Schroders surveyed 1,004 respondents with the goal of better understanding the needs of pre-retirees and retirees, the general sentiment around retirement, and an individual’s understanding of retirement planning, investing and social security benefits. Please find the results of our proprietary study on US retirement trends below:
As we continue to refine and innovate the retirement solutions we offer clients, we wanted to have a clear understanding how the transition from pension plans to individual retirement plans has affected decision-making around retirement savings, investing and social security benefits.
As the industry has transitioned from employer-directed pension plans to self-directed retirement programs as a means for funding retirement, it appears that we have left a post-retirement education and planning gap for the vast majority of our population” said Deb Boyden. “Historically, we have focused all of our attention and education on the ‘asset accumulation’ phase but have provided little guidance for those in the ‘asset decumulation’ phase. The lack of information and access to so few options to replace income in retirement has made the dream of retirement less certain for many.
Respondents are split 50/50 between men and women and are categorized into three age cohorts: 45-59 (336 respondents), 60-69 (335 respondents) and 70+ (333 respondents). Among those surveyed, 50% are married, 20% are divorced, two thirds own their own homes and 51% are currently living with two 18+ years-old people in their household.
Respondent ethnicities include 754 Caucasians, 120 Hispanics, 110 African Americans and 20 Asians.