Retirement Confidence Among Hospital Employees

December 2011
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Hospital workers are more likely than U.S. workers to be saving for retirement; 88% versus 59%, respectively. But only 48% of savers in the hospital sector have calculated how much they need to accumulate and only 22% are very confident that they are investing their retirement savings appropriately. Debt clearly hinders retirement preparations—89% of hospital workers with a major debt problem consider themselves behind in their planning and saving for retirement compared with 37% of those without a debt problem. Only 19% of savers in the hospital workforce have thought a great deal about how they will manage their savings in retirement and draw income from it; this percentage was 26% for those age 55 and older. Sixty-one percent of the hospital workforce has received retirement planning advice from a professional financial advisor within the past three years. But advice received is not necessarily advice followed—20% followed all the advice received and 44% followed most of it.