Retirement is a complex topic, with many Americans concerned about how they will be able to fund their later years. Compared to other developed countries, retirement plan coverage in the US has often been behind the curve, with a reliance on the voluntary offering of retirement plans. Ask people what they think about retirement and their responses will reflect their circumstances.

In late 2022, Smart surveyed over 8,000 savers across the US, UK, Australia, and South Africa about their understanding and concerns around retirement. Taking those collective responses, Smart created the Future of Global Retirement report, which identifies common trends, as well as areas where the retirement landscape differs vastly.

The Future of Global Retirement report shows that cost of living is a big concern for Americans looking ahead to their retirement years. 57% expressed concerns about making ends meet – an increase of 16% year-over-year. Furthermore, 58% of respondents specifically cite affordability of medical bills as their top concern. In general, concerns over adequate income in retirement increase as savers get closer to retirement.  In particular, the increase in inflation from the prior report seemed to weigh heavy with respect to affordability, especially in the face of any potential recession.