Just 26% of near-retirees have saved enough

Just 26% of near-retirees have saved enough
Schroders survey shows that more Americans worry about the Netflix lineup than finances or investments.
MAR 18, 2021

While the Covid pandemic has caused more Americans to focus on saving, what to watch on Netflix and other streaming services still appears to be more of a concern than developing a financial plan or spending time on investments.

Those are among the key findings of a survey of U.S. retirement readiness by Schroders, which found that only 26% of non-retired respondents in the 60-to-67 age range said they have enough money saved for retirement. Almost two-thirds — 60% — said they do not have enough saved, and 14% said they did not know if their savings were adequate.

According to the survey, the activities on which Americans focused more during the crisis included health and fitness (53%), spending time with family (52%), saving for the future (39%), what to watch on Netflix and other streaming services (38%), planning to enjoy life more/bucket list (36%), developing a financial plan or strategy (29%) and their investment portfolio (26%).

While 38% of respondents reported saving less money since the start of the crisis, 43% said their savings rate was unchanged and 19% said they are saving more.

The majority (62%) of all working respondents to the survey said they plan to keep working in retirement in order to stay busy (57%), because they enjoy working (56%) and to cover basic living expenses (53%).

Schroders said its annual U.S. retirement survey was conducted in late January among 1,000 U.S. consumers between the ages of 45 and 75.

Global investors heading for ESG ETFs

Latest News

Trump Accounts face midterm test as rules shift, warns Focus exec
Trump Accounts face midterm test as rules shift, warns Focus exec

Focus Partners Wealth’s Jeffrey Levine says a Democratic House or Senate would make new legislation on Trump Accounts much harder to pass

Fintech bytes: DeepVest pushes into financial planning with PlanLab
Fintech bytes: DeepVest pushes into financial planning with PlanLab

Docupace also rebuilt its wealth operations platform around a single client record, while Focus Financial picks Nevis to bring AI to its advisors.

RIA M&A drops 17% in Q3 as mega sellers set new record, DeVoe says
RIA M&A drops 17% in Q3 as mega sellers set new record, DeVoe says

Consolidators handled 53% of deals through September as smaller sellers stalled amid market volatility, DeVoe & Company finds.

Firm that creates Forbes rankings returns - with a fresh moniker
Firm that creates Forbes rankings returns - with a fresh moniker

Shook Research has a new name and brand, Veritant, and will continue its coveted rankings of financial advisors.

Courts backs SEC freeze on biotech firm over investor deception claims
Courts backs SEC freeze on biotech firm over investor deception claims

Principals reportedly took millions more in pay than disclosed

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor