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Schroders US Retirement Survey

Schroders US Retirement Survey Results - 2021 

Schroders surveyed 1,000 respondents to explore the state of retirement readiness and planning, whether saving and investing are a focus during the COVID-19 crisis, retirement asset allocations, and retiree sentiment on living in retirement. Please find the results of our proprietary study on US retirement trends below:

We believe it’s important that our efforts to create defined contribution accumulation and income solutions be informed by investors’ changing behaviors and expectations when it comes to retirement. Part one of this year’s survey gives us valuable insight into whether investors are sufficiently planning for their retirement, how they are investing, and their overall retirement readiness.

Joel Schiffman
Head of Intermediary Distribution

Key Highlights

  • Saving for the future is among the top three activities respondents have devoted more attention to since the COVID-19 crisis began over a year ago. The top three: health and fitness (53%); spending time with family (52%); saving for the future (39%).
  • During the pandemic more respondents have devoted additional attention to deciding what to watch on Netflix and other streaming services (38%) than on developing a financial plan/strategy (29%) or their investment portfolio (26%).
  • Among respondents near or at retirement (ages 60-67), just 26% said they had enough saved for retirement; only 18% of this age group said they felt “very good” about their retirement planning and were “fully on track.”
  • Almost half (49%) of respondents said they had no idea how their assets for retirement were allocated. Those who knew were heavily allocated to cash.
  • The three primary barriers to planning for retirement are: I don’t have enough saved yet to plan for retirement (70%); I have other financial priorities that are more important right now (60%); the future is too uncertain to plan for (50%).
  • The majority (62%) of all working respondents plan to keep working in retirement. Why: To stay busy (57%); because they enjoy working (56%); to cover basic living expenses (53%).
  • Describing their financial situation, 4% of retirees said they were “living the dream,” and 42% said they were comfortable. The majority (54%) of retirees were not as fortunate: 36% said they were “not great but not bad,” and 18% said they were struggling.

During the COVID-19 crisis, people said saving for their future remains a top priority, even if it’s harder to save. The long-term benefits of saving, especially if you start early and are able to take advantage of a defined contribution plan offered by your employer, cannot be over-stated. It’s equally important to maximize your investments with a diversified allocation to achieve sufficient asset accumulation as those assets will be necessary to create long-term retirement income.

Deb Boyden
Head of US Defined Contribution

About the survey:

The Schroders U.S. Retirement survey was conducted by 8 Acre Perspective nationwide among 1,000 U.S. consumers ages 45 –75 from January 20— 27, 2021. Respondents were fairly evenly split by age and gender; age: 45-59 (367), 60-69 (348), and 70+ (285); male (501), female (499).

View the Survey report

View the press release

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