2020 401(k) Participant Survey
On average, survey participants expect to retire at age 65 and think they need $1.9M saved for retirement.
Findings
Key findings
- 401(k) plan participants find that saving enough for a comfortable retirement continues to be their leading source of significant financial stress.
- On average, these 401(k) participants believe they need to save $1.9 million for retirement, an increase of 12% from the $1.7 million reported in 2019.
- Two in five participants also say they made a change to their 401(k) account due to COVID-19, citing rebalancing and increasing contribution rates as the most common changes.

Key findings
- The area where 401(k) participants say they could most use help is understanding how much they’ll need to save for retirement.
- Over two thirds (68%) of participants gave an estimate of how long their retirement savings will last, with the average being 24 years.
- The level of uncertainty is higher among women (40%) than men (25%).

About the survey
This online survey of U.S. 401(k) participants was conducted by Logica Research for Schwab Retirement Plan Services, Inc. Logica Research is neither affiliated with, nor employed by, Schwab Retirement Plan Services, Inc. The survey is based on 1,000 interviews and has a three percent margin of error at the 95 percent confidence level. Survey respondents were actively employed by companies with at least 25 employees, were 401(k) plan participants and were 25-70 years old. Survey respondents were not asked to indicate whether they had 401(k) accounts with Schwab Retirement Plan Services, Inc. All data is self-reported by study participants and is not verified or validated. Respondents participated in the study between May 28 and June 11, 2020.
Media Contact: Mike Peterson
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