Annual Retirement Survey
What retirees have to tell us about the new world of retirement.
Retirement is changing. It is too easy, however, to focus on the uncertainty about where we are today in the new world of retirement and ignore how far we have come in overcoming the challenges.
That's one of the reasons BlackRock extended this year's Retirement Survey to include recent retirees for the first time. We asked retirees about what helped them prepare for retirement and what might have helped them even more. Our four findings are presented here.
Both retirees and participants give proactive plan sponsors the green light to give even more help.
Retirees and participants agree: the more proactive plan sponsors are in helping participants build for retirement, the better.
With the benefit of hindsight, retirees are much more in favor of a proactive plan sponsor role than current participants. In fact, 91% of retirees agree that plan sponsors should educate participants about the realities of longevity in retirement, and 90% agree plan sponsors should help participants understand their financial requirements in retirement.
Like retirees, today's participants are also strongly in favor of proactive plan sponsor actions, and welcome advice and help. In the chart below, we also see that plan sponsors clearly feel responsible for helping participants create secure retirements— often assuming more responsibility than participants assign them. Taking their cue from retirees' positive view on their actions, plan sponsors can congratulate themselves on their dedication and take even more proactive action.
For Plan Sponsors and DC Advisors
Retirement Survey Results
Thought leaders from the BlackRock DC team discuss findings from this year's survey.
Thoughts on the Survey
Head of BlackRock DC Distribution
"Now that they're actually managing retirement's financial issues first-hand, retirees are particularly keen to see employers take an activist role in helping workers get ready."
Thoughts on the Survey
Head of BlackRock's US and Canada DC Group
"Though many of today's retirees are successfully meeting the financial challenges of life post-employment, the reality is that most are enjoying the financial benefit of robust, secure income streams—in particular, defined benefit pensions—that future retirees simply won't have."
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