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Schroders US Retirement Survey 2022

Income
Retirement Readiness
Sustainability

Schroders US Retirement Survey Results - 2022

Schroders recently surveyed 1,000 U.S. investors nationwide to learn more about the state of retirement readiness and planning, key concerns regarding retirement, and current sentiment among those who are already living in retirement. Please find the results of our proprietary study on US retirement trends below:

Just 22% of Americans Nearing Retirement Age Believe They Saved Enough

Retirement Planning Should Take a Higher Priority

Schroders recently surveyed 1,000 U.S. investors nationwide to learn more about the state of retirement readiness and planning, key concerns regarding retirement, and current sentiment among those who are already living in retirement. 

Key findings from this research include:

  • Working Americans ages 45 and older believe it will take $1.1 million in savings to retire comfortably, yet the majority (56%) expect to have less than $500,000 saved. Notably, 57% of retirees said they had less than $250,000 saved at retirement.
  • The percentage of working Americans nearing retirement age (60-67 years old) who said they have enough money saved was just 22% - down from 26% one year ago.
  • For many retirees (44%), expenses in retirement are higher than they expected, while just 8% say expenses are less.
  • The top three concerns Americans have about retirement include: inflation lessening the value of assets (65%), higher than expected healthcare costs (64%), and a major market downturn significantly reducing assets (53%).

There’s no question that rising inflation and market volatility have taken a toll on Americans’ belief in being able to achieve a financially comfortable retirement. However, we can’t afford to let these challenges derail our focus on retirement saving and planning. Eliminating financial stress and worry in retirement starts with staying disciplined in your savings in good times and bad.

Joel Schiffman
Head of Strategic Partnerships

Other findings regarding retirement readiness include:

  • Less than one-quarter of respondents (23%) report they have a written retirement plan to guide their decisions, while 40% have done some planning but don’t have a formal plan, and 37% have not done any planning.
  • Among those without a plan, 76% find the idea of planning overwhelming and 56% believe it doesn't make sense because life is so uncertain.
  • However, among those who have done retirement planning, 91% say it has been useful to them, with 33% reporting it has been critical to putting them on a better path for retirement.

About the survey:

The Schroders 2022 U.S. Retirement survey was conducted by 8 Acre Perspective among 1,000 U.S. investors nationwide ages 45 –75 from February 17 – February 28, 2022. The survey included 317 respondents with employer-provided defined contribution retirement plans.

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