Americans now estimate they need $5,094 per month to retire comfortably, according to the Schroders 2026 US Retirement Survey, released in September 2026. That figure is up from $5,032 in 2025, reflecting a target that keeps climbing even as household savings, 401(k) balances, and Social Security benefits face mounting strain. The survey, which polled 1,500 U.S. investors aged 30 to 79, underscores a persistent gap between expectations and reality.
One of the most striking findings is the disconnect around Social Security claiming. Nearly half of non-retired respondents say they plan to file for benefits before age 67—the full retirement age for those born in 1960 or later—while only 10% intend to wait until 70, the age at which monthly checks are maximized. The reasons are practical: 45% say they need the income sooner, and 43% simply want access to funds as quickly as possible. Meanwhile, 40% worry that Social Security itself may run short or stop payments altogether.
Deb Boyden, head of U.S. defined contribution at Schroders, emphasized the importance of structured planning. "While there is no single, right age for claiming Social Security, careful planning helps take the emotion out of your decision-making," she said. "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."
The survey also reveals a deeper structural problem: most retirees have no formal income strategy. Among current retirees, 51% report having no specific plan for converting savings into income. Of those who do, the most common approaches are systematic withdrawals (26%), certificates of deposit (20%), and dividend-paying stocks or mutual funds (20%). Nearly two-thirds of retirees say they wish they had done more planning before leaving the workforce, and 58% have no idea how long their savings will last.
Anxiety about the transition is widespread. Fifty-six percent of non-retired Americans describe the prospect of no longer receiving a regular paycheck as "concerning," and 20% call it "terrifying." Boyden noted that "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. 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."
One new variable stands out: 48% of non-retired respondents say they are concerned that artificial intelligence will force them into retirement earlier than planned. This represents a significant shift in retirement planning, as clients who expected another five to ten years of contributions could see their timelines compressed. The finding aligns with broader industry trends, such as AssetMark's survey showing AI adoption at 85%, though integration gaps remain.
Workplace plans remain a cornerstone. Among those with a workplace retirement plan, 74% call it their single most important retirement asset. And 85% of those offered retirement income products within their plan say they are likely to keep assets in the plan after leaving the workforce—a signal of growing demand for in-plan income solutions. The appetite for downside protection is equally striking: 91% of workplace plan participants say they would be interested in a product that actively manages loss risk while seeking growth at the current cash rate plus 5%.
Confidence in achieving retirement goals remains low. Only 16% of non-retired Americans say they "definitely" expect to replace at least 75% of their last paycheck in retirement—the industry benchmark. Thirty-two percent say they "probably" will not reach that threshold, and 15% say they "definitely" will not. For advisors, these numbers point to a need for structured guidance, not just awareness. As a recent survey found, 84% of Americans want control over their retirement, but only 40% know their investments.
The findings also highlight opportunities for advisors to help employer clients evaluate and communicate in-plan income options. With recent legislative changes affecting retirement withdrawals, and data showing equity grants alone fail to secure retirement, the need for comprehensive planning has never been greater.
