2025 Retirement Plan Services Participant Outcomes Survey

Retirement plan participants share their knowledge, thoughts, and confidence around investing and preparedness.

• While 90% of participants say being on track for retirement is a priority, only 57% believe they are. And that number is more than double the 26% who are actually on track based on retirement readiness modeling.
• 79% of those surveyed tell us they're getting the full employer match, but 63% actually are. This means about one in three could be leaving money on the table-suggesting a lack of clear understanding about how their plans work or how their actions influence outcomes.
• Nearly 90% of participants surveyed say it's important to have an emergency fund, but less than three out of four actually have one.
• Millennials are more ambitious about retiring before 65, and just over half (51%) feel confident they're on track for retirement. In contrast, Boomers tend to target later retirement (age 67) but report higher levels of confidence (62%).

The survey targeted retirement plan participants in plans serviced by Schwab: those eligible to contribute to their employer's 401(k) plan with a focus on individuals not currently retired. The survey was administered online via a secure platform over a three-week period from December 3 to December 20, 2024. A total of 14,930 participants answered at least one question in the survey. Data was analyzed using descriptive statistics to summarize key trends and patterns and select cross-tabulations were employed to compare responses across various segments. Some financial behaviors and metrics from Schwab internal data were appended for comparison.

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