Healthcare and Living Costs Named Top Concerns by US Retirement Savers, Smart Future of Global Retirement Report Finds
Smart, a leading global retirement technology provider, has released the US results from its annual Future of Global Retirement report, which examines the progress in knowledge, attitudes, and concerns about retirement savings; surveying 8,000 individuals worldwide and 2,000 US savers, the report found that 58% of respondents consider healthcare as their top concern when it comes to retirement-related worries, while 57% cited their concern about being able to afford living costs on a day-to-day basis.
Key findings include:
- Healthcare and living costs present concerns: 58% of respondents said healthcare tops the list when it comes to retirement-related concerns, followed by 57% of respondents who cited being able to afford day-to-day living costs.
- Americans plan to work into retirement: 35% of respondents plan to work into their retirement, indicating that retirement is becoming a transition rather than a one-off event.
- Inflation impacts outlook on monthly spend: 43% of respondents aged 45-54 see their average monthly spend going up in retirement, which may reflect concerns about the impact of inflation.
- Retirement plan providers can improve guidance: 32% of respondents cite their financial advisers as the most useful source of information, while just 17% say they receive their most useful advice from their retirement plan provider and 10% say their employer. This presents an opportunity for service providers to step up guidance and education measures.
- Americans desire a combination of autonomy and assistance: 66% of respondents consider the most important feature of a retirement plan to be online access; 59% of respondents want a blended approach to managing their retirement finances, combining autonomous control and assistance when needed.
Jodan Ledford, CEO of Smart in the US said, “As the retirement landscape shifts, in line with emerging technology and reforms to legislation, it is imperative for the industry to remain one step ahead for the benefit of both, those saving for, and drawing income in retirement. Smart brings forward this report as a resource not just to guide our strategic actions, but for the entire industry to inform the demand for platforms, technologies and educational materials to evolve in order to meet the retirement needs of savers around the world.”
For more information and to download the full report, click here.
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