The 2018 Retirement Confidence Survey shows retirees with guaranteed income from a defined benefit plan are much more confident that they will be able to live comfortably through retirement compared to those who don't have one. 

While three-fourths of American retirees are confident they and their spouse will have enough money, that figure jumps to 89 percent among those with a combined benefit plan compared to 59 percent among those without one.

The 28th annual Employee Benefit Research Institute survey is based on research by Greenwald & Associates and co-sponsored by Principal Financial Group.

“The picture continues to change for people already in retirement compared to those who are still working. Younger generations face concerns about Social Security and fewer have access to a defined benefit plan than previous generations, leaving a big gap to fill as Americans approach retirement,” Sara Wiener, assistant vice president of retirement at Principal, said. “We want to help with that transition, which is why we work with so many individuals, business owners and plan sponsors to help them make choices to have enough and save enough for retirement.”

The survey also revealed that while two-thirds of retirees cite Social Security as a major source of income, members of today's workforce have a different perspective. Only 36 percent expect Social Security will be a major source of income in their retirement.

Eighty percent of today's workers expressed interest in guaranteed lifetime income, with 28 percent saying they were “very interested” in putting all or some of their retirement plan savings into a guaranteed lifetime income product.

“Having the ability to guarantee a portion of your income for the rest of your life can be a powerful retirement strategy and a confidence-booster to know they won’t outlive their savings,” Wiener said.