EBRI: Retirement Confidence Plummets


NU Online News Service, April 9, 2008, 9:05 p.m. EDT

The percentage of U.S. workers who say they are "very confident" about having enough money for a comfortable retirement plunged to 18% earlier this year, from 27% in 2007.


The interviews were conducted in January.

EBRI recorded a sharper drop in confidence for retirees between 1997 and 1998, but the drop in the percentage of workers who say they are very confident about their retirement prospects is the first drop greater than 3 percentage points since EBRI started the survey series in 1993.

Decreases in confidence occurred across all age groups and income levels, but they were particularly acute for younger workers and those with lower income, the researchers report.


You will note that the survey was conducted back in January 2008 before many people began realizing that the world is facing recession and deeper and more widespread financial depression (for some; many).

Of course, decades ago, we were told to save 25%. We were told that that would put lots of money on deposit against which lenders could lend, thereby lowering borrowing rates. We were told that the government needed to operate on a balanced budget rather than deficits so taxes wouldn't go to paying interest on the national debt. Look at what happened though.

Booms based upon lower deposits (less and less savings) and still low interest rates led to speculation on margin (gambling with borrowed money) and confusion.

Living expenses versus wages and salaries didn't allow for 25% savings nearly as easily as they had back in the days when one blue-collar income could support a family.

We were also told to put at least 20% down on real estate. We were told to look for solid capitalization rates that could withstand downturns. Who could buy under those principles during the bubble? I couldn't. I didn't buy. It was a sellers market, and they didn't care about a buyer's cap rate. The whole industry was saying appreciation (increasing real estate values) would take care of it. It didn't.

Now I see even more than I did then. I see the whole thing is a scam. Before, I was looking for a living profit-margin from rents. That's not how it's supposed to be. It's un-Christian.

Connect the dots, and you too will see that schemers have set up the current economic system.


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  • Tom Usher

    About Tom Usher

    Employment: 2008 - present, website developer and writer. 2015 - present, insurance broker. Education: Arizona State University, Bachelor of Science in Political Science. City University of Seattle, graduate studies in Public Administration. Volunteerism: 2007 - present, president of the Real Liberal Christian Church and Christian Commons Project.
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