Retirement by the Numbers

J.P. Morgan Asset Management

Research

38 Pages

J.P. Morgan Asset Management explains that retirement success depends more on participant behavior than market returns, especially saving rates, debt use, and withdrawal patterns. It suggests better defaults and glide path design can improve outcomes when real world behavior deviates from the ideal.

Source: J.P. Morgan Asset Management, based on internal select data from JPMorgan Chase Bank, N.A. and its affiliates (collectively “Chase”) including select Chase check, credit and debit card and electronic payment transactions from 1/1/2017 to 11/30/2024.
Source: Longitudinal Chase data (2016–2023), inflation adjusted. Chase data includes internal select data from JPMorgan Chase Bank, N.A. and its affiliates (collectively “Chase”) including select Chase check, cash, credit and debit card and electronic payment transactions from 1/1/2016 to 12/31/2023.

Key Takeaways

Savings shortfall: Average participant contribution rates remain low, starting below 5% and peaking around 8%, leaving many workers, especially early in their careers, falling short of the 10% or more typically recommended for adequate retirement funding.
Financial health matters: Nearly one in five participants has an outstanding plan loan, and the amounts are large, 17% of account balance, on average. Nearly half carry credit card debt across all observed age ranges.
Retirement spending and income needs vary widely: Chase household data show that average retiree spending gradually declines by more than 30% between ages 60 and 85.
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