Fifty-two percent of non-retired Americans are “concerned” or “very concerned” about outliving their assets in retirement, according to the Schroders 2026 U.S. Retirement Survey.
Despite those concerns, 45% plan to file for Social Security benefits before reaching age 67 — the full retirement age for everyone born in 1960 or later — and just 10% plan to wait until age 70, when an individual reaches their maximum monthly benefit.
Sixty-nine percent understand that waiting longer to claim would increase their monthly payments.
Their reasons for planning to claim before age 70 include needing the money earlier for regular income (45%), wanting access as soon as possible (43%), concern that Social Security may run out of money or stop making payments (40%) and being advised to take it earlier (14%).
“While there is no single, right age for claiming Social Security, careful planning helps take the emotion out of your decision-making,” said Deb Boyden, head of U.S. defined contribution at Schroders. “Knowing your income, spending needs and whether your investments match these needs will provide clarity that leads to better decisions on how to maximize Social Security.”
On average, non-retired Americans believe they must generate $5,094 in monthly income to retire comfortably, up slightly from $5,032 one year ago. Beyond Social Security, they plan to rely on cash savings (55%), workplace 401k, 403b or 457 plans (48%), investment income (33%), a spouse’s workplace plan (27%) and a pension plan (21%).
Just 16% said they “definitely” expect to replace at least 75% of their last paycheck with retirement income, compared with 15% who said “definitely not” and 32% who said “probably not.”
Most non-retired Americans (56%) find the idea of no more regular paychecks “concerning” and 20% describe it as “terrifying.” Forty-eight percent are concerned that AI will force them into retirement sooner than planned.
Plan participants want downside protection
Among non-retired Americans with a workplace retirement plan, 74% report that the plan is their single most important retirement asset.
Among those with plans offering retirement income products, 85% say they are either “very likely” or “somewhat likely” to keep their assets in the plan after they are done working.
Ninety-one percent would be interested in a retirement investment product from their employer that actively manages the risk of loss while seeking to grow assets at a rate equal to the current cash rate plus 5%.
Retirees report planning regrets
Sixty-four percent of retired respondents wish they had done more retirement planning before leaving the workforce and 58% have no idea how long their savings will last.
Fifty-one percent of retirees don’t have specific strategies for generating income in retirement.
For those who do, the top strategies include systematic withdrawals from retirement accounts (26%), certificates of deposit (20%) and dividend-producing stocks or mutual funds (20%).
“Our survey findings reveal a blind spot that many don’t discover until it’s too late. Planning for retirement isn’t just about how much you save, it’s about knowing how you’ll turn that savings into a reliable income stream,” said Boyden. “Far too many people retire without a clear strategy for making their money last and that uncertainty can be just as stressful as not having saved enough in the first place.”
This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.
