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How participants think, act and engage with their retirement plans. Our eighth defined contribution (DC) plan participant survey findings explore insights on how participants are interacting with their plans, what they value in plan design and how they are approaching retirement.
Key findings by the numbers
About the survey
This survey is based on responses from 1,716 plan participants and 512 retired participants, to understand attitudes and behaviors around retirement planning. The results are intended to provide directional insights into how participants think about saving, investing and retirement readiness.
Savings shortfall
59% think they should be saving more for retirement – a well-placed concern given that 63% of retirees WISH they had saved more for retirement. 96% of participants who were defaulted into their plans and 97% who had their contributions automatically escalated report being satisfied.
Make it easy
Most want retirement decision-making made simpler, and younger generations increasingly expect their plans to provide it. Seven in 10 (73%) participants wish they could “push an easy button” and fully delegate their retirement planning and investing, up from 55% ten years ago in 2016.
Income on the rise
76% are concerned about creating a steady income stream in retirement. Only 35% think Social Security will be sufficient to cover routine monthly expenses. 91% would be interested in an in-plan retirement income solution.
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