Schroders’ Retirement Study Finds Inflation Taking Toll on Retirees
2024年5月10日 - 12:17AM
ビジネスワイヤ(英語)
68% Concerned About Outliving Their
Assets
Just 4% of Retirees Say They Are “Living the
Dream”
With inflation remaining stickier than anticipated, the impact
of rising prices lessening the value of savings is weighing heavily
on the minds of retirees. According to the Schroders 2024 US
Retirement Survey, 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.
Among 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%)
Further, 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.
“Whether it’s a trip to the gas station, grocery store or
pharmacy, prices in the U.S. have increased noticeably in recent
years, and that is particularly challenging for retirees living on
fixed income sources,” said Deb Boyden, Head of U.S. Defined
Contribution at Schroders. “The challenges facing retirees today
are further evidence of the retirement savings crisis. For younger
generations with longer time horizons, now is the time to
prioritize saving for a brighter future.”
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. On average, retired
Americans report spending 14% of their total monthly income on
healthcare costs ranging from insurance premiums, out-of-pocket
expenses, prescription costs, and more.
Notably, 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.
Percentage of Retirees “Living the Dream” Matches Those “Living
the Nightmare”
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”
Across all retirees, a larger percentage are using a pension
plan (38%) or spouse’s pension plan (34%) to generate income in
retirement than a 401k, 403b or 457 plan (22%) or spouse’s 401k,
403b or 457 plan (24%).
“The corporate pension plans that are being relied upon by
today’s retirees may not be there for all retirees in future
generations,” said Boyden. “This shift in how Americans will be
meeting their expenses in retirement moving forward underscores the
urgency for bolder actions from retirement savers, plan sponsors
and asset managers. We can and should do more to improve the
economic security of tomorrow’s retirees.”
About the Survey
The Schroders 2024 US Retirement Survey was conducted by 8 Acre
Perspective among 2,000 US investors nationwide ages 28-79,
including 498 retired Americans. The survey was conducted from
March 15 to April 5 in 2024.
For more information on the Schroders 2024 U.S. Retirement
Survey, visit here.
Note to Editors
To view the latest press releases from Schroders visit: Newsroom
- Media Relations - Schroders
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Jennifer Manser Head of Corporate Communications, North America
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