For the past decade, BlackRock has interviewed employers, retirement savers and retirees to assess Americans’ retirement readiness.
This week, BlackRock published its tenth annual Read on Retirement ® report, which revealed a striking paradox: while saver optimism about retirement is rising, employer confidence and actual savings contributions are falling—highlighting a disconnect between how prepared people feel and how prepared they likely are.
What they’re saying: “This gap is a call to action,” said Jaime Magyera, Head of BlackRock’s Retirement business. “While much progress has been made to help educate and simplify saving for retirement, savers and employers alike are seeking more solutions—like professional guidance and access to lifetime income and private markets—to help people build confidence and afford longer retirements.”
Other key findings:
- Nearly two-thirds of workplace savers feel on track with their retirement savings—up 23 percent over the last decade.
- Gen X, the closest generation to retirement, is feeling the pressure: just 54 percent say they’re on track for retirement—the lowest of any generation.
- The number of retirees who feel prepared financially for the rest of their retirement reached an all-time low at 27 percent, down from 43 percent in 2020.
- Savers are increasingly interested in putting money into Target Date Funds that are tied to the year they anticipate retiring, in addition to exploring options that provide guaranteed income to help address concerns around outliving savings.
