401(k) expected to fund largest portion of retirement

Workers expected their largest source of retirement income, 37%, to come from their own and partner’s 401(k) accounts, according to Charles Schwab’s 2022 401(k) Participant Study that was conducted from April 4 through April 19 and released last month. This was followed by 17% derived from Social Security and 14% from other savings and investments.

One-third of employees didn’t know how long their retirement savings would last. Out of the two-thirds that provided an estimate, the average length was 23 years.

Nearly a quarter of the respondents, 24%, stated that the pandemic delayed their retirement.