We're getting more and more worried about retirement costs - and that's good news

I actually see good news in this: Adding to the drumbeat of economic woes, a report last month found Americans are increasingly worried they won't be able to afford retirement.

Concerned about the troubled economy, rising healthcare costs, and falling home values, Americans' confidence in being able to afford a comfortable retirement fell at a record rate over the past year, to its lowest level since 2001.

The percentage of workers "very confident" of having enough money for a comfortable retirement tumbled from 27 percent last year to 18 percent. The percentage who are "somewhat confident" remained at 43 percent.

Confidence among retirees also decreased sharply - just 29 percent feel very confident now, down from 41 percent in 2007. The percentage of "somewhat confident" retirees fell from 38 to 35 percent.

Also, the percentage of workers very confident about having enough money just to take care of basic expenses in retirement decreased from 40 percent in 2007 to 34 percent. Among retirees, the drop was steeper, from 48 to 34 percent.

Loss of confidence occurred across all age and income levels but was particularly acute among younger workers and those with lower incomes. The survey was based on phone interviews with 1,057 workers age 25 and over and 265 retirees.

Among retirees, healthcare costs have become a big worry, with 44 percent saying they have spent more than expected on healthcare, and 54 percent more concerned about their financial future now than right after they retired. Among people not yet retired, 34 percent expect to have access to employer-paid health insurance in retirement, down from 42 percent.

"If there is a silver lining, it's that Americans finally may be waking up to the realities of being able to afford retirement," said Dallas Salisbury, president of the nonpartisan Employee Benefit Research Institute, which conducted the survey with Mathew Greenwald and Associates.

The recurring theme in previous surveys was one of false confidence, with millions of Americans somehow expecting a comfortable retirement despite meager or no savings and, in many cases, not having a clue how much retirement will cost.

In an encouraging sign, this year's survey found 47 percent of workers say they and/or their spouse have tried to calculate how much money they will need for a comfortable retirement. Doing a retirement savings calculation, even just a rough estimate, is particularly effective at changing behavior: 44 percent of those who calculated a savings goal changed their retirement planning, and of those, 59 percent started saving or investing more.

Still, savings levels are modest. Almost half of all workers report savings and investments of less than $50,000, and 22 percent have no savings at all, the survey found.

Humberto Cruz is a columnist for the South Florida Sun-Sentinel. He can be reached at AskHumberto@aol.com.