Seventy percent of U.S. investors are saving at least 10% of their annual income for retirement, according to the 2020 Schroders Global Investor Survey.
Sixty-two percent of respondents said they were aware that Social Security wouldn't be enough to live on, with 48% concerned about not having enough income in retirement. Still, more than half (51%) said they planned to retire once they qualified for Social Security, the survey found.
"It's very encouraging to see so many investors telling us they are saving at least 10% each year for their retirement, especially when you consider this survey was taken as COVID-19 was spreading in the second quarter," Joel Schiffman, head of intermediary distribution, North America, at Schroders, said in a news release.
Many retired investors appeared to have strong appetites for risk, according to the survey. Half of them reported adding high-risk investments to their portfolios in February and March when the markets were experiencing extreme volatility due to the coronavirus pandemic. Another 28% of retirees stayed the course, making no changes to their portfolios.
The study surveyed more than 23,000 investors from 32 countries, including 1,500 U.S. respondents who expected to invest at least $10,000 in the next 12 months and who made changes to their investments within the last 10 years. The online survey was conducted in the second quarter.