Americans' confidence in retirement savings wanes

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A total 61% of Americans are confident that they will have enough money to see them through retirement, according to a new survey. That is the lowest percentage since 2001 and a sharply lower figure compared with last year.

The annual survey from the Employee Benefit Research Institute asked more than 1,320 people for their views on retirement costs and their level of confidence in being able to save enough to cover their expenses late in life. A total of 18% of respondents said they are "very confident" they will have the money - down from 27% in 2007 and the steepest one-year decline in the history of the survey.

Among those still working, 22% are concerned about medical costs during retirement and 27% are worried about long-term care expenses. Those who are currently retired are fretting about long-term care costs, as well, with 28% worried that they didn't save enough.

A summary of the report can be viewed online at http://www.ebri.org/publications/ib/.