Retirement preparedness is enormously hard to gauge because there are so many unknown variables. We have no way of knowing future market returns, nor can we accurately predict economic cycles that create and destroy wealth. Accordingly, this report focuses on the component of retirement preparedness that is the easiest to pinpoint—what employees are doing to prepare themselves.
Key findings from the report:
- Across all age groups and income levels most employees have never run a retirement projection.
- Ignorance is not bliss. Those who have not run a retirement projection have lower overall wellness scores.
- Basic money management skills are highly correlated with retirement preparedness.
As a whole, U.S. employees are not prepared for retirement and will need to significantly increase their savings rates to avoid delaying retirement.
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