Retirement Readiness
Learn more about how Americans with workplace retirement plans are preparing for retirement.Most Participants Don’t Expect to Have $1 Million In Savings At Retirement
Schroders recently surveyed 1,500 US investors to learn more about their concerns and retirement readiness. Key findings from this research include:
- Americans who currently participate in a workplace retirement plan (e.g. 401k, 403b, or 457 plan) believe they will need $1.28 million in savings to retire comfortably, yet 48% expect to have less than $500,000 in savings at retirement – including 26% who say they will have less than $250,000.
- 31% of plan participants have no idea how their retirement assets are allocated.
- Those who know how their retirement assets are allocated have nearly one-quarter of their savings in cash.
Allocation of retirement investments by Americans who currently participate in a workplace retirement plan:
Equities 31%
Cash 23%
Fixed income 16%
Target date funds 14%
Other 16%
“Saving enough money for a comfortable retirement doesn’t happen by chance. If you don’t stay on track with saving in your workplace retirement plan, it’s unlikely you’ll be able to retire on your own terms.”
Head of US Defined Contribution
Additional findings:
- 69% of participants say their workplace plan is their single most important retirement asset.
- More than half (59%) of plan participants wish they received more guidance from their employer on how to invest plan assets.
- Most plan participants (65%) say they worry about money too much and over half (56%) are concerned that financial stress will negatively affect their health.
- 53% of participants spend at least an hour a day worrying about money.
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More on our Retirement Survey
Press Release
Retirement Plan Participants Think They’ll Need $1.3 Million
In the News
Featured coverage of Schroders US Retirement Survey
Contact Us
Deb Boyden, Head of US Defined Contribution
Deb.Boyden@Schroders.com