2025 Retirement Plan Services Participant Outcomes Survey
Retirement plan participants share their knowledge, thoughts, and confidence around investing and preparedness.
Key findings
- While 90% of participants say being on track for retirement is a priority, only 57% believe they are. And that number is more than double the 26% who are actually on track based on retirement readiness modeling.
- 79% of those surveyed tell us they’re getting the full employer match, but 63% actually are. This means about one in three could be leaving money on the table—suggesting a lack of clear understanding about how their plans work or how their actions influence outcomes.
- Nearly 90% of participants surveyed say it’s important to have an emergency fund, but less than three out of four actually have one.
- Millennials are more ambitious about retiring before 65, and just over half (51%) feel confident they’re on track for retirement. In contrast, Boomers tend to target later retirement (age 67) but report higher levels of confidence (62%).
About the survey
The survey targeted retirement plan participants in plans serviced by Schwab: those eligible to contribute to their employer’s 401(k) plan with a focus on individuals not currently retired. The survey was administered online via a secure platform over a three-week period from December 3 to December 20, 2024. A total of 14,930 participants answered at least one question in the survey. Data was analyzed using descriptive statistics to summarize key trends and patterns and select cross-tabulations were employed to compare responses across various segments. Some financial behaviors and metrics from Schwab internal data were appended for comparison.
Media Contact: Kristin Meza
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Schwab Workplace Services is a business enterprise which offers products and services through Schwab Retirement Plan Services, Inc.; Schwab Stock Plan Services; Designated Brokerage Services; and Schwab Retirement Business Services. Retirement Business Services includes Schwab Retirement Technologies, Inc.® (Schwab RT); Charles Schwab Trust Bank (Member FDIC); and Personal Choice Investment Services.
The Charles Schwab Corporation provides services to retirement and other benefit plans and participants through its separate but affiliated companies and subsidiaries: Charles Schwab Trust Bank (Member FDIC); Charles Schwab & Co., Inc. (Member SIPC, www.sipc.org); and Schwab Retirement Plan Services, Inc.; and Schwab Retirement Technologies, Inc. ("Schwab RT").
Schwab Retirement Plan Services, Inc., provides recordkeeping and related services with respect to retirement plans. Brokerage products and services are offered by Charles Schwab & Co., Inc. (Member SIPC, www.sipc.org). Schwab Stock Plan Services is a division of Charles Schwab & Co., Inc. providing equity compensation plan services and brokerage solutions for corporate clients. Schwab Designated Brokerage Services (DBS), a division of Charles Schwab & Co., Inc., provides technology solutions for corporate clients with regulatory requirements to monitor employee security transactions. Schwab Retirement Technologies (“Schwab RT”) develops and licenses retirement plan recordkeeping software, systems, and hosting services for use by independent third-party administrators. Charles Schwab Trust Bank (Member FDIC) provides trust, custody, deposit products and services. Personal Choice Investment Services, a division of Charles Schwab & Co. Inc., provides services and solutions for employee benefit plans and participants.