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Published: Apr 28, 2023 5 min read
Old couple looking into ripped dollar bills
Eddie Lee / Money; Getty Images

Lots of people are racing toward retirement with a dream of reclining on the beach with a strawberry daiquiri. But actually saving for this lifelong goal can be wildly stressful due to economic pressures.

Results of a new survey released Thursday by the Employee Benefit Research Institute and Greenwald Research show that Americans’ confidence in their retirement savings is waning as a result of inflation. And while they might feel helpless, the data also shows they don’t know the full scope of their options.

How long will your money last in retirement?

The 2,537 respondents — some workers, some retirees — expressed anxiety about whether their money would last through retirement. Since 2022, American workers confident in the longevity of their retirement savings dipped from 73% to 64%.

That's the biggest drop in confidence since the Great Recession.