Study: Plan sponsors and participants agree there should be a choice of DC income solutions

Choices may need to include an out of plan solution

WASHINGTON, DC (January 22, 2026) – Majorities of plan sponsors and plan participants suggest retirement plans should include two or three income choices for retirement income.

This is one of the most consistent findings of Greenwald Research’s just-released 2025 In-Plan Insights Program. The 5th 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.

“I’m starting to feel like a broken record, but the industry needs to know and accept that, despite the challenges this presents, sponsors and participants want a retirement tier that includes choices,” said Greenwald’s CEO Lisa Greenwald. “The mix of preferred options appears to include both guaranteed lifetime income (GLI) and non-insured solutions. It may also include more personalized and less personalized solutions, or embedding income in plan investment options as well as out of plan or ‘via’ plan solutions.”

Indeed, two-thirds of participants and three-quarters of plan sponsors feel there should be two or three retirement income options available in the plan. These numbers have been consistent over five years. While 4 in 5 participants suggest automatic enrollment to an option with an income feature is appealing, most prefer a middle-ground between a fully automatic versus completely manual retirement income experience. Choosing from among a variety of “paths to income,” only 1 in 3 participants selected a fully automatic option. Most select a path that includes at least one proactive decision.

There are also signs that some of these choices may include solutions outside of the plan or “via” plan. Nearly 9 in 10 participants (88%) think that employers should offer income options in their plans and agree that they would consider contributing to one if it was offered. Six in 10 report that they would be more likely to keep their money in plan if an income option was offered. However, nearly two-thirds want income options offered without having to leave money in their employer’s plan, and 4 in 10 want to roll assets out because they do not want their money associated with their employer once retired.

Sponsors seem to have reservations about managing retiree assets as well. Only one-third of sponsors prefer participants keep their money in the plan after they retire, while 4 in 10 say they have no preference. However, 3 in 4 (72%) agree that they prefer not to be managing investments for retired plan participants. This could be due to a lack of resources, as only about half feel they have the resources available to support retirees.

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

  • Participants see value in guaranteed lifetime income (GLI), with 8 in 10 agreeing that having GLI would help them feel secure in times of market volatility or loss or would make them feel more comfortable retiring “on time.” Three-quarters at least somewhat agree that these retirement income solutions seem “right for me.”
  • Liquidity and access remain important, as participants are divided on their preference for GLI with no ability to access the account or no GLI but full access. However, nearly 9 in 10 find the statement “It may be worth committing or locking in some of your money to produce guaranteed lifetime income” compelling.
  • Sponsors have concerns about offering retirement income solutions: complexity (64%), fees (62%), and additional administrative burden (55%) top the list. Rounding out the top 5, 48% each are concerned about these options having lower performance or wanting to ensure participants have enough choices.
  • Sponsors also identified methods to increase their comfort with adding retirement income options to their plans. Seeing a proven performance history (51%) and knowing that participants can speak with a professional to help them decide (49%) is cited most. More than a third cite portability for participants (41%), being able to hand-off “ownership” of the retiree to reduce administrative burden (37%), or being able to offer a choice or suite of income options (36%) as methods to increase comfort.

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 2025 sponsor survey included 504 plan sponsors with 50 employees and up. The participant survey included 1,000 plan participants working full-time and ages 30 to 70. Both fielded in Fall 2025.

The 2025 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: 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

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

Enrollees Lack Basic Health Plan and HSA Knowledge. Can Employers Help?

By: Sara Rubinstein
4/3/2025

Our 20th Annual Consumer Engagement in Health Care Survey (CEHCS) was conducted during open enrollment season in the fall of 2024. Through a new addition of presenting a series of True or False statements to gauge true understanding of aspects of an employee’s health insurance plan, we found that employees don’t understand as much as they think they do.

There is a Gap in Understanding Health Plans

Overall, nearly 9 in 10 enrollees feel they understand the health plans offered to them. Additionally, 56% are extremely or very satisfied with the ease of understanding the terms of their coverage, with an additional 3 in 10 somewhat satisfied.

However, when asked the True or False questions about their health plans, actual understanding varied. Overall, about half (48%) answered 3 or 4 correctly. Enrollees generally understand deductibles and monthly premiums but are confused about out-of-pocket maximums and different prescription pricing. High Deductible plan members fared better, with 63% answering at least 3 out of the 4 statements correctly, compared to 44% of Traditional plan members.

Those with a household income under $50,000, those younger than age 45, urban dwellers, and men were more likely to answer these statements incorrectly than their counterparts. Those who purchased their health plan directly rather than through an employer and those more satisfied with their plan were also more likely to answer incorrectly.

HSAs are Often Confused with FSAs

Though reported familiarity with consumer driven health care plans remains high (66% of Traditional plan members and 76% of High Deductible plan members are at least somewhat familiar), other results suggest otherwise. When we asked why those offered a Health Savings Account (HSA) but did not open one why they did not open it, a top reason was disliking the “use-it-or-lose-it” rule, which does not apply to HSAs.

We also asked a series of True or False statements about Health Savings Accounts. We found that HSA literacy is worse than overall health plan literacy. Overall, only a quarter answered 3 or 4 correctly. Enrollees generally understand that an HSA can pay for expenses in retirement and about half know you don’t lose it if you leave your job. But fewer know the funds can be invested in mutual funds or that you cannot open one regardless of plan type. Not surprisingly however, High Deductible plan members were more likely to answer correctly, though knowledge is still low, with 32% correctly answering at least 3 out of the 4 statements correctly compared to 22% of Traditional plan members.

Those with a household income under $50,000, women, and those without a college degree were less knowledgeable about HSAs, as well as those in worse overall and mental health.

Employers Can Help Bridge the Gap

As we’ve seen in previous years of this survey, most enrollees spend less than two hours deciding on their health plan during open enrollment, including half who spend less than an hour.

Employees may not be giving their health plan selection the attention it needs. They generally feel satisfied with their selection process, including 62% who report feeling very or extremely satisfied with the information available to help them understand their choices. And we saw earlier that they felt they understood their choices well. Yet, we see a disconnect as they answer basic questions about their plans and coverage incorrectly.

Employers have an opportunity to do more to help their employees with their selection. Hopefully in the future, we’ll see employees spend more time choosing the right plan for them, leading to a higher level of knowledge of what their plan options cover and how they work.

About the Survey

The Consumer Engagement in Health Care Survey (CEHCS) is a survey of privately insured adults conducted by the Employee Benefit Research Institute (EBRI) and Greenwald Research, an independent research firm. The survey has been conducted annually since 2005. The CEHCS provides reliable national data on the growth of consumer-driven health plans and high-deductible health plans and their impact on the behavior and attitudes of health care consumers.

Organizations supporting this year’s study include Blue Cross Blue Shield Association, CareFirst, Cigna, HealthEquity, Inc., Inspira Financial, Johnson & Johnson, Segal, TIAA, and Wex.

The 2024 survey of 2,011 individuals was conducted using Dynata’s online research panel between Oct. 24 and Nov. 25, 2024. All respondents were between the ages of 21 and 64. The national sample is weighted by gender, age, income, ethnicity, education, and region to reflect the actual proportions in the population.

Major findings from the research are available here.

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

Survey: Overall Satisfaction with Private Health Plans High, But Out-of-Pocket Costs Rub Some High Deductible Plan Enrollees the Wrong Way

Washington, DC (March 7, 2024) – The vast majority of private health plan enrollees are happy with their plans and the care they receive, but out-of-pocket costs for care and prescription drugs are vexing to many with high deductible health plans (HDHPs).

The 19th annual Consumer Engagement in Health Care Survey – conducted during the 2023 open enrollment season in partnership with the Employee Benefit Research Institute (EBRI) – found that 89% of traditional health plan enrollees were somewhat to extremely satisfied with their plans and 93% were satisfied with the quality of health care they received. While 82% of HDHP enrollees reported overall plan satisfaction and 91% satisfaction with quality of care, 24% were dissatisfied with their costs for prescriptions and 42% with their costs for health care services.

“Most respondents cited the network of health care providers, low out-of-pocket costs, low premiums, prescription drug coverage and ease of understanding as the most important elements of a health care plan,” says Greenwald’s Director, Healthcare, Sara Rubinstein. “But HDHP enrollees reported that low premiums were more important to them than low out-of-pocket costs when selecting a plan.”

The new Consumer Engagement in Health Care Survey of 2,020 privately insured adults was conducted between October 16 and December 11, 2023. Its key findings include:

  • Just over 90% of respondents were either extremely or very satisfied (63%) or somewhat satisfied (28%) with the ease of selecting a plan during open enrollment. A similar number were either extremely or very satisfied (59%) or somewhat satisfied (31%) with the information available to help understand health insurance plan choices.
  • About 90% were satisfied with the amount of time they had to choose a health plan and with the materials provided by their employer.
  • Enrollment in health savings account (HSA)-eligible health plans and health reimbursement arrangements appears to have leveled off, registering between 18% and 19% between 2020 and 2023. Enrollment in HDHPs that were not eligible to be paired with an HSA fell from 12% to 9% between 2022 and 2023, down from 15% in 2020.
  • Among respondents who enrolled through an employer, 17% were dissatisfied with the number of health plans they could choose from and 18% were dissatisfied with the availability of affordable health plans.
  • Most enrollees spent an hour or less choosing a health plan – 66% for traditional plan enrollees, 68% for HDHP enrollees.
  • HDHP enrollees are slightly more likely than traditional plan enrollees to have a choice of three health care plans, 31% to 28%.
  • The majority of respondents – 72% – reported that their health plan has not changed in the last two years. 20% of traditional plan enrollees and 11% of HDHP plan enrollees said their plan is better than before. 8% of traditional plan enrollees and 16% of HDHP plan enrollees said their plan is worse than before.
  • Sixty percent of respondents who’ve opened HSAs said they did it to take advantage of employer contributions. 58% said they wanted an account they can use to save and invest for future health care expenses and 52% wanted the tax savings associated with HSAs. Nearly half – 47% – said they would be more likely to accumulate and invest funds in an HSA account if they received an annual review of their HSA balance.

The 2023 Consumer Engagement in Health Care Survey short report of results is available online. The survey was sponsored by the Blue Cross and Blue Shield Association, HealthEquity, Inc., Millennium Trust Company, Segal, TIAA and Voya Financial.

About the Survey

The Consumer Engagement in Health Care Survey (CEHCS) is a survey of privately insured adults conducted by Greenwald Research and the Employee Benefit Research Institute (EBRI). The survey has been conducted annually since 2005. The CEHCS provides reliable national data on the growth of consumer driven health plans and high deductible health plans and their impact on the behavior and attitudes of health care consumers.

The 2023 survey of 2,020 individuals was conducted using Dynata’s online research panel between October 16 and December 11, 2023. All respondents were between the ages of 21 and 64.

The national sample is weighted by gender, age, income, ethnicity, education, and region to reflect the actual proportions in the population. The consumer directed health plan (CDHP) and high deductible health plan (HDHP) samples are weighted by gender, age, income, and ethnicity.

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