Affordability Concerns Leave Retirees, Pre-Retirees in Need of Advice

Recession indicators such as recent increases in inflation have pre-retirees and retirees worried about their savings and their ability to afford important needs. According to Schroders’ 2026 US Retirement Survey, 58% of retirees surveyed did not know how long their savings would last, and 64% of retirees wished they had done more planning prior to retiring.

The top concerns weighing on retiree respondents were the effect of inflation on their assets (90%), increased health care costs (87%), the effect of a major market downturn on their assets (81%), and not knowing how to best take retirement income or draw down assets (69%).

According to the report, the top retiree concerns prove a need for earlier advice related to retirement planning.

“Retirees are fighting the affordability crisis with a fixed pool of assets and no second chances,” said Deb Boyden, Schroders’ head of U.S. defined contribution, in a statement. “What often gets overlooked is that investing for retirement and investing in retirement are fundamentally different challenges. Once you retire, protecting against losses is just as important as capturing gains.”

While most retirees surveyed said they wish they started working with an adviser earlier, only 32% currently worked with one.

For employed pre-retirees, the Morgan Stanley at Work Employees Survey found that 73% were interested in accelerating their financial planning efforts, and 34% encountered financial stress in the last year when retirement planning.

Employees’ concerns over the effects of inflation and recession caused 61% of respondents to decrease their contributions to their workplace benefits, while more than half (56%) reported feelings of financial stress negatively impacting their work.

According to the study, 28% of pre-retirees said they want comprehensive retirement planning assistance, 46% placed the greatest value on goals-based investing, 45% most valued retirement income solutions, and 43% most wanted access to a financial adviser.

When choosing where to work, 95% of surveyed employees said retirement planning assistance from financial professionals was important to their decisionmaking process, and 51% cited it as a top or high priority.

“Retirement planning has an outsized influence on how employees evaluate their workplace benefits,” said Jeremy France, Morgan Stanley’s head of institutional consulting solutions, in a statement. “While access is nearly universal, employees increasingly expect guidance, particularly from financial professionals, to help translate participation into long-term financial confidence.”

Schroders’ survey was conducted by marketing consultancy 8 Acre Perspective from March 20 through April 15 among 1,500 U.S. investors ages 30 to 79, including 382 retired respondents.

Wakefield Research conducted Morgan Stanley’s survey of 1,000 employed adults and 600 human resources leaders from January 22 through 26.