(USA Today) Workers fear more cuts in retirement benefits

The economic recovery has not made Americans feel more secure about their financial future. In fact, many workers fear more cuts in retirement benefits and higher out-of-pocket health care costs, according to a survey by Towers Watson, a retirement consulting firm.

As a result of their worries, more than half, 55%, of workers say they are willing to give up some of their future pay increases in order to have more guaranteed income in retirement, the survey found. And 50% say they would also trade a portion of their pay to ensure health care benefits.

“This may reflect their firsthand experience with financial market volatility, continuing worries about the economy and fears of future cutbacks to benefits,” said Kevin Wagner, Towers Watson senior retirement consultant.

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Posted in * Culture-Watch, * Economics, Politics, Economy, Labor/Labor Unions/Labor Market, Pensions, Personal Finance, Psychology, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--