Glossary

Financial Grit: Ability of savers to remain focused on long-term goals, stay confident in their ability to reach retirement and willingness and to persevere through periods of hardship.

Generation Z: those born between 1997 and 2012 Millennials: those born between 1981 and 1996 Generation X: those born between 1965 and 1980 Baby Boomers: those born between 1946 and 1964

Year-over-year: a metric used to compare data from the current year to the previous year.

METHODOLOGY & DEFINITIONS

4% Rule: This rule calculates the withdrawal rate that will allow the investment portfolio to pay a consistent rate the increases with inflation yearly but doesn’t run out money over 30-year period using Monte Carlo simulations. Under the 4% Rule, the initial 4% withdrawal amount increases by inflation to pay out for 30 years.

Monte Carlo simulation: a way to model the probability of different outcomes in a process that cannot easily be predicted due to the intervention of random variables. It is a technique used to understand the impact of risk and uncertainty.

The case studies presented in the document represent a typical retiree’s portfolio under different sets of investments – a traditional 60% fixed income / 40% public equity portfolio, a traditional investment portfolio with an allocation to single-premium immediate annuity (SPIA), and a traditional investment portfolio with pension income – to evaluate the range of retirement investment outcomes when the retiree could incorporate sustainable income options in his / her portfolio.

For each of the three case studies, 1,000 scenarios over each of the 30-year period are randomly generated for each year is set up for the Global Equity and US Aggregate Fixed Income asset classes. We leverage Goldman Sachs Asset Management Multi-Asset Solutions team’s forward-looking expected risk and return assumptions for this Monte Carlo simulation exercise. The portfolio returns take a weighted average of asset class returns. The simulation also considers the annual required spending of 4% (indexed to inflation rate of 1% per year) over the 30-year period. The spending amount is held consistent across all three case studies.

The threshold for “Failure” in the analysis is determined based on the occurrence of the retiree’s portfolio running out of money at any point in the 30-year period. The rationale for this is that, given the goal of the analysis is to evaluate the sustainability of the investment strategy, a case where the retirement saver runs out of money sooner than expected would indicate that the investment strategy is not sustainable. Hence, we establish the “failure” threshold when the investment account balance reaches $0 for all three case studies.

The expected value of investment assets over time in retirement charts for each of the three case studies showcase the range of potential portfolio balances at the end of the 30-year period, given market movements may impact all / parts of the retirement portfolio that is invested in the 60% US Aggregate Fixed Income / 40% Global Equity portfolio.

For case study 2, the key driver that causes dispersion of ending portfolio balances is the annual percentage return of the guaranteed income portion of the portfolio ($500,000 allocated in an SPIA, which generates around 7.0% or $35,000 in annual income return. Given that spending is held constant (4% annually indexed to inflation, starting at $40,000 in year 1), the SPIA returns $35,000 and covers a majority, but not all, of the annual required spending. Taking year 1 as an example, the retiree would have to draw an additional $5,000.

GOLDMAN SACHS ASSET MANAGEMENT 35 RETIREMENT SURVEY & INSIGHTS REPORT 2025 OCTOBER 2025

DISCLOSURES

THESE MATERIALS ARE PROVIDED SOLELY ON THE BASIS THAT THEY WILL NOT CONSTITUTE INVESTMENT ADVICE AND WILL NOT FORM A PRIMARY BASIS FOR ANY PERSON’S OR PLAN’S INVESTMENT DECISIONS, AND GOLDMAN SACHS IS NOT A FIDUCIARY WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE MATERIAL OR CONTENT HEREIN. PLAN FIDUCIARIES SHOULD CONSIDER THEIR OWN CIRCUMSTANCES IN ASSESSING ANY POTENTIAL INVESTMENT COURSE OF ACTION.

All investing involves risk, including loss of principal.

The survey was conducted by Goldman Sachs Asset Management and Qualtrics Experience Management between June 27, 2025–July 21, 2025 Views expressed are those of survey respondents.

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.

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by Goldman Sachs Asset Management to buy, sell, or hold any security. Views and opinions are current as of the date of this document and may be subject to change, they should not be construed as investment advice. Although certain information has been obtained from sources believe to be reliable, we do not guarantee its accuracy, completeness or fairness. We have relied upon and assumed without independent verification, the accuracy and completeness of all information available from public sources.

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.

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