Retirement Survey & Insights Report 2024
Planning: The Missing Link to Retirement Security
As saving for retirement has become increasingly complex, individuals are now faced with balancing multiple financial priorities, including increased daily expenses, the rising cost of caregiving, student loans and much more. The retirement industry continues to develop innovative solutions to support a wide range of financial needs, and plan sponsors are eager to provide great support to help employees navigate these challenges that are unique to each person’s circumstances.
In our annual Retirement Survey & Insights Report, we are pleased to present findings that underscore the benefits planning and financial advice may have for retirement savers. From streamlining the savings process, to effectively managing competing priorities and ultimately improving the likelihood of achieving retirement preparedness, our respondents reported significant positive impacts from having a personalized plan. As a leader and innovator in retirement solutions, central to our mission at Goldman Sachs Asset Management is supporting the next generation of savers to help them realize their retirement savings potential.
Methodology & Respondents
Our findings are from 4,874 individuals surveyed in July 2024 and provide insights from a diverse set of perspectives, including (i) working individuals (3,280 working individuals across generations), and (ii) retired individuals (1,594 retired individuals age 45–75). To better understand how people make retirement savings and advice decisions in the face of many competing priorities, we engaged behavioral economics firm Behave Technologies (formerly Syntoniq, Inc.). Behave Technologies developed key questions in our survey to analyze four behavioral characteristics discussed throughout this report—optimism, future orientation, risk-reward focus, and financial literacy (described further in the appendix of the report). Behave Technologies’ analysis helped provide deeper insights into retirement planning behaviors.
All investing involves risk, including loss of principal.
The survey was conducted by Goldman Sachs Asset Management and Qualtrics Experience Management between June 27, 2024–July 21, 2024. Views expressed are those of survey respondents.
As mentioned on page 12 of the report, this material contains information of a hypothetical retirement saver, and includes certain estimates, projections and statements which are based on certain assumptions. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual retirement saver events, and this material should not be relied upon for such purposes. Actual conditions and scenarios could be better or worse.
Percentages may not sum to 100% due to rounding.
This material is provided for educational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities.
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