Although confidence is still a long way from the historic highs seen during the 25-year history of the Retirement Confidence Survey, 22 percent of U.S. workers polled now say they are very confident about having enough money to live comfortably throughout their retirement years.

That’s up from 18 percent last year and a record low of 13 percent back in 2013, according to the annual report, released by the Employee Benefit Research Institute and co-sponsored by Principal Financial Group Inc.

“Debt can be a huge distraction from savings goals, and many may view it as a reason to not save anything for retirement,” said Luke Vandermillen, vice president at Principal. “It’s encouraging to see debt becoming less problematic for some. For those who continue to struggle, it’s possible to simultaneously pay down debt while saving for retirement by creating a plan and sticking to it.”

Reports of increased confidence are almost exclusively from those who indicate they or their spouse has a retirement plan. Nearly half of workers without a retirement plan are not at all confident about their financial security in retirement, compared with only about one in 10 who have a retirement plan.

Other key findings include:

• 21 percent of workers estimate they will need $1 million or more to live comfortably in retirement, an increase from 15 percent back in 2005.
   

• 69 percent of workers think it is possible for them to save an additional $25 a week for retirement. (Nearly half of workers could save an extra $25 a week by cutting back on eating out or getting takeout food; 24 percent would not have to give up anything to save an extra $25 a week).

• Half of workers have long-term disability insurance, either on their own or through their employer. One-third of workers believe a six-month disability would have no effect on their retirement or preparation for retirement.

See the full survey results here >>>