security as soon as they retire but also expect to work for pay in retirement.

Americans Want to Save More for Retirement
After trying to calculate how much money they will need in retirement, 52% of workers and 44% of retirees started to save more. This renewed interest in saving is spurred by the drastic difference in what Americans believe they will need for retirement compared to how much they have saved.

Workers Would Like Help Saving for Emergencies Through Their Retirement Plan
Two-thirds of workers and almost three-quarters of retirees believe they have enough savings to handle an emergency expense. That being said, the ability to save for emergencies is at the top of workers’ list of valuable improvements they would like to see be made to their retirement savings plan.

While Expenses in Retirement are Higher Than Some Retirees Originally Anticipated, Retirees’ Lifestyle in Retirement is Better Than They Expected
Over a third of retirees say their travel, entertainment, or leisure expenses are higher than expected. While half say their overall expenses in retirement are higher than they initially expected, nearly four in five say they can spend money how they want within reason.

A third of retirees believe their overall lifestyle in retirement is better than expected. Over two-thirds agree that they are living the retirement lifestyle they envisioned, and 25% strongly agree with the same statement.

These insights are interesting because they reflect our thoughts about retirement planning and the broader economic landscape. Survey respondents consider current wages, inflation, Social Security, and more. Every retirement planning journey looks different, but the Retirement Confidence Survey helps us understand these more significant trends.