Retirement Survey & Insights Report 2024

Retirement Survey & Insights Report 2024

Despite eased inflation and improved economic conditions, savers have continued to feel the pressure of increasing financial priorities. In this year’s report, we explore the impact that personalized planning and advice may provide when preparing for retirement.

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.

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.
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Greg Wilson
Head of Retirement
Key Survey Findings

Planning Is Key to Higher Savings

Having a peronalized plan for retirement was the second most important factor (behind education level) tied to higher retirement savings among behavioral and demographic factors we analyzed

Personalized Planning and Advice Improved Outcomes for Workers and Retirees

Working and retired individuals who prepared for retirement with a personalized plan report less stress managing savings, less likelihood of delaying retirement, less stress entering retirement, less likelihood of supplementing savings with part-time work, and much more

Financial Vortex Impact Declined in 2024, Though Additional Progress Remains

Working individuals report a small decline in the impact of competing financial priorities on their ability to save for retirement, but over 60% of individuals still believe they will need to delay their retirement due to these competing demands

Retirement Investing and Advice Are the Top Desired Resources

Retirement investing and advice are the most desired advice services from employers, consistently valued across all investor types

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.