The 2025 Charles Schwab 401(k) Participant Survey, conducted with Logica Research, shows that while inflation continues to weigh on retirement confidence, savers remain focused on long-term goals. Media coverage in CNBC, PlanSponsor, Investors Business Daily, Entrepreneur, and more, highlights different aspects of how Americans are adapting.

Confidence down but savings consistent

CNBC reports that, according to the study,  just 34% of participants feel very likely to achieve their retirement goals, down from 43% in 2024. Still, only 11% have reduced contributions, underscoring savers’ determination to stay on track despite financial pressures.

Later retirements and employer support

PlanSponsor, in “Participants Expect to Retire Later, Are Less Optimistic About Reaching Savings Goals,” emphasizes that the average expected retirement age has risen to 66, up from 65 last year. The coverage also notes employers’ expanding role, with 57% of workers reporting their companies have taken steps such as raising pay, increasing 401(k) matches, or adding benefits to help manage financial stress.

The $1.6 million benchmark

Investors Business Daily highlights findings that reveal the “magic number” participants believe they need for a comfortable retirement—$1.6 million, down from $1.8 million last year. The article explains that consistent saving strategies such as dollar-cost averaging help savers stay disciplined through market ups and downs, allowing them to benefit from compounding over time. The piece also points out that the true amount needed varies by lifestyle, location, and retirement age. On average, respondents expect their savings to last 22 years which would be long enough to carry someone retiring at 66 through age 88, well past today’s average U.S. life expectancy of 78.6 years.

Challenges across generations

Entrepreneur underscores how retirement outlooks differ by age group while pointing to common barriers that cut across demographics. Gen Z emerged as the most optimistic cohort, with more than half reporting they feel “very likely” to reach their savings goals, even as they face the same obstacles as older workers. Inflation was the top challenge cited by 57% of participants, followed by ongoing monthly expenses (38%), stock market volatility (33%), unexpected costs (32%), credit card debt (26%), and medical bills (23%). The coverage also places Schwab’s findings in a broader context, noting that other industry studies show differing benchmarks for retirement age and savings targets, underscoring how complex and varied retirement planning can be across generations.

To learn more, access the report here: https://content.schwab.com/web/retail/public/about-schwab/schwab_2025_401k_participant_survey_findings.pdf

About the 401(k) Participant Survey

This online survey of 1,000 U.S. 401(k) plan participants, plus an additional 100 Gen Z participants, was conducted by Logica Research between April 30 and May 17, 2025. All respondents were employed by companies with at least 25 employees and were active contributors to a 401(k) plan at the time of the survey.