Greenwald Research’s Mathew Greenwald and American Benefit Council’s James Klein Recognized With The Employee Benefit Research Institute’s 2025 Lifetime Achievement Award

(Washington, D.C.) – The Employee Benefit Research Institute (EBRI) today recognized two benefits industry leaders — Mathew Greenwald, founder & managing director, Greenwald Research, and James A. Klein, senior advisor, American Benefits Council, with the 2025 Lifetime Achievement Awards — for devoting their careers to preserving, protecting and enhancing retirement security and health benefits.

“For close to four decades, Matt and Jim’s work shaped how American workers prepare for and navigate their healthcare and retirement and both have left an enduring mark on our industry. I feel fortunate to have worked with Matt and Jim during my tenure at EBRI. They have established themselves as true industry leaders and well deserving of the EBRI Lifetime Achievement Award,” said Barb Marder, president & CEO, EBRI.

Mathew Greenwald is founder & managing director, strategic initiatives, at Greenwald Research. Greenwald founded the company in 1985 and is a recognized retirement research expert with more than 40 years of experience. He is an inductee in the Insured Retirement Institute’s Hall of Fame and has a Ph.D. in sociology from Rutgers University.  “It is especially meaningful to get this award from EBRI, an organization that I believe shares Greenwald Research’s strong motivation to help companies in the employee benefits area and also contribute to enhancing the retirement security of Americans,” said Greenwald.  “I’ve dedicated my career to research on financial security before and in retirement. Being recognized by our long-time partner EBRI for my work is a great honor.”

James A. Klein is senior advisor to the American Benefits Council. Klein has been with the council for more than 37 years, including 33 years as president. Prior to joining the council, Klein was a practicing ERISA attorney and later manager of pension & health care policy at the U.S. Chamber of Commerce. “Because the Employee Benefit Research Institute is held in the highest esteem by the entire employee benefits community, recognition by EBRI is an exceptional honor. I gratefully accept this award not only on my own behalf, but also in recognition of the extraordinary accomplishments of my colleagues on the American Benefits Council staff, and the support and guidance from our member companies. Throughout my career I have relied on the unsurpassed credibility of EBRI research and data to inform my work,” said Klein.

Previous 2024 Lifetime Achievement Award recipients included Phyllis Borzi, J. Mark Iwry and posthumously David Kasiarz. The annual EBRI Lifetime Achievement Award is the successor to the EBRI Ray Lillywhite Award, which previously honored leaders in the employee benefits community, including U.S. Senators Rob Portman and Ben Cardin and Nobel laureate William F. Sharpe, Professor Emeritus at the Stanford University Graduate School of Business.

About the Employee Benefit Research Institute

The Employee Benefit Research Institute is a non-profit, independent and unbiased resource organization that provides the most authoritative and objective information about critical issues relating to employee benefit programs in the United States. The organization also coordinates activities for the Center for Research on Health Benefits Innovation, Financial Wellbeing Research Center, Retirement Security Research Center and produces a variety of leading industry surveys during the year. For more information, visit www.ebri.org.

About Greenwald Research

Greenwald Research is a consultative partner to health and wealth leaders that leverages industry expertise, access to experts, and a custom, collaborative approach to produce trusted insights and meaningful connections that drive understanding and inform strategic action. For more information, please call (202) 686-0300 or visit www.greenwaldresearch.com.

Survey: Transferring Generational Wealth Presents Unique Opportunities – and Challenges – for Financial Advisors

Washington, D.C. (November 20, 2025) – Many headlines have riddled the news proclaiming large amounts of assets will transfer from one generation to the next over the next two decades. A new survey by Greenwald Research’s 2025 Generational Wealth Transfer Study shows that most retirees and pre-retirees hope to leave a financial legacy, but they’re concerned that physical and mental decline – and taxes – will negatively impact their plans.

To help the financial services industry better understand the opportunities and challenges associated with generational wealth transfer, Greenwald Research recently conducted a study of both older consumers (future bequestors) and the financial professionals who serve them.

Consumers Prioritize Self Over Legacy

While most consumers surveyed prioritize supporting themselves (58%) over leaving a legacy, relatively few (29%) intend to gradually spend down their assets to fund their retirement lifestyles. Instead, most hope to preserve or even grow their assets during retirement, which would in effect position them for leaving a legacy.

“It may be that many such individuals see maintaining asset levels as a means to ensure their assets last without realizing they may be supporting the wrong goal in the process,” says Eric Sondergeld, Managing Director at Greenwald. “There is a real opportunity for financial professionals to help clients best plan for both supporting themselves to the fullest during their retirement years while helping them prepare for the efficient transfer of their remaining assets upon death.”

Regardless of their goal, consumers generally want what assets remain to go to their adult children, if they have any, or to other family members and charity if they do not.

Nine in 10 consumers believe they are at least somewhat prepared for the efficient transfer of their remaining assets upon their deaths. Yet, over half still feel there is more they need to do.

Fear of Incapacitation Leads List of Concerns

As consumers think about their futures and what will happen with their assets after they (and their spouse/partner) have passed away, two of the top three concerns expressed by majorities of respondents have to do with becoming incapacitated along the way:

  • Becoming cognitively impaired (e.g., getting dementia) in later years
  • Care they may need as they age significantly depleting their estate
  • Minimizing taxes

When money enters the equation, even close families can face conflict as parents age and estates are settled. Consumers surveyed describe the emotional relationship with their children as close or supportive (87%) and don’t appear to be concerned about this potential conflict. Notably, of relatively low concern were the:

  • ability for their children to manage the inheritance responsibly,
  • perceived fairness of what children will receive, or
  • potential for the inheritance process to negatively impact relationships among their children.

Opportunities and Risks for Financial Professionals Abound

Helping clients develop and implement wealth transfer plans is yet one more service facilitated by managing all, rather than a portion, of a client’s financial assets. Most financial professionals (81%) discuss wealth transfer planning with at least half of their clients and nearly all plan to spend the same amount (40%) or more time (58%) doing so over the next three years. Yet, there are two significant points in time where these client relationships can fall apart.

The first is when the first member of a client couple passes. While other studies have suggested up to 80% of widows fire their husbands’ advisors when the husband passes away, our survey suggests these figures are grossly overstated. It is obviously important for advisors to engage both members of a couple, lest they risk losing the relationship if the member they work with most closely passes away first. Financial professionals surveyed admit that it is extremely or very important to retain relationships with the less dominant spouse or partner (94%), yet express less confidence in retaining that relationship if the spouse/partner more dominant in the relationship with the financial professional were to pass (62%).

The second is when a single client passes (whether always single or their spouse/partner predeceased them), regardless of whether they have children. While 4 in 10 consumers with adult children have introduced their advisor to them, only half of advisors surveyed have a plan for engaging with client’s adult children. This is despite large majorities of advisors saying it is extremely or very important to engage them to retain assets after clients pass away (79%) and to deepen relationships with the client’s family (76%).

For more information about the 2025 Generational Wealth Transfer Study, contact Greenwald Research at info@greenwaldresearch.com

 

About the 2025 Generational Wealth Transfer Study

The Generational Wealth Transfer Study surveyed 1,018 consumers in June 2025 and 500 financial professionals in July/August 2025. The consumer survey included those ages 60 and older who have at least $500K in household financial assets. Full-time financial professionals have at least: $50M in assets under management, half of their income is from working with individuals, and 30% of their individual clients ages 60 and older.

 

About Greenwald Research

Greenwald Research is a leading independent custom research firm and consulting partner to the health and wealth industries that applies creative quantitative and qualitative methods to produce knowledge that helps companies stay competitive and navigate industry change. By leveraging deep subject matter expertise and a trusted consultative approach, Greenwald offers comprehensive services for weaving rich research stories that answer strategic business questions. For 30 years, Greenwald has partnered with the Employee Benefits Research Institute to conduct the annual Retirement Confidence Survey.

Contact:
Herb Perone
media@greenwaldresearch.com

Survey: Nearly Half of Pre-Retirees and Retirees are Paying More Attention to Financial News – A Trend with Both Promise and Pitfalls

Majority of Financial Professionals Now See Artificial Intelligence as an Opportunity

Washington, D.C. (October 29, 2025) – Americans approaching or living in retirement are tuning into financial news more closely in 2025 than in previous years. This heightened attention appears to be adding to both their confidence and their concerns.

According to the new 2025 Retiree Insights Program Survey by Greenwald Research, three in four (76%) pre-retirees and retirees ages 50-70 follow financial news at least somewhat closely, including 30% who say they follow it very closely. What’s even more significant is that nearly half (47%) report paying more attention than usual this year.

This attentiveness is a double-edged sword. Of those who closely follow the financial news, 60% say doing so both increases their stress and helps them make more informed decisions.

Those who follow financial news very closely are also more likely to be worriers. They worry more about:

  • Losing a major amount of money in the stock market (50% vs. 41% of those who don’t pay much attention to financial news)
  • A housing market decline (41% vs. 24%)
  • Financial institutions going bankrupt (22% vs. 13%)

Yet despite this higher anxiety level, they’re also more likely to be proactive, especially in terms of taking a more conservative position:

  • 41% have adjusted their portfolios to take less risk (vs. just 14%)
  • 18% have purchased products to protect against market loss (vs. 8%)

“More consumers are paying attention, and financial professionals need to pay attention to that,” says Doug Kincaid, Greenwald’s Managing Director for Financial Services and author of its 13th annual Retiree Insights Program Survey. “When clients are this tuned in, their emotions move with the markets and the headlines. That’s where good advice matters most.”

Financial Professionals Are Warming to the Idea of AI in Financial Advice

The 2025 Retiree Insights Program Survey also shows growing optimism among financial professionals about artificial intelligence.

More than half (51%) say they are at least somewhat comfortable with AI in financial advice, up from 33% just two years ago, and 72% now view AI as an opportunity for the industry, compared with 64% last year. Only 40% see it as a threat.

Interestingly, 54% of financial professionals say they have tried asking an AI tool, such as ChatGPT, a financial or investing-related question. Four in 10 (40%) have done so and said the AI provided helpful answers. In comparison, only 20% of pre-retirees and retirees have tried asking an AI tool a financial question.

Other key findings in the 2025 Retiree Insights Program Survey include:

  • While most consumers express confidence in “guaranteed” income sources, only 61% are at least somewhat confident that Social Security will deliver full benefits, versus 70% who are confident that a guaranteed lifetime income annuity from a major company would make the income payments it promised.
  • A majority of retirees (56%) report that they retired earlier than planned. How early is early, though? In fact, nearly six in 10 of these “early retirees” (58%) say they retired five or more years earlier than planned, including 34% who retired six or more years early.
  • According to financial professionals, 60% of their clients view retirement more as a time for rest and leisure while 40% see it more as a new chapter for personal growth and engagement. This equation may be changing: 62% say they’ve seen a shift over their career, with more clients prioritizing personal growth and engagement.

For more information about the 2025 Retiree Insights Program Survey, contact Greenwald Research at info@greenwaldresearch.com

 

About the 2025 Retiree Insights Program Survey
The survey was conducted in June 2025, with 1000 consumers and 301 financial professionals participating. The consumer survey included those who are between the ages of 50-70, have at least $200K in assets, and don’t have a defined benefit pension plan. For more information about the survey and Greenwald’s Retiree Insights Program, visit www.greenwaldresearch.com/retireeinsights or contact info@greenwaldresearch.com.

About Greenwald Research
Greenwald Research is a leading independent custom research firm and consulting partner to the health and wealth industries that applies creative quantitative and qualitative methods to produce knowledge that helps companies stay competitive and navigate industry change. By leveraging deep subject matter expertise and a trusted consultative approach, Greenwald offers comprehensive services for weaving rich research stories that answer strategic business questions. For 30 years, Greenwald has partnered with the Employee Benefits Research Institute to conduct the annual Retirement Confidence Survey.

Contact:
Herb Perone
media@greenwaldresearch.com

Sharing Our Expertise: Greenwald Research Celebrates 40th Anniversary With Special Webinar Events and In-Person Symposium

Small women-led business celebrates 40 years of impactful research on Americans’ health and retirement needs

Washington, DC (June 23, 2025) – Greenwald Research, a leading independent custom research and consultation firm serving the health and wealth industries, turns 40 this year. It’s celebrating by sharing some of its four decades of expertise with clients and industry allies – with special webinar events featuring industry thought leaders, culminating in a one-of-a-kind, in-person Health+Wealth Symposium in Washington, DC this November.

“Since Matt Greenwald founded our company in 1985, our goal has been to be a consultative partner to health and wealth leaders by leveraging industry expertise, access to experts, and a custom, collaborative approach to produce trusted insights and meaningful connections that drive understanding and inform strategic action,” says Greenwald Research CEO Lisa Greenwald.

The firm is known nationally for its annual Retirement Confidence, Workplace Wellness, and Consumer Engagement in Health Care surveys in partnership with the Employee Benefit Research Institute. Over its 40 years, Greenwald has worked with many of the leading companies in retirement, life insurance, employee benefits, and health insurance. It’s also known for its series of syndicated research surveys such as the annual Retiree Insights Program and In-Plan Insights Program.

Greenwald Research’s special webinar events have already begun, with May 1’s In Defense of the 401(k) with Carol Buckmann of Cohen & Buckmann P.C. (the recording is available here). Coming up on June 24 is Designing HSAs & HRAs for Long-Term Wealth, featuring Gallagher’s Richard J. Snyder and David Ritchie (registration is available here). Additional webinar events are being planned for July (a retirement income panel with experts from AllianceBernstein, Pacific Life, and Guardian Life), September, and October.

On November 4-5, Greenwald Research will host its in-person Health+Wealth Celebration & Symposium. Its sessions will include recognized speakers covering a variety of issues facing the health insurance, life/annuity insurance and financial services sectors – including the shifts in the definition of retirement, discussions of aging, lifetime income, HSAs, and other topics at the intersection of health and wealth which are at the core of Greenwald Research’s expertise. Sessions will include:

  • Keynotes from Surya Kolluri, head of the TIAA Institute, and Anne Lester, Finance Guru and Savings Expert
  • Evolution of Retirement: Shaping Policy & Politics, featuring two thought leaders from the American Council of Life Insurers (ACLI) – Kathleen Coulombe, Senior Vice President for Federal Relations, and Howard Bard, Senior Vice President & Deputy General Counsel.
  • Holistic Wellness at Work with Greg Ward of Financial Finesse bringing the financial wellbeing perspective, Calm.com representing mental health perspective, and others voicing physical health point of view.
  • Is There a Retirement Crisis: Past, Present or Future with Jason Fitchner of the Retirement Income Institute, Alliance for Lifetime Income, and Andrew Biggs, American Enterprise Institute.

More information about the in-person Health+Wealth Symposium is available online here.

“Greenwald is a small, now women-led business in Washington, DC. It’s a privilege to help lead this company and our talented team members. For 40 years, this firm has contributed critical research to shape discourse on Americans’ challenges and needs for health and retirement savings coverage and access,” adds Lisa Weber-Raley, Greenwald’s Chief Research Officer.

Lastly, Greenwald Research’s 40th Anniversary Blog Series, penned by CEO Lisa Greenwald, explores the challenges of leading through uncertainty with humanity and confidence in a family business. The blog entries are available online here.

About Greenwald Research

Greenwald Research is a leading independent custom research firm and consulting partner to the health and wealth industries that applies creative quantitative and qualitative methods to produce knowledge that helps companies stay competitive and navigate industry change. By leveraging deep subject matter expertise and a trusted consultative approach, Greenwald offers comprehensive services for weaving rich research stories that answer strategic business questions. For 33 years, Greenwald has partnered with the Employee Benefits Research Institute to conduct the annual Retirement Confidence Survey.

# # #

Contact:

Herb Perone
media@greenwaldresearch.com
301-512-7636

Cheers to 40 Years of Greenwald Research!

By: Lisa Greenwald
04/08/2025

We are excited to announce the 40th Anniversary of Greenwald Research! You are invited to celebrate with us by joining us virtually at special events scheduled throughout the year. Time has moved so fast; it seems almost hard to believe that what began in 1985 has evolved into the firm we are today.

When Matt Greenwald, my father, founded the company, the main goal was to contribute meaningful market research to help clients make key decisions for their businesses. While we have always stayed true to that, we have continuously developed expertise and enhanced our commitment to serving clients in financial services, employee benefits, and healthcare. What started with our first client, John Hancock, who we still have contact with today, to our current clients, we have never changed our dedication to excellence. We put our clients’ needs front and center.  We share what we know, we will learn what we don’t, and we strive to help others succeed and reach their goals.

We appreciate our clients; working with them is a privilege. Over the coming weeks and months, we will share our anniversary plans, celebrating the industries we serve and the importance of the connection between health and wealth. We will bring thought leaders to you to discuss and share their insights on today’s relevant topics. We invite you to join us in the near future as we develop a webinar series that will be both informative and relevant. Check back with us via our website, newsletters, and other emails for updates and information on the events coming over the Spring and Summer months. We know you will gain insights from the market leaders and topics we will bring to you.

Additionally, I will share a series of blogs with you highlighting the company’s history and some of my key learnings in leadership. I will share my experiences as the company grew over the decades, sharing personal experience stories profiling leadership and success. I end this blog with a note of “thanks and gratitude” to all Greenwald clients spanning our forty-year history. We thank all of you for your support over the years and look forward to serving your business needs in the future.

Survey: How Long Is Retirement? Consumers Now Estimate More Years—But It Depends on Perspective

Financial Professionals Now Believe Retirement, Savings Planning Should Start Earlier

Washington, DC (April 4, 2025) – Consumers expect to spend longer in retirement – a lot longer – than they did just four years ago.

The new Retiree Insights Program Consumer and Financial Professional Surveys by Greenwald Research shows that consumers now expect to spend 34.7 years in retirement, 8.2 years more than they estimated four years ago. The survey respondents were asked to estimate the length of retirement by first breaking it down into stages: early, middle, and late retirement.

Consumers say they expect to spend 12.3 years in early retirement (up from 10 years four years ago), 11.5 years in middle retirement (up from 9 years four years ago), and 10.9 years in late retirement (up from 7.5 years four years ago). They expect to spend 27% to 29% of their retirement savings in each stage.

This shift in consumers’ vision of retirement depends on how they define it though. There has been no change in the age consumers expect to retire or the age they guess they might live to. The increase only shows up when asked to envision retirement in phases.

“This research shows that how we think about retirement shapes how long we expect it to last,” says Doug Kincaid, Greenwald’s Managing Director for Financial Services and author of the 12th annual Retiree Insights Program Consumer and Financial Professional Surveys. “Breaking retirement into stages, consumers may better recognize how their lifestyle will evolve over time—reinforcing the need to save more and plan earlier than if they only considered life expectancy.”

The survey also found that among retirees, half retired earlier than planned – and half of those early retirees completed less planning than they would have liked.

A majority of financial professionals participating in the survey now believe it’s a mistake to wait until the last few years before retirement to start planning for it: 23% say all aspects of retirement planning should occur earlier, while another 30% feel at least some planning tasks should occur early. Only 1% said comprehensive planning should wait until a client is close to retirement.

Fully 68% of financial professionals said they regret not starting retirement planning with clients earlier. They identified the most common obstacles that prevent clients from early planning include procrastination or lack of urgency (70%), focusing on dealing with financial concerns in the present (61%), belief that retirement is a long way off (61%), they don’t understand the importance of planning (51%), and clients are just not ready to think about retirement (50%).

Other key findings in the 2024 Retiree Insights Program Consumer and Financial Professional Surveys include:

  • There are several critical retirement planning tasks consumers fail to undertake before retirement, including developing a plan to deal with long-term care risks (66%); creating a formal, written retirement plan (65%); learning about Medicare, Medigap, or Medicare Advantage options (42%); developing a plan for producing income in retirement (37%), and calculating savings needed for retirement (35%).
  • The top features consumers desire from a financial product are protection from loss (46%), maximum opportunity for growth (38%), and guaranteed lifetime income (35%).
  • Overall, four in 10 respondents felt financially secure, with retirees having an edge. Fully 47% of retirees said they were financially secure, compared to 35% of pre-retirees.
  • Two-thirds of retirees and over half of pre-retirees currently work with a financial professional.

About the 2024 Retiree Insights Program Consumer and Financial Professional Surveys

The surveys were conducted in June and July 2024, with 1000 consumers and 300 financial professionals participating. For more information about the surveys and Greenwald’s full Retiree Insights Program, contact dougkincaid@greenwaldresearch.com.

Greenwald Research is a consultative partner to health and wealth leaders that leverages industry expertise, access to experts, and a custom, collaborative approach to produce trusted insights and meaningful connections that drive understanding and inform strategic action. For more information, please call (202) 686-0300 or visit www.greenwaldresearch.com.

Contact:
Herb Perone
media@greenwaldresearch.com

Employees Want Income Options in Retirement Plans, Survey Says

But Plan Sponsors Are Concerned About Complexity, Costs, and Choice

WASHINGTON, DC (January 23, 2025) – An overwhelming majority of workers participating in employer-sponsored retirement plans – 86% – want their employers to offer retirement income plans, with two or three income choices.

Those are among the major findings of Greenwald Research’s just-released 2024 In-Plan Insights Program. The annual program explores the changing landscape of retirement income options in defined contribution plans from the perspectives of plan participants, plan sponsors, and plan advisors through online surveys, in-depth interviews, and focus groups.

“The research shows that plan participants are most concerned about the impact of inflation on their retirement income, about running out of money in retirement, and that their retirement income sources won’t be simple and easy to manage,” said Greenwald’s Managing Director Eric Sondergeld. “While most participants want in-plan income options, sponsors are concerned about the complexities of offering them, the fees associated with them, and the reputation of annuities and guaranteed lifetime income (GLI).”

Only a quarter of plan sponsors say they currently have one or more retirement income options in place, while another three in 10 say they’re seriously considering implementing such options. But 57% are concerned that the complexity of those options make it difficult for participants to understand them. Almost as many – 56% – say fees associated with those options can make them unattractive to participants. Also discouraging, 51% of them say, is the reputation guaranteed income products and annuities have.

“I would be concerned about communicating (retirement income options) and rolling them out,” one plan sponsor says. “Making sure that participants are aware of the options and understand them is easier said than done.”

Both sponsors and participants point to GLI as desirable. Participants say that in choosing a retirement income plan, their top considerations are monthly payments that are guaranteed for life (57%), ease of understanding (53%), and acceptable fees/costs (48%). Sponsors considering adding an income option to their retirement income offerings cite a target date fund that includes GLI (43%) and a managed account that includes GLI (37%) as preferred options.

Other key findings of the latest In-Plan Insights Program include:

  • Sponsors also identified methods to increase their comfort level with adding retirement income options to their defined contribution plans. They include having a clear, proven process for selection the option(s) to include (39%); the ability to offer a choice or suite of retirement income options rather than just one (35%), and proof that employers who have implemented these options have not experienced legal issues or litigation (33%).
  • Plan sponsors want education on retirement income options, too. Resources they say would be most helpful include side-by-side comparisons of retirement income options available in the market (53%), fact sheets that explain these options in layman’s terms (45%), and recommendations from their retirement plan advisor or consultant (38%).
  • Just over half of plan participants (51%) feel employers have a high level of responsibility for helping employees generate income or develop a withdrawal strategy for retirement.
  • Participants want access to tools and education to help them decide whether – and when – to start receiving retirement income. That includes personalized projections and income comparisons, education on all they ways they might withdraw income from their plan, and a tool for recommending an option and how much to invest in it.
  • Participants are split between wanting a completely automatic retirement income experience (49%) – in which they are automatically enrolled in an option and the income payments will be automatically triggered at retirement – and a completely manual experience (51%) where the participant will do all the work.

 

About the Research

Greenwald’s In-Plan Insights Program is designed to explore the changing landscape of retirement income options in defined contribution plans. The 2024 sponsor/advisor survey was conducted from October 27-30, 2024 and included 500 plan sponsors. The participant survey was conducted from October 3-30, 2024 and included 1,017 plan participants.  The sponsor and advisor interviews were conducted from June 22-July 9, 2024. Plan participant focus groups were conducted July 10-11, 2024.

The 2024 In-Plan Insights Program reports are available for purchase. Contact Greenwald Research at info@greenwaldresearch.com to learn more.

About Greenwald Research

Greenwald Research is a consultative partner to health and wealth leaders that leverages industry expertise, access to experts, and a custom, collaborative approach to produce trusted insights and meaningful connections that drive understanding and inform strategic action. For more information, please visit www.greenwaldresearch.com.

Contact:

Herb Perone
media@greenwaldresearch.com

Survey: Majority of Workers Worry About Credit Card Debt

Groceries and other necessities, not discretionary spending, are the major drivers

Washington, DC (December 10, 2024) – More than three-quarters of American workers say their current level of debt is a problem, with credit card debt being their biggest concern.

The 2024 Workplace Wellness Survey, a joint project of Greenwald Research and the Employee Benefit Research Institute, found that 77% of workers identified credit card debt as a major problem, while 55% cited personal loans or line of credit debt and 49% named medical or health-related debt.

“Many workers with credit card debt are using their credit cards to purchase necessities rather than luxuries,” says Greg Hershberger, Managing Director, Health & Benefits at Greenwald Research. “About half report that groceries and vehicle expenses contribute to that debt, with significant numbers also citing household utilities and non-grocery household necessities. The majority report keeping discretionary spending to a minimum to make sure they can afford it.”

Survey respondents say medical debt is most often related to a health emergency (38%), prescription drugs (38%) or a chronic illness (28%). Another 26% cite mental health care as contributing to their medical debt.

Major findings in the fifth annual Workplace Wellness Survey, which examines worker attitudes toward employment-based benefits as well as financial well-being, include:

Concerns about well-being are trending downward. Concern about mental well-being dropped from 5.8 out of 10 last year to 5.5 this year. Concern about physical well-being fell to 5.7 from 6.2. And concern about overall financial well-being dropped from 6.9 two years ago to 6.3 in 2024.

Concerns about debt levels is strong. Fully 77% see their credit card debt as worrisome, especially since most are using credit cards to cover daily necessities like groceries (52%), vehicle expenses (49%), utilities (36%) and non-grocery household necessities (30%). About 8 in 10 respondents report keeping discretionary spending to a minimum – including eating out/ordering in (29%), leisure travel (28%), entertainment (19%) and luxury goods (11%).

Job satisfaction has remained steady. A majority – 56% – say they’re extremely or very satisfied with their current job, while 31% are somewhat satisfied and 14% are dissatisfied.

Benefit package satisfaction remains steady – but many workers are asking for additional contributions to benefits from their employers. Fully 80% of workers report their satisfied with their benefit packages. Still, 51% say they’d like a bigger employer contribution to those benefits. In addition: 32% would like more benefits or resources to help with their financial well-being; 31% would like more benefits to choose from; 31% would like the ability to use Paid Time Off to “buy” other benefits; 25% would like more benefits or resources to help with their physical well-being or health; 24% want more benefits or resources to help with their emotional well-being or mental health; 21% want more personalized help in selecting benefits, and 19% would like more benefits or resources to help with caregiving for children and/or adults.

Younger workers are more likely to see value in regularly changing employers over the course of their career – 37% of respondents aged 21-34 as opposed to just 22% of those aged 50-64. In addition, younger workers prefer to work for one employer for shorter periods of time – 38% of those 21-34 prefer to work for one employer for two to five years, compared to 17% of those aged 35-49 and 11% of those aged 50-64. Only 12% of younger workers prefer to work for one employer for 21 or more years, compared to 36% of those aged 50-64.

The 2024 Workplace Wellness Survey was conducted with the financial support of AARP, Fidelity Investments, Merck, New York Life, OneAmerica, Evernorth, Mercer, Morgan Stanley, NRECA and Voya Financial.

 

About the Survey

Greenwald Research conducted online interviews with 1,505 full-time and part-time workers ages 21-64, from July 22 through August 18, 2024. The margin of error (at the 95% confidence level) is plus or minus 2.6 percentage points.

Greenwald Research is a leading independent custom research firm and consulting partner to the health and wealth industries that applies creative quantitative and qualitative methods to produce knowledge that helps companies stay competitive and navigate industry change. By leveraging deep subject matter expertise and a trusted consultative approach, Greenwald offers comprehensive services for weaving rich research stories that answer strategic business questions.

The Employee Benefit Research Institute is a non-profit, independent, and unbiased resource organization that provides the most authoritative and object information about critical issues relating employee benefit programs in the United States.  For more information, visit www.ebri.org.

 

Contact:

Herb Perone
media@greenwaldresearch.com
301-512-7636

34th Annual Retirement Confidence Survey Finds U.S. Military Households Are More Likely in a Better Financial Situation Than Non-Military Households

Military households with higher incomes are also more likely to be confident about retirement prospects than non-military households.

(Washington, D.C.) – A new research report focusing on the retirement prospects and finances of U.S. military households, published today by the Employee Benefit Research Institute (EBRI) and Greenwald Research, found that military households are more likely to have higher assets and less likely to consider debt a problem compared with non-military households. Also, military households with higher incomes are more likely to be confident about retirement prospects than non-military households.

The report, “Military Households and Retirement: Findings From the 2024 Retirement Confidence Survey,” examines the retirement prospects, knowledge, preparations and experiences in retirement for those who are from a military household compared with a non-military household. (Military households are defined as those individuals who have served in the U.S. armed forces or are currently active in the National Guard or Reserve, as well as those who are married or partnered to or widowed by such individuals. The vast majority of the military households have respondents who are veterans or have a spouse who is a veteran).

Key findings in the report include:

  • Military households are more likely to have the highest levels of financial assets and less likely to consider debt to be a problem than non-military households. Forty-nine percent of military households report having $250,000 or more in financial assets compared with 40% of the non-military households having this amount. Fifty-five percent of military households consider debt to not be a problem, while 46% of non-military households consider debt to not be a problem.
  • Military households are more likely to have done various tasks in preparing for retirement than non-military households. In particular, military households are more likely to have thought about how much money to withdraw from their retirement savings and investments in retirement (52% vs. 42%), thought about how they will occupy their time in retirement (68% vs. 58%), calculated how much money they would likely need to cover health expenses in retirement (50% vs. 41%), estimated how much income they would need each month in retirement (63% vs. 54%), and planned for how they would cover an emergency or big expense in retirement (56% vs. 47%) than non-military households.
  • Military households in the higher two income groups ($35,000-$74,999 and $75,000 or more) are more likely to be confident in their retirement prospects than non-military households, but no difference in this confidence is observed among those in the lowest-income group (less than $35,000). Specifically, 89% of military households with incomes of $75,000 or more are confident that they will have enough money to live comfortably throughout their retirement compared with 81% of their non-military counterparts. For the middle-income group, 72% of military households vs. 61% of non-military households are confident in their retirement prospects.
  • Approximately 9 in 10 respondents in military households disagree with the statement that their military service has prevented them from saving for retirement. Furthermore, 71% of respondents from veteran households said they separated from service before military retirement, while 24% retired from the military and 6% medically retired.
  • Military-household respondents are less likely to express concern over various scenarios that could impact Americans’ retirement finances or retirement in general than are non-military households. The scenarios less likely to be of concern to military households include the potentials for rising housing costs, increasing cost of living making it harder for them to save as much money, or having to make substantial cuts to their spending because of inflation.
  • The top four sources of information are consistent across military and non-military households: family and friends; a personal, professional financial advisor; online resources and research conducted on their own; and employer or information received at work. However, military households are significantly more likely than non-military households to say they use non-profit organizations that focus on serving a specific group or community as a source of information, while non-military households are more likely to say that family and friends are a source of information.
  • Military-household retiree respondents are more likely to say that they retired when they planned than non-military household retiree respondents. Among those who retired earlier than planned, the top three reasons cited by both military and non-military household respondents are that they could afford to retire, had a health problem or disability, or there were changes at their company, such as downsizing, closure or reorganization.
  • Military-household retirees are in general positive about their lifestyle. Specifically, 80% of military retirees say their lifestyle is what they expected or better before they retired and 71% say they are having the lifestyle they had envisioned. Non-military retirees have similar feelings about their lifestyle in retirement.

“Military households seem to be in better financial shape and are more likely to be confident in having enough money to last throughout retirement as well as various other aspects about retirement than non-military households. These households are more likely to have saved for retirement, to have done various other tasks to prepare for retirement and to be currently collaborating with a financial advisor. Finally, an overwhelming share of individuals agree that their military service did not prevent them from saving for retirement,” explained Craig Copeland, director, Wealth Benefits Research, EBRI.

The Retirement Confidence Survey is conducted annually by EBRI and Greenwald Research. The 2024 survey of 2,521 Americans was collected online from Jan. 2-31, 2024. All respondents were ages 25 or older. The survey included 1,255 workers, 1,266 retirees and an oversample of 829 respondents from military households (330 workers and 499 retirees). To view a 2024 RCS military households summary report, visit www.ebri.org/retirement/retirement-confidence-survey.

“While individuals in military households appear to be better prepared and more confident in their retirement prospects, many seem to navigate at least one significant change in their careers, as a very high share separate from service before military retirement. The transition requires knowing what to do with their retirement savings, past and future, as they switch careers. While career changes happen to many Americans, it’s certainly imaginable the change for military personnel is more complex and may include learning about a whole new set of retirement and financial wellbeing benefits. While military service can put individuals on a better track, they still face many of the same issues as those who have not served, such as determining when to retire, accumulating and preserving assets, and managing income sources for retirement,” said Lisa Greenwald, CEO, Greenwald Research.

About the Survey
The 2024 survey was made possible with support from American Funds / Capital Group, Ameriprise Financial (Columbia Threadneedle), Bank of America, Empower, Fidelity Investments, FINRA, Jackson National, JPMorgan Chase, Mercer, Mutual of America, Nationwide, National Endowment for Financial Education, PGIM, Principal Financial Group, T. Rowe Price, USAA and Voya Financial.

About Greenwald Research
Greenwald Research is a leading independent research and consulting partner to the health and wealth industries that applies high-quality methods to produce knowledge that helps companies stay competitive and navigate industry change. Leveraging deep subject matter expertise, Greenwald offers comprehensive services for developing impactful research that answers strategic business questions. For more information, visit www.greenwaldresearch.com.

About The Employee Benefit Research Institute
The Employee Benefit Research Institute is a non-profit, independent, and unbiased resource organization that provides the most authoritative and objective information about critical issues relating to employee benefit programs in the United States. The organization also coordinates activities for the Center for Research on Health Benefits Innovation, Financial Wellbeing Research Center, Retirement Security Research Center and produces a variety of leading industry surveys during the year. For more information, visit www.ebri.org.

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For More Information:
Herb Perone
media@greenwaldresearch.com

Survey: Retirement Crisis? Most Retirees Say They’re Doing Okay

Washington, DC (May 29, 2024) – Nearly three in four retirees are confident that they have enough money to live comfortably throughout retirement – with a majority saying they’re living the way they envisioned and spending money how they want to, within reason.

An overwhelming majority of retirees – 71% – told the 2024 Retirement Confidence Survey they’re confident they have enough money to last their entire lifetime.

“The industry likes to talk about a retirement crisis, but the vast majority of retirees report that they are doing OK. It’s important to highlight that retirement doesn’t have to seem so scary. If we made retirement something positive to look forward to, perhaps fewer workers would avoid or dread retirement planning,” says Greenwald Research CEO Lisa Greenwald, whose organization partners with the Employee Benefit Research Institute (EBRI) to produce the annual survey, now in its 34th year. “There’s still about one-quarter to one-third of retirees who may be struggling. That’s an important group to focus on, but it’s not the retirement experience of most.”

This year’s survey, conducted in January, included 1,266 retirees. Among the key findings:

  • 74% of retirees are confident they have enough money to live comfortably throughout retirement.
  • 71% are confident they have enough money to last their entire lifetime.
  • While 35% of retirees say their travel, entertainment or leisure expenses are higher than they expected, nearly four in five say they are able to spend money how they want, within reason.
  • Three in 10 believe their overall lifestyle in retirement is better than expected, and over two-thirds report they are having the retirement lifestyle they envisioned.
  • 70% are confident in Medicare continuing to provide benefits.
  • 65% are confident that Social Security – the top source of income for 91% of retirees – will continue to provide benefits.

Not all the survey findings are encouraging. About one in four retirees say they’d have trouble handling an emergency expense. Another 36% say debt is a problem, and 23% say debt is significantly impacting their ability to live comfortably in retirement.

There remains a disparity between what Americans calculate what they’ll need in retirement and what they’ve actually saved. One-third of surveyed retirees calculated they’d need a nest egg of less than $500k, 53% calculated $500k or more including 32% saying they’d need $1M or more. But in terms of current savings, 64% have less than $500k, 36% have $500k or more including 23% who have $1M or more. Nevertheless, of participants who were able to do the calculation, 57% say they have savings equal to or greater than what they calculated, while 43% have savings less than what they calculated.

More information on the 2024 Retirement Confidence Survey, including the short report, is available online at https://greenwaldresearch.com/rcs/.

About RCS Sponsors
Greenwald Research and EBRI would like to thank the 2024 Retirement Confidence Survey sponsors who helped shape this year’s survey: American Funds/Capital Group; Ameriprise (Columbia Threadneedle); Bank of America; Empower Retirement; Fidelity Investments; FINRA; Jackson National; J.P. Morgan Chase & Co.; Mercer; Mutual of America; Nationwide; NEFE; PGIM; Principal Financial Group; T. Rowe Price USAA, and Voya.

About Greenwald Research
Greenwald Research is a leading independent custom research firm and consulting partner to the health and wealth industries that applies creative quantitative and qualitative methods to produce knowledge that helps companies stay competitive and navigate industry change. By leveraging deep subject matter expertise and a trusted consultative approach, Greenwald offers comprehensive services for weaving rich research stories that answer strategic business questions. For 33 years, Greenwald has partnered with the Employee Benefits Research Institute to conduct the annual Retirement Confidence Survey.

About the Employee Benefit Research Institute (EBRI)
The Employee Benefit Research Institute is a non-profit, independent and unbiased resource organization that provides the most authoritative and objective information about critical issues relating to employee benefit programs in the United States.

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Contact:
Herb Perone
media@greenwaldresearch.com
301-512-7636