Healthcare and Living Costs Named Top Concerns by US Retirement Savers, Smart Future of Global Retirement Report Finds

Smart Future of Global Retirement report looks at savers' attitudes and behaviors, informing the tech tools critical to keeping their needs at the forefront

NASHVILLE, TN / ACCESSWIRE / March 23, 2023 / Smart, a leading global retirement technology provider, today published the US findings from its annual Future of Global Retirement report.This year's report looks at how knowledge, attitudes and concerns about retirement savings have progressed. The report includes findings from 8,000 people worldwide and 2,000 savers across the US.

Key findings include:

• Healthcare and living costs present concerns: 58% of respondents said healthcare tops the list when it comes to retirement-related concerns, followed by 57% of respondents who cited being able to afford day-to-day living costs.
• Americans plan to work into retirement: 35% of respondents plan to work into their retirement, indicating that retirement is becoming a transition rather than a one-off event.
• Inflation impacts outlook on monthly spend: 43% of respondents aged 45-54 see their average monthly spend going up in retirement, which may reflect concerns about the impact of inflation.
• Retirement plan providers can improve guidance: 32% of respondents cite their financial advisers as the most useful source of information, while just 17% say they receive their most useful advice from their retirement plan provider and 10% say their employer. This presents an opportunity for service providers to step up guidance and education measures.
• Americans desire a combination of autonomy and assistance: 66% of respondents consider the most important feature of a retirement plan to be online access; 59% of respondents want a blended approach to managing their retirement finances, combining autonomous control and assistance when needed.

Jodan Ledford, CEO of Smart in the US, said:

"As the retirement landscape shifts, in line with emerging technology and reforms to legislation, it is imperative for the industry to remain one step ahead for the benefit of both, those saving for, and drawing income in retirement. Smart brings forward this report as a resource not just to guide our strategic actions, but for the entire industry to inform the demand for platforms, technologies and educational materials to evolve in order to meet the retirement needs of savers around the world."

For more information and to download the full report, visit: smartretire.com/future.

About Smart

Smart is a global savings and investments technology provider. Its mission is to transform retirement, savings, and financial well-being, across all generations, around the world.

Smart partners with financial institutions (including broker-dealers, RIAs, retirement providers, insurers, asset managers, banks) and financial advisers to deliver retirement savings and income solutions that are digital, customized, and cost-efficient.

Smart, founded in the UK, operates in the USA, Europe, Australia, and the Middle East with over a million savers and over $5 billion in assets. Smart supports its clients with a 750+ strong global team and saw over 2,000% growth in assets on its platform since 2018.

Legal & General, J.P. Morgan, Fidelity International Strategic Ventures, Link Group, Barclays, Natixis Investment Managers, Chrysalis Investments, and DWS Group are all investors to date in Smart.

Media Contact:

Heather Valle
Caliber Corporate Advisers
heather@calibercorporate.com

SOURCE: Smart