Key facts
- 52% of non-retired Americans fear outliving their assets.
- 45% of non-retired Americans plan to claim Social Security before age 67.
- Non-retired Americans estimate needing $5,094 monthly for comfortable retirement.
- 55% of non-retirees plan to rely on cash savings for retirement income.
- 48% of non-retirees plan to rely on 401(k)s, 403(b)s, or 457 plans.
- 64% of retirees regret insufficient retirement planning.
Fifty-two percent of non-retired Americans are concerned about outliving their assets in retirement, according to the Schroders 2026 U.S. Retirement Survey. Despite these concerns, 45% plan to claim Social Security benefits before reaching the full retirement age of 67, and only 10% intend to wait until age 70 for the maximum benefit. Many understand that delaying benefits would increase their monthly payments, but cite the need for earlier income (45%), desire for immediate access (43%), and concerns about Social Security's future solvency (40%) as reasons for claiming sooner. Deb Boyden, head of U.S. defined contribution at Schroders, emphasized the importance of careful planning to make informed decisions about Social Security.
Non-retired Americans estimate needing an average of $5,094 per month to retire comfortably, a slight increase from the previous year. Beyond Social Security, their primary sources of retirement income are expected to be cash savings (55%), workplace retirement plans like 401(k)s (48%), investment income (33%), a spouse's plan (27%), and pensions (21%). Only 16% of non-retirees are confident they will replace at least 75% of their last paycheck, while 15% are certain they will not, and 32% believe it's unlikely. The prospect of no regular paychecks is daunting for most, with 56% finding it concerning and 20% describing it as terrifying. Additionally, 48% worry that AI might force them into early retirement.
For those with workplace retirement plans, 74% consider the plan their most important retirement asset. Eighty-five percent of these individuals are likely to keep their assets within the plan after leaving employment, and 91% are interested in employer-offered products that actively manage risk while aiming for returns equivalent to the current cash rate plus 5%.
Among retirees, a significant 64% wish they had planned more before leaving the workforce, and 58% are unsure how long their savings will last. Fifty-one percent of retirees lack specific strategies for generating retirement income. For those who do have strategies, common methods include systematic withdrawals from retirement accounts (26%), certificates of deposit (20%), and dividend-paying stocks or mutual funds (20%). Boyden noted that many retire without a clear income strategy, leading to uncertainty that can be as stressful as insufficient savings.