Living in Retirement
Learn more about the financial challenges and concerns of retired Americans.Inflation is taking a toll on retirees
Key findings from the Schroders 2024 US Retirement Survey on how retirees are navigating an array of financial challenges after leaving the workforce:
- Less than half (44%) of Americans in retirement believe they have saved enough, 24% are unsure, and 32% are convinced they have not accumulated enough savings.
- Nearly half (47%) of all retirees report their expenses in retirement are higher than they expected, and 49% believed Medicare would cover more of their healthcare expenses.
The top concerns facing retired Americans are (% at least slightly concerned):
- Inflation lessening the value of assets (89%)
- Higher than expected healthcare costs (85%)
- A major market downturn significantly reducing assets (76%)
- Not knowing how to best generate income and/or draw down assets (69%)
- Outliving assets (68%)
“Whether it’s a trip to the gas station, grocery store or pharmacy, prices in the US have increased noticeably in recent years, and that is particularly challenging for retirees living on fixed income sources.”
Head of US Defined Contribution
Additional findings:
One-in-three (33%) retirees are concerned that financial stress will impact their overall health and 26% have lost sleep worrying about their financial situation.
When asked to describe their financial situation in retirement, results are varied:
- 4% are “living the dream”
- 44% are “comfortable”
- 34% are “not great but not bad”
- 15% are “struggling”
- 4% are “living the nightmare”
Highlighting the importance of a plan, most retired Americans (58%) admit they have no idea how long their savings will last, and 63% wish they had done more planning prior to retiring.
Press Release
Schroders’ Retirement Study Finds Inflation Taking Toll on Retirees