Workers today express less optimism about their retirement prospects than they have in past decades. According to the Employee Benefit Research Institute’s 2011 Retirement Confidence Survey, 27% of respondents were “not at all confident” about saving enough for retirement.

Many workers indicated they had little or no retirement savings. 29% said they had less than $1,000 in savings or investments; 56% said their savings totaled less than $25,000 (excluding the value of their home).

The percentage of workers who had taken a loan from retirement savings or used savings for basic expenses was 34%. Debt was indicated as a major problem by 22% of those surveyed.

Workers often see working longer as a way to build a larger retirement fund; 74% of those in the 2011 survey said they intended to work longer to supplement savings. Yet people are sometimes unable to continue working longer because of health issues or outdated work skills.

Tags: 401K, accountant, accounting, benefit research institute, bookkeeper, bookkeepers, Brockport, Business, business owners, confidence, consulting, CPA, employee benefit research institute, FL, IRA, Kissimmee, NY, Orlando, professional advice, quickbooks proadvisor, retirement, retirement fund, retirement savings, Rochester, Saxon, Secord, Thaney, therapists, West Palm Beach