Despite inflation, workers are feeling confident in their retirement preparedness, according to Nationwide's Protected Retirement survey. "Many workers are actively engaged with and managing their retirement accounts throughout the year – three-quarters report checking their balance at least monthly. These actions are exciting to see as a record-keeper and insurer and may be leading to their high confidence levels when it comes to their preparation for retirement," said Cathy Marasco, leader of Protected Retirement Solutions at Nationwide.

There are three reasons for the increased confidence in employees' retirement preparedness, according to Nationwide.

No. 1: Guaranteed income trend

"It's also worth noting that workers are increasingly thinking about their 401(k) in terms of the income it'll provide in retirement as opposed to just a savings vehicle," said Marasco. "Still, our research continues to show that they are looking for more support when it comes to translating their savings into income they won't outlive in retirement."