Goldman Sachs Retirement

Goldman Sachs
Retirement & Investment Solutions
Retirement Survey & Insights Report 2022
NAVIGATING THE
FINANCIAL VORTEX
From Retirement Readiness to

Retirement Income
THESE MATERIALS ARE PROVIDED SOLELY ON THE BASIS THAT THEY WILL NOT CONSTITUTE INVESTMENT ADVICE AND WILL NOT FORM A PRIMARY BASIS FOR ANY PERSON’S OR
PLAN’S INVESTMENT DECISIONS, AND GOLDMAN SACHS IS NOT A FIDUCIARY WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE MATERIAL OR CONTENT
HEREIN. PLAN FIDUCIARIES SHOULD CONSIDER THEIR OWN CIRCUMSTANCES IN ASSESSING ANY POTENTIAL INVESTMENT COURSE OF ACTION.
Introduction
Investors face a complex backdrop due to rising interest rates, high

inflation and market volatility, creating a challenging environment to
generate sustainable income, and causing a strain on one’s finances.
This year’s Retirement Survey & Insights Report, Navigating the Financial
Vortex: From Retirement Readiness to Retirement Income, outlines these
hardships and considers possible paths forward. Our report explores the
diverse needs of two key audiences: those still working and those who
have already retired.
In the first section of our report, Reinforcing Retirement Readiness,

we explore how individuals need to maneuver through a financial vortex of
competing financial priorities, life events and planning assumptions. The
survey findings show notable differences between Generation X,
Millennials and Generation Z when it comes to their most pressing
concerns, savings levels and value of advice in planning for a
comfortable retirement.
The second section, Making Sense of the Retirement Income Quagmire,

covers how retirees are managing their retirement income and spending
needs in the face of numerous negative financial forces. Not surprisingly,
retired respondents feel insecure in their ability to generate retirement
income. Many retirees have fallen short of their savings goal and need to
“make do” with what savings they have accumulated.
These challenges are an opportunity for plan sponsors to provide

solutions that meet individuals where they are on their retirement savings
journey with personalized education and advisory support services.
RETIREMENT SURVEY & INSIGHTS REPORT 2022 Goldman Sachs Asset Management | 2
Methodology and Respondents
METHODOLOGY
We evaluate survey responses from both working and Our findings are from 1,566 individuals surveyed in July
retired Americans to understand the realities of preparing and August 2022 and provide insights from a diverse set
for and living in retirement. Our goal is to learn about of perspectives, including (i) working individuals (967
the financial obstacles individuals need to overcome working individuals across generations—working Baby
and the lessons they can apply. Our Retirement Survey & Boomers, Generation X, Millennials, and Generation Z),
Insights Report includes key findings that we hope will (ii) retired individuals (599 retired individuals age 50-75)
help plan advisors and plan sponsors better prepare their and (iii) gender and generational breakdowns for both
employees for retirement. populations.
RESPONDENTS
1,566
WORKING INDIVIDUAL RETIRED
96721–24
9% 12%
59950–54
2%
23%
25–34 23% 20% 55–64

35–44 65+
45–54
55–64
65+
17% 75%
19%
Working Individuals
BY THE NUMBERS:
WORKING INDIVIDUALS
Millennials and Workers report being behind
with their accumulated savings…
Gen Z expect to
retire between:
53% 51%
60-64 Working
Boomers
Gen X
Gen X expects
to retire between: 34% 27%
Millennials Gen Z
65-69
…and adjusting
behaviors
Stress levels are high among accordingly.
working individuals:
64% 34% 36%

increased savings
experiencing stress from not comfortable in their
having to manage retirement
savings (vs. 28% comfortable)
ability to manage money
in volatile markets
41%
made no changes
23%
decreased savings
Top challenges they seek advice for: Working individuals are most concerned with:
Generating income
51% Having sufficient savings
Understanding how long

savings will last 49% Inflation
Knowing if savings are on

track; if not, how to adjust 43% Leaving a steady paycheck
Retired Individuals
BY THE NUMBERS:
RETIRED INDIVIDUALS
Most individuals Retirement spending vs. planned:
retire between ages:
60-64 56%
65%
report retirement income is
32%
are behind
retire earlier on track or ahead of schedule schedule
than planned
Stress levels are Most prefer Actual and Retirement income:

significant: to manage anticipated
51%
their incomes: spending varies:
44%
are stressed about
56% 41%
less than
retire with less than 50%
of pre-retirement income
25%
manage their own
their finances (vs. retirement income anticipated
15% comfortable)
36% 31% retire with sufficient
40%
savings (more than 70% of
pre-retirement income)
use a financial advisor made no changes
4% 23% 55%
are uncomfortable
managing retirement
income in volatile
markets use a Target Date Fund spend more have guaranteed income
that is 50% or more of
the total received
Top actions taken by retirees include: Retirees are most concerned with:
Reducing spending
71% Inflation
Moving to conservative
asset allocation 51% Future healthcare needs
Withdrawing from
emergency savings 46% Potential cuts in
Social Security
KEY SURVEY FINDINGS
REALITIES OF RETIREMENT THE FORGOTTEN GENERATION
More than half (51%) of retirees A significant portion (65%) of

report their current income is less Generation X are stressed about
than 50% of their pre-retirement managing their retirement savings
income. and over 50% feel they are behind
schedule with their savings.
Reaching retirement with sufficient savings is Generation X is often viewed as the forgotten
a challenge that is only getting more difficult generation, bridging Boomers and Millennials,
for working generations. Unfortunately, many and can be overlooked when addressing
fall short of the savings they need to generate the financial challenges each generation
income for a comfortable retirement. must navigate. Now they face a tumultuous
macroeconomic backdrop as their time to close
any savings gap continues to narrow.
TOP CONCERNS GROWING APPETITE FOR ADVICE
Inflation and generating retirement Nearly all working respondents (95%)

income are the top concerns believe financial help is important
for retirees. to prepare for retirement.
Retirees face a confluence of factors in The challenges with saving for retirement
retirement that can affect their ability to over a 40-year career has driven the need for
generate income. They report that they are financial help (counseling, advice and guidance).
most concerned about inflation (71%), meeting For those offering retirement plans today,
future healthcare needs (51%) and potential providing financial help that is both broadly
reductions in Social Security (46%). available and personalized to support individual
circumstances is an important plan design
consideration.
REINFORCING RETIREMENT READINESS
WORKING INDIVIDUALS Are working individuals prepared to live a comfortable life in
Age retirement? Unfortunately, we see from our retired respondents that
Average: 44.5
many do not. And the data from our working respondents further
21 to 24 12%
suggests many are on the same path of falling behind on their savings,
25 to 34 20% feeling stressed and working hard to navigate retirement savings
35 to 44 19% obstacles.
45 to 54 17% The “financial vortex” refers to a myriad of financial priorities, life
55 to 64 23% events, and planning assumptions, which often impact a working
65+ 9% individual’s ability to contribute to their retirement savings. These
competing financial needs were limited when Boomers were saving,
Gender but generations that have followed are forced to choose between
47%
Male retirement savings and other financial obligations.
Various factors impact one’s ability to save successfully, but having

realistic expectations, knowing when to adjust your strategy to account
for life events and applying conservative planning assumptions can be
53% key steps in the right direction.
Female
This section focuses on retirement planning needs for working

individuals and highlights key factors such as the realities of
retirement, top concerns and growing appetite for financial advice
and education.
Reality Check for Working Individuals:

Over Half of Retired Survey Respondents (51%) Receive
Income Less than 50% of Their Pre-Retirement Income
As we explore the working population’s retirement retirees are successfully preparing to maintain their
readiness, it’s useful to consider responses from retirees standard of living. Based on survey findings, that answer
as a benchmark for what workers might experience when is no. Only 25% reach retirement with at least 70% pre-
they reach retirement. retirement income and more than half (51%) have less
than 50% of their pre-retirement income.
When considering how well individuals are preparing for
retirement, our first question is to understand whether
RETIRED
How much total annual Annual Income Received (%)
income do you receive More than 90% 7

in retirement (including
Social Security) relative 25% of retired respondents have more than 70%
of pre-retirement income in retirement
to your pre-retirement 81–90% 7
Illustrative target for sufficient
income? retirement savings
(e.g., your final annual compensation

71–80% 11
prior to retirement, such as salary,
bonus, etc.)
61–70% 11
51–60% 13
40–50% 22 51% of retired

respondents have
50% or less pre-
retirement income
in retirement
Below 40% 29
More than 40% of Working Respondents Believe Their

Savings are Behind Schedule
Many workers today are on a similar trajectory of not The generational difference supports the notion that
having sufficient savings. as one progresses through different stages of life and
career, it may be difficult to keep savings on track. This is
About four in ten working respondents feel their savings
the “financial vortex” that can push retirement savers off
are behind schedule. Boomers and Gen X are the furthest
course and impact so many savers.
behind and Millennials and Gen Z are most likely to report
their savings are ahead of schedule.
WORKING
Where would you say Retirement Savings Status (%) By Generation (%)
your retirement savings are 5 Boomers

Gen X
at this moment? Very ahead
of schedule
10 6
Millennials
16
Gen Z
16
9
Somewhat ahead 16
of schedule 17
25
22
31
23
On track 27
23
34
30
Somewhat behind 25
23
schedule 20
16
Savings
behind schedule
23
Very behind 26
19
schedule 14
11
3
4
Don’t know 3
1
1
Percentages may not add up to 100% due to rounding.
Workers’ Top Retirement Concerns:

Having Sufficient Savings, Inflation and Leaving a Steady
Paycheck
The top retirement concern for working respondents is impact on their savings and how to adjust to keep their
having sufficient savings. Inflation is another factor that savings on track.
can drag savings behind over the course of one’s career.
Furthermore, inflation is a larger concern for those
Rounding out the top three concerns is leaving behind a
nearing retirement (Boomers and Gen X) because their
steady paycheck as people transition to retirement.
accumulated savings will be impacted most. They worry if
Unfortunately, the effects of inflation are not equally felt they have sufficient time to close the savings gap created
across wages, the stock market and cost of goods at the by inflation.
same time. So, individuals struggle to understand the
WORKING
What concerns, if any, do Retirement Savings Concerns (%) By Generation (%)
you have about preparing Having sufficient

55
55
51
for retirement? savings 48
46
(Select all that apply) 59
51
Inflation concerns 49
45
34
43
Leaving a steady 49
43
paycheck 39
41
49
41
Healthcare needs 42
37
38
Receiving reduced 33
32
Social Security 30
28
benefits 25
Not sure how to know 26
22
if you were really 25
25
prepared for retirement 25
How will you spend 14
17
time and who will 19
24
you spend it with 25
5
Too early for 6
5
me to know 4
4
3
Do not currently 3
4
have any concerns 5
4
Boomers
1 Gen X
0
Other 0 Millennials
0
1 Gen Z
Financial Stress from Managing Retirement Savings

Financial stress felt by working respondents is another key life stage with more challenging financial circumstances,
factor in understanding how well individuals can manage in the critical years before retirement, and report feeling
their savings. Most respondents (58%) report feeling the highest levels of anxiety.
stressed about managing their retirement savings.
On a generational level, Gen X reports the highest levels of
stress in managing their retirement savings. They are at a
WORKING
How much financial Level of Stress (%) By Generation (%)
anxiety/stress do you feel

22
managing your retirement 34
Very stressful 26
savings? 27
21
29
Somewhat 31
32
stressful 33
38
25
Neither 18
comfortable 19
or stressed 16
18
17
Somewhat 13
15
comfortable 15
17
7
Very comfortable, 5 Boomers
7 Gen X
no stress at all 10
Millennials
6 Gen Z
Workers May Underestimate Their Retirement Income Needs

Various factors impact one’s ability to save successfully Similarly, the age of retirement can also impact overall
but having realistic expectations and applying savings. Planning for the realities of retirement can
conservative planning assumptions can be a key step help an individual understand how much they need to
in the right direction. accumulate and may offer motivation to save more
while working.
Our findings indicate that nearly three quarters of working
respondents plan for too little retirement income.
WORKING
How much total annual Total Annual Retirement Income (%)
income do you anticipate

needing entering
retirement (including Social
Security) relative to your 23
24
pre-retirement income?
(e.g., your final annual compensation 16 16
prior to retirement, such as salary, bonus,
etc.)
8
7
6
Below 40% 41–50% 51–60% 61–70% 71–80% 81–90% More than 90%
WORKING
At what age are you Planned Retirement Age (%)

Gen X Millennials Gen Z
planning to retire?
32
27
24
21
16 16
15
14 14 14
13 13 13
12
9
8
7 7
6 6
5
3 3
1
Younger than 50 50–54 55–59 60–64 65–69 70–74 75 or older I don't know
Competing Financial Responsibilities Have a Major Impact

on the Ability to Save for Retirement
Competing financial priorities can significantly impact Looking specifically at the generational impact, we further
workers’ ability to save for retirement. Comparing working see how saving for retirement is complicated by managing
respondents to retired respondents, we can see how other more immediate financial needs. Gen X was the first
significantly saving for retirement has changed. Balancing generation to significantly experience the challenge and
these competing financial needs and evaluating the trade- now Millennials and Gen Z are feeling the largest impact.
offs is a key concern for savers.
WORKING / RETIRED
How strongly did the below Financial Responsibilities Affecting Retirement (%)
Working Retired
By Generation (%, Working)
Boomers Gen X
affect your ability to save Millennials Gen Z
for retirement? 40
56
55
(Select from extremely, very, moderately, Credit Card debt
71
slight and did not affect) 36
58
36
60
59
Paying down existing loans
(student loans, etc) 76
24
75
14
44
43
Saving for college
(you or others) 67
7
63
38
62
63
Caring and financially
supporting family members 79
28
75
31
56
55
Time out of the workforce
(child or elder care) 72
20
75
51
67
67
Financial hardship
(home repairs, etc) 76
32
79
56
72
72
Too many monthly
financial expenses 84
39
82
Survey participants were asked to select responses based on what has extremely, very, moderately, slightly or no impact on their ability to save for retirement. We are reporting
extremely, very and moderate responses.
Working Respondents are More Likely to Take Time Away

from the Workforce to Provide Care
Caregiving is a significant challenge coming out of the Since most retirement plans are offered through an
COVID-19 pandemic, but more broadly, we see the trend employer, when people are caregiving and not working,
across retired and working populations. they no longer have access to a retirement plan, making
savings more difficult.
According to the survey’s findings, 43% of working
respondents have reported needing to take time away This can cause many to fall behind on their retirement
from work (up from 29% for retired respondents). As a savings.
result, in the bottom chart, 64% have reported needing
to either stop saving or access their retirement savings
during this period.
WORKING / RETIRED
Have you ever needed to Working (%)
take time away from the

Yes 43 No 57
workforce to provide care
for a family member?
Retired (%)
Yes 29 No 71
WORKING
Impact on Retirement Savings for the Working Population (%)
What effect did taking time
away from the workforce
39
have on your retirement 32
savings? 25
Needed to use some Needed to stop Did not affect my Resulted in more
of my retirement savings saving for retirement retirement savings retirement savings
The Effect of COVID-19 on Retirement Savings

The COVID-19 pandemic has been a unique global event Thirty-seven percent of working respondents expect to
with a wide range of financial impacts. That impact delay retirement because of the effects of the pandemic
obviously increased for those who lost a source of income. on their finances. One in five (21%) believe they will need
to delay retirement by four or more years.
A quarter of working respondents needed to withdraw
money from their 401(k) plan to cover immediate While the pandemic had wide-spread impact, it also
expenses, taking advantage of the one-time opportunity provides insight into how impactful losing a job can be
to access their retirement savings while not yet retired. on one’s finances. These events are much more common
The majority of those impacted (70%) state they plan to and can meaningfully push retirement savings behind
repay their 401(k) plan account. schedule.
WORKING
During the pandemic, Withdrew Money (%)
did you withdraw money

Yes 25 No 75
from your 401(k) without
penalty to cover immediate
expenses?
WORKING
How, if at all, did COVID-19 Impact on Timeline (%)
affect your expected It did not affect my timeline 44

retirement timeline?
Expect to delay retirement 11
more than 5 years
Expect to delay retirement 37%

16
1- 3 years Expect Delay in Retirement
Expect to delay retirement 10

4–5 years
Expect to retire earlier by 6

1–3 years

3–5 years

more than 5 years
Not sure 11
Financial Hardships Increase among Working Respondents

Those in the retirement industry often think of financial The bottom chart details how each generation has paused
hardships as specific situations that allow individuals savings for retirement due to financial hardship.
to take in-service distributions from their 401(k) plan.
While the majority of those impacted stopped saving once
However, individuals experience hardships of all types.
or twice in their career, we also see a generational divide
Financial hardship is a growing trend with 46% of working when comparing the younger generations to Boomers and
respondents facing some type of challenge that causes Gen X, both of which are further along in their career are
them to stop saving for retirement. more likely to report having stopped savings five or
more times.
This is another example of how the “financial vortex” can
impact retirement preparation.
WORKING / RETIRED
Have you experienced Yes/No (%)

Working Retired
a financial hardship that
caused you to stop saving 66
46% Experienced a Financial Hardship
directly for retirement? 54
(e.g., in your 401(k))
25
10 12 12 12
9
No Yes, and I needed Yes, and I needed Yes, and I needed

to stop saving for to stop saving for to stop saving for
less than a year 1 to 3 years more than 3 years
WORKING
How many times do you Times Stopped Savings (%, By Generation)

Boomers Gen X Millennials Gen Z
recall needing to stop
saving for retirement
because of a financial
39 39
hardship or other financial 38
34
31
needs? 28 26 28
22 24
(e.g., paying for a child’s college) 17 15 14
14
7 6 5 5 5 4
1 2 3 4 5 or more
Growing Appetite for Financial Help

Given the complexity and financial uncertainty of Looking across the generations, financial help is valued
retirement, it is understandable that 95% of working by almost all respondents; however, those in the primary
individuals state receiving financial help is important to saving years (Gen X and Millennials) are most likely to
successfully manage their retirement savings. state that financial help is extremely important.
Overall, working respondents value financial help more
than retiree respondents.
WORKING / RETIRED
How important is it to Importance of Advice (%) By Generation (%, Working)

Working Retired Boomers Gen X Millennials Gen Z
receive financial help
(education, advice, 14
18
counseling) to successfully Extremely 20
important 21
manage your retirement 12
15
savings/income and
investments? 23
26
Very 26
important 26
20
28
31
30
Moderately 33
important 28
25
28
23
22
Slightly 18
important 23
22
23
9
5
4
Not at all
2
21
5
Workers Want Help in Generating Retirement Income

While there are a variety of supporting tools and resources For Millennials, establishing a retirement savings strategy
available to retirement savers (e.g., calculators, asset (e.g., how much to save) was the top challenge (32%).
allocation models), generating retirement income is the
For Gen Z, generating retirement income (32%) and
top challenge for working respondents. This highlights
tracking and managing spending (31%) were top
how individuals are focused on how their retirement
challenges.
savings will translate to retirement income.
At the generational level, the challenge of generating
retirement income was most predominantly felt by
Boomers (42%) and Gen X respondents (37%).
WORKING
Top Retirement Savings Challenges (%) By Generation (%)
What are the top
42
challenges you face Generating retirement 34 37
income 26
savings and investments Understanding how long
35
36
32
where you would like your savings will last
24
29
advice/guidance? Understanding if your 32

29 27
(Select up to three choices) retirement savings is on track,
29
and if not, how to adjust 28
26
Retirement savings strategy 27 26
(i.e., how much to save) 32
21
29
Managing through market 24 17
volatility 26
23
17
Tracking and managing 23 20
spending 25
31
24
21 18
Managing taxes
21
21
13
Developing a distribution 17 13
strategy 22
23
15
Determining your asset 16 17
allocation 18
14
Boomers
Selecting and purchasing 11
Gen X
16 14
annuities for retirement Millennials
18
income 23 Gen Z
Top Sources of Help and Advice for Workers

Employer-sponsored retirement programs continue to be Notably, as we look across the generations, Boomers and
a critical source of education and advice that workers Gen X respondents feel that financial advisors are their
rely upon. most important source of advice.
Workers also report financial advisors, and family
members as top sources of education.
WORKING / RETIRED
Which of the following Top Sources of Education (%)

Working Retired
By Generation (%, Working)
sources of education and
31 40
advice do you currently Financial advisor 28
26
35
leverage to learn about 18
32 16
developing a plan for Employer retirement
program
19
22
32
retirement? 20
30 6
(Select up to three choices) Family Members 14
(parents, siblings) 32 18
27
22 6
Friends & Peers 6
27 6
10
20 13
Educational articles 10
or blogs 27 7
13
18 8
Online calculators 9
17 9
6
18 10
Spouse 9
31 12
10
18 4
Employer financial 10
wellness program 10 15
5
Digital investment 7
advice (e.g., robo- 15 10
advisors or managed 6 10
accounts) 12
I do not currently use
resources to learn 12
about developing 0
a plan for retirement
0 0
Other 1
7
Financial Advisors Are Viewed as the Most Important Source

of Education and Advice
While there are a variety of sources individuals use to advice or a combination of both. As needs and preferences
prepare and educate themselves, financial advisors are differ among individuals, offering a multi-channel sources
viewed as top source of education and advice (29%). of education can better align to how people seek their
advice.
Working respondents are roughly split between how to
receive financial advice: human-based advice, digital
WORKING Top Sources of Education (%)
Which of the following Financial advisor 29
sources of education Employer retirement program 19
and advice do you feel Family Members (parents, siblings) 15
is the most important in Educational articles or blogs 10
preparing for retirement? Spouse 10
(Select all that apply) Digital investment advice (i.e., robo-

9
advisors or managed accounts)
Employer financial wellness program 9
Online calculators 8
Friends & Peers 7
Other 0
WORKING
How do you prefer to Advice Preference (%)

receive financial advice
and guidance? 40
39 38
36 37
By Generation 34
32 33
(Select only one) 30 29 28
23
Financial counselor/coach-based Digital, technology-based advice Combination of both digital

(in-person, phone-based (no interaction with advisor) and human advice services
or video conference)
MAKING SENSE OF THE RETIREMENT
INCOME QUAGMIRE
RETIRED INDIVIDUALS Though many individuals look forward to the days of retirement, it is
Age not as easy as one may hope. Our survey found that individuals reach
Average: 67.3
retirement with insufficient savings and then need to manage spending
50 to 54 2% and income generation, all while estimating how long their savings will
55 to 64 23% last. In the current environment, this is incredibly challenging and so it is
65+ 75% no surprise that many spend conservatively, desire income that is stable,
consistent and guaranteed, and seek retirement income advice to help
Gender them navigate.
49%
Male As plan sponsors seek to tackle retirement income offerings in their
plans, it is important to recognize that employer-sponsored retirement
plans drop as a primary source of education and advice for retiree
respondents. They dropped from the second most used source of
51% education for workers preparing for retirement to sixth for those in
Female
retirement. For plan sponsors seeking to retain plan participants
through retirement, this is an important consideration along with the
mix of retirement income products and services to support their
retiree needs.
This section explores the different aspects associated with retirement

income, such as managing spending, deciding on the best way to
generate income, and key features of retirement income.
MAKING SENSE OF THE RETIREMENT INCOME QUAGMIRE
Many Retirees May Not Have Enough Savings for Retirement

It is commonly suggested that 70% pre-retirement income Women respondents report facing an even greater
is needed to maintain the standard of living in retirement. challenge accumulating sufficient saving, with 80%
But based on survey findings, only 25% reach retirement receiving less than 70% pre-retirement income and,
and receive at least 70% pre-retirement income and notably, 35% receiving less than 40% of pre-retirement
more than half (51%) receive less than 50% of their pre- income.
retirement income.
RETIRED
How much total annual Annual Retirement Income Received (%) By Gender (%) Male Female
income do you receive in

8
retirement (including Social More than 90% 7
6
Security) relative to your 25% of retired
pre-retirement income ? 81–90% 7
respondents have more
than 70% of their
9
pre-retirement 4
(e.g., your final annual compensation
income in retirement
prior to retirement, such as salary, bonus,
etc.) 13
71–80% 11
10
12
61–70% 11
10
14
51–60% 13
12
22
40–50% 22
23
22
Below 40% 29
35
Top Concerns Entering Retirement

Leaving a steady paycheck is a top concern for those When we break it down by gender, we see a much wider
entering retirement, ahead of healthcare, inflation and disparity. Women respondents are even more concerned
having sufficient savings. with leaving a steady paycheck than men, while men
responding are more focused on healthcare needs and
This concern highlights the importance for retirees
inflation.
to understand what income they will receive and how
they will manage their income to support their needs in
retirement.
RETIRED
What concerns, if any, Top Concerns (%)* Current Year Last Year Concerns by Gender (%) Male Female
did you have entering

27 19
retirement? Leaving a steady paycheck
28 33
(Select all that apply)
20 17
Having sufficient savings
23 22
18 21
Healthcare needs
19 14
13 16
Inflation concerns
0 10
Receiving reduced 10 10
Social Security benefits
12 10
Not sure how to know 7 10

if I was really prepared
for retirement 9 4
How will I spend time and 5 5

who will I spend it with
7 6
1 1
Others
2 0
*Inflation was not an option in last year’s survey.
Inflation Is a Top Concern for Retirees

While the level of concerns have increased across the Regardless of future inflationary conditions, the past
board relative to last year, inflation rose to the top spot in two years of record inflation alone will have a meaningful
this year’s report for retired respondents. impact on retirees’ accumulated savings.
The challenge with inflation is that it impacts all the key
questions retirees need to address, such as:
• How much should I spend (with prices rising)?
• How much income can I withdraw (with markets down)?
• How long will my savings last (with increased spending
needs in the future)?
RETIRED
Current Year Last Year
Which of the following, Top Concerns (%)*
if any, are concerns you Inflation concerns

71
42
have about your retirement
51
at the moment? Future healthcare concerns
44
(Select all that apply)
Concerns about potential reductions 46
in future Social Security benefits 43
44
Running out of money
32
Market volatility and impact 29

on income/savings 0
My ability to stay in my home 29

throughout retirement 24
Becoming a financial burden 23

on family members 12
Managing my money to provide 22

income in retirement 20
Keeping track of my retirement 19

income and spending needs 15
Outliving my spouse/significant 12
other and as a result not being
able to manage my finances 9
2
Other
6
*Market volatility and impact on income/savings was not an option in last year’s survey.
Retirees Enter Retirement with Financial Anxiety

A number of factors contribute to a stressful transition to Unfortunately, it is impossible to know these answers
retirement, including leaving a paycheck behind. There are with certainty and as a result, some experience financial
many difficult questions to answers, such as: anxiety as they navigate the trade-offs.
• Do I have enough savings? Women respondents report higher levels of stress than
• How do I generate income? men entering retirement. Later in the report we highlight
women respondents’ preference to generate retirement
• How much can I spend each year? income from part-time work, which can alleviate the stress
• How long will it last? felt during the transition phase.
RETIRED
How much anxiety/stress Level of Stress (%) By Gender (%) Male Female
about your finances

19
did you feel entering Very comfortable,
no stress at all
14
retirement? 9
20
Somewhat
18
comfortable
16
Neither 25
comfortable 23
or stressed 20
27
Somewhat
31
stressful
35
9
Very stressful 14
19
Retiring Earlier than Planned Has a Significant Impact on

Retirement Savings
Fifty-six percent of retirees state they retired earlier than Notably, only 7% state that the primary reason for
planned, which can impact final accumulated savings, retirement was having sufficient savings.
savings longevity, and when one claims Social Security,
However, almost half (47%) retired due to reasons outside
among other things.
of their control with health reasons (23%) being the top
Since over half of retired respondents retired earlier than factor. The ability to delay retirement to accumulate
planned, building a strategy that incorporates this reality additional savings or to work part-time in retirement
can help alleviate the impact. could all be impacted by health or other factors outside
one’s control.
RETIRED
Did you retire earlier, When Retired (%)

Earlier than planned Right around when planned Later than planned
right around, or later than
planned?
56 42 2
RETIRED
What is the primary reason Primary Retirement Reason (%)
that you retired? Needed to due to health reasons* 23
(Select only one)

I was tired of working 13
I hit Social Security age 12
My job was no longer available* 10
Other 9
Take care of a family member* 9
My employer offered me a
8
retirement package and I took it
Savings were sufficient
7
to fund my retirement
Couldn't find a new job
4
(previously lost job)*
My spouse/friends retired 2
Didn't want to return to work

2
during the pandemic
My employer has a forced
1
retirement age*
*Reasons considered outside the individual’s control.
Uncertainty Drives Conservative Spending

While many enter retirement without sufficient savings, spending. Controlling what they can control, some retirees
we see a range of spending behaviors. are reducing spending to effectively preserve savings and
help manage the potential long-term effects of inflation.
About four in ten retirees spend less than anticipated or
planned, which illustrates that retirees may not have the Unfortunately, this is not an optimal outcome for retirees.
retirement they had expected.
Furthermore, retirees state that the top unexpected
Only 22% spend more than anticipated, which may be challenge of managing their spending is the ability to
impacted by the current inflationary environment and understand what their income will be, so that they know
rising costs. how much they can spend.
Consistent with these results, the top action retirees
have taken in the current environment is to reduce their
RETIRED
Relative to what you Annual Spending Relative to Plan (%)

I spend less I spend the same I spend more Not sure
anticipated or planned to
be spending in retirement,
42 31 22 5
do you spend more or less
money on an annual basis
in retirement?
RETIRED
What was the most Unexpected Aspects of Managing Retirement Spending (%) Male Female
unexpected aspect of Understanding what my income

32
will be (e.g., investment income,
managing your spending Social Security, etc) to know 26
what I can spend
in retirement? Supporting family member
(e.g., financial hardships, 11
(Select only one)
grandchildren education 11
expenses, etc.)
24
Healthcare costs
22
Housing and home 19

maintenance costs 25
7
Travel and leisure costs
9
7
Other
7
Part-Time Work Is the Preferred Source of Retirement Income

The concern with managing retirement income is evident involved in the workforce and preserve the option to earn
in the preference of how to generate income. Part- additional income, even if supplemental.
time work rose considerably from last year to overtake
There are also notable generational differences, with
investment solutions as the top source of preferred
working Boomers preferring part-time work and Gen Z
retirement income. However, because many people retire
most interested in rental income.
due to health-related issues, that’s not always a realistic
solution. Still, the findings highlight the desire to stay
WORKING / RETIRED
In which of the following Retirement Income Preferences (%) By Generation (%, Working)
Working Retired
ways would you prefer to
70
generate income during 55 52
retirement? Part-time work
34 50
(Select all that apply) 42
45
47
Investment 47
solutions 41 49
43
12
28
27
Rental income
7 35
46
23
26
25
Annuity
20 32
18
2 4
Other 2 Boomers
19 0 GenX
Millennials
1 GenZ
Top Valued Retirement Income Features

Building on the challenges of managing retirement The top preferences evidence a desire for simplicity in a
income, retirees prefer income that is consistent and retirement income strategy: dependable income that one
stable (42%), and income guaranteed for life as a close cannot outlive.
second (41%).
Given the environment, it may be surprising that inflation-
protected income wasn’t valued higher, as we view this as
a key concern for retirement income strategy.
RETIRED
What income features are Top Retirement Income Features (%)
most important to you?

Income that is consistent and stable
(Beyond what you may receive from 42
month over month
Social Security)
(Select up to three choices) Income that is guaranteed for
41
your life
Income generated from investments

22
(no guaranteed level of income)
Income that is diversified and

20
comes from a variety of sources
Income that is inflation protected 19
Income that is guaranteed for

17
your spouse's life
None of the above 15
Income that comes from one

7
place/source
Respondents Seek a Wide Range of Guaranteed Income

A common question for retirees is how much guaranteed When compared to our working respondents, they are
income should they have. On one hand, guaranteed more evenly distributed in the level of guaranteed income
income can simplify a retirement income strategy with they desire for retirement, with most responses clustered
less ongoing management. However, less guaranteed between 41-80%.
retirement income (and more in accumulated savings) can
This spectrum of responses highlights that there is no
offer greater flexibility but require ongoing management.
one-size fits all approach to guaranteed retirement
For our retired respondents, we see two polarizing and
income.
divergent groups: (i) below 40% guaranteed income and
(ii) more than 90% guaranteed income.
RETIRED
What percentage of Guaranteed Income (%)
retirement income do you

55% greater than 50% guaranteed income
receive from guaranteed
sources (pension, Social 29
25
Security or annuities)?
17
8 7 8 7
Below 40 40–50 51–60 61–70 71–80 81–90 More than 90%
WORKING
What percentage of Guaranteed Income (%)
retirement income do
you want to receive from
guaranteed sources
(pension, Social Security
19 19
or annuities)? 17 17
12
8 9
Below 40 40–50 51–60 61–70 71–80 81–90 More than 90%
Nearly 80% of Retirees Believe Financial Help is Important

to Manage Retirement Income
Despite the challenges in managing retirement income, either extremely, very, moderately, or slightly important
most retirees (61%) feel comfortable managing their own to successfully manage one’s retirement income and
income, and only 18% feel uncomfortable. investments.
However, we still see a strong desire for financial help as
79% of retired respondents reported that financial help is
RETIRED
How comfortable are you Level of Comfort (%)

income needs?
24
21
12
Very Somewhat Neither comfortable Somewhat Very

comfortable comfortable nor uncomfortable uncomfortable uncomfortable
RETIRED
How important is it to Level of Importance (%)
receive financial help

(education, advice,
counseling) to successfully 25
manage your retirement 20
22 21
income and investments? 12
Extremely Very Moderately Slightly Not at all

important important important important important
Top Challenges That Retirees Want Help With

Advice and guidance are growing in importance as understanding how long your savings will last are the top
individuals are forced to manage more financial decisions. challenges.
Without pensions, retirees are managing income across
These concerns are more prevalent for retired women
a variety of accounts. When asked which challenges
respondents seeking to manage retirement income.
individuals need advice on to manage their retirement
income successfully, generating retirement income and
RETIRED
What are the top Top Retirement Income Features (%) By Gender (%) Male Female
challenges you face 32

Generating
managing your retirement retirement income
37
42
income and investments 33
Understanding how long
that you would like advice your savings will last
37
40
or guidance? 34
Managing through
(Select up to three choices) 31
market volatility 29
27
Managing taxes 25
22
Tracking and 26
24
managing spending 21
Determining your 15
13
asset allocation 11
Developing a 12
11
distribution strategy 10
9
Other 9
9
Selecting and 7
purchasing annuities for 8
retirement income 9
Financial Advisors Are the Top Source of Advice

in Retirement
As retirement plan sponsors consider how to enhance For sponsors seeking to make their retirement plan a
their programs to incorporate retirement income features, destination for retired employees to manage their savings
it is important to acknowledge that while working to and through retirement, it appears that some existing
respondents look to employer programs for education plan designs could be falling short of retirees’ needs.
and advice, it is not the same for retirees. The employer
retirement plan ranks sixth as a resource for education/
advice in retirement, and the financial advisor is the top
source instead.
RETIRED
Top Sources of Education (%)
Which of the following
Financial advisor 35
would you say were the
Employer retirement program 32
three most important Family Members (parents, siblings) 32
sources of education and Spouse 31
advice you relied upon Educational articles or blogs 27
as part of your retirement Friends & Peers 27
planning process? Online calculators 17

Employer financial wellness program 10
(Select up to three choices)
Other 7
Digital investment advice (robo- 6
RETIRED
Since you have been Top Sources of Education (%)
retired, which of the Financial advisor 32
following would you say Employer retirement program 14

Family Members (parents, siblings) 21
are the most important
Spouse 25
sources of education and Educational articles or blogs 28
advice to help you manage Friends & Peers 17
your retirement income? Online calculators 10
(Select up to three choices) Employer financial wellness program 5

Other 10
Digital investment advice (robo-
6
CONCLUSION
Navigating the financial Generation X is in the Heart of the Financial Vortex

vortex requires managing an Gen X is forced to juggle all the financial priorities while needing to save for
their own retirement. Many are homeowners, parents, caretakers, sometimes
ever-increasing set of financial
viewed as the “sandwich generation,” currently in the prime of their career
priorities and complexities. and at a critical stage of retirement savings and preparation. They report
How much to save, how to being behind in their retirement savings and having higher levels of stress
and anxiety. They are most likely to have significant retirement balances and
invest and how to adjust the
therefore are most susceptible to market volatility and inflation. And while
strategy to stay on track they have some time before retirement, the time to get their savings on
are critical considerations track is narrowing.
for savers. Growing Appetite for Advice to Navigate the Financial Vortex
For retirees, navigating the Financial complexity is a reality many face. The issues that started with Gen X
carry through and peak with Millennials, and we can see the trend continuing
financial vortex requires
with Gen Z. The challenge for plan sponsors is to consider how to meet
managing their spending in employees where they are on their retirement savings journey with resources
the face of rising interest rates, that can be customized and personalized to adapt to their circumstances.
high inflation, and volatile Inflation is Top Concern and Drives Uncertainty in Retirement
markets in the effort to maintain Inflation is not surprisingly the top concern for retirees. Needing to spend more
their savings for an uncertain on the same goods and services due to rising prices, coupled with the concern
period of time. Though of depleting savings, has led many to cut back. As a result, how to generate
retirement income is the top challenge where retirees need and want financial
retirement should be a time to advice in hopes to generate consistent and stable income to enjoy those
enjoy one’s savings, many are coveted retirement years.
forced to live conservatively
Part-Time Work Could Help Alleviate Retirement Income Concerns
and navigate competing needs. for Future Retirees
While leaving a steady paycheck was the top concern entering retirement,
part-time work was the top preferred source of generating retirement income
for those approaching retirement. While it may not be possible for some to
work part-time in retirement, it highlights the desire to have more control over
generating income in retirement and can add a sense of security, particularly
in volatile times.
Evolving Role of the Employer in Retirement Income

The importance of financial education and advice is clear, and financial advisors
are regarded as the most important source of these in retirement. While
employer-sponsored retirement plans are a top source of education during the
accumulation phase, there is a sharp decline in this view for those in retirement.
For plans seeking to expand their plan offerings to be more supportive for
retirees, addressing the unique needs retirees face and providing resources
to personalize the retirement income strategy to fit their situation are
important considerations.
Disclosures
All investing involves risk, including loss of principal.

Views expressed discussed are those of survey respondents, compiled by Goldman
Sachs Asset Management as of August 31, 2022.
This material is provided for educational purposes only and should not be construed
as investment advice or an offer or solicitation to buy or sell securities.
THESE MATERIALS ARE PROVIDED SOLELY ON THE BASIS THAT THEY WILL NOT
CONSTITUTE INVESTMENT ADVICE AND WILL NOT FORM A PRIMARY BASIS FOR ANY
PERSON’S OR PLAN’S INVESTMENT DECISIONS, AND GOLDMAN SACHS IS NOT A
FIDUCIARY WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE
MATERIAL OR CONTENT HEREIN. PLAN FIDUCIARIES SHOULD CONSIDER THEIR OWN
CIRCUMSTANCES IN ASSESSING ANY POTENTIAL INVESTMENT COURSE OF ACTION.
Views and opinions expressed are for informational purposes only and do not
constitute a recommendation by Goldman Sachs Asset Management to buy, sell, or
hold any security. Views and opinions are current as of the date of this presentation
and may be subject to change, they should not be construed as investment advice.
THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY
JURISDICTION WHERE OR TO ANY PERSON TO WHOM IT WOULD BE UNAUTHORIZED OR
UNLAWFUL TO DO SO.
Although certain information has been obtained from sources believed to be reliable,
we do not guarantee its accuracy, completeness or fairness. We have relied upon and
assumed without independent verification, the accuracy and completeness of all
information available from public sources.
Confidentiality
No part of this material may, without Goldman Sachs Asset Management’s prior
written consent, be (i) copied, photocopied or duplicated in any form, by any
means, or (ii) distributed to any person that is not an employee, officer, director, or
authorized agent of the recipient.
© 2022 Goldman Sachs. All rights reserved.
Date of First Use: October 12, 2022. 292150-OTU-1675097.
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Goldman Sachs

Retirement & Investment Solutions

Retirement Survey & Insights Report 2022

From Retirement Readiness to

Investors face a complex backdrop due to rising interest rates, high

In the first section of our report, Reinforcing Retirement Readiness,

The second section, Making Sense of the Retirement Income Quagmire,

These challenges are an opportunity for plan sponsors to provide

25–34 23% 20% 55–64

64% 34% 36%

Understanding how long

Knowing if savings are on

Stress levels are Most prefer Actual and Retirement income:

36% 31% retire with sufficient

More than half (51%) of retirees A significant portion (65%) of

TOP CONCERNS GROWING APPETITE FOR ADVICE

Inflation and generating retirement Nearly all working respondents (95%)

Various factors impact one’s ability to save successfully, but having

This section focuses on retirement planning needs for working

Reality Check for Working Individuals:

How much total annual Annual Income Received (%)

income do you receive More than 90% 7

(e.g., your final annual compensation

40–50% 22 51% of retired

More than 40% of Working Respondents Believe Their

your retirement savings are 5 Boomers

Percentages may not add up to 100% due to rounding.

Workers’ Top Retirement Concerns:

What concerns, if any, do Retirement Savings Concerns (%) By Generation (%)

you have about preparing Having sufficient

Financial Stress from Managing Retirement Savings

How much financial Level of Stress (%) By Generation (%)

anxiety/stress do you feel

Percentages may not add up to 100% due to rounding.

Workers May Underestimate Their Retirement Income Needs

How much total annual Total Annual Retirement Income (%)

income do you anticipate

At what age are you Planned Retirement Age (%)

Competing Financial Responsibilities Have a Major Impact

Working Respondents are More Likely to Take Time Away

Have you ever needed to Working (%)

take time away from the

The Effect of COVID-19 on Retirement Savings

During the pandemic, Withdrew Money (%)

did you withdraw money

How, if at all, did COVID-19 Impact on Timeline (%)

affect your expected It did not affect my timeline 44

Expect to delay retirement 37%

Expect to delay retirement 10

Expect to retire earlier by 6

Expect to retire earlier by 1

Expect to retire earlier by 2

Percentages may not add up to 100% due to rounding.

Financial Hardships Increase among Working Respondents

Have you experienced Yes/No (%)

No Yes, and I needed Yes, and I needed Yes, and I needed

How many times do you Times Stopped Savings (%, By Generation)

Growing Appetite for Financial Help

How important is it to Importance of Advice (%) By Generation (%, Working)

Percentages may not add up to 100% due to rounding.

Workers Want Help in Generating Retirement Income

advice/guidance? Understanding if your 32