Background: Retirement represents one of the biggest before-and-after moments in life. Employers, consultants, and advisors play an essential role in successfully planning for and achieving happiness in retirement. Allspring conducted a retirement survey to give employers, consultants, and advisors insights to help near-retirees and retirees see retirement for what it could be.

Findings: For many of the retirees surveyed, retirement has meant happiness. Near retirees who are still working toward retirement have greater concerns about how inflation, investment performance, and increased taxes affect their retirement planning.

Spending in retirement could drop by 25% (on average) before retirees’ happiness would be significantly affected.

62 is the average age of retirement, but retirees and advisors say 65 to 69 is a good range to balance financial and non-financial needs.

Only six in 10 near-retirees know that their 401(k) or 403(b) plan offers advisory services through the plan, and 47% of near-retirees are equally likely to work with that advisor as with any other advisor.

64% of near-retirees and retirees believe they are on track to meet their retirement goals, while only 40% of advisors agree.

One in eight near-retirees are actually unretirees, having returned to work after they retired. 83% of unretirees returned by choice, not necessity.

Bottom line: Near-retirees and retirees need help navigating important retirement related decisions, including the right age to retire, when to claim Social Security benefits, and how to plan for Medicare. By engaging workers earlier, employers can help near-retirees and retirees balance income needs, social desires, personal limitations, and other aspects of a fulfilling retirement.

This material is provided for informational purposes only and is for professional, institutional, or qualified clients/investors. Not for retail use outside the U.S. THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION AND IN ANY

CASE IS NOT INTENDED TO BE USED IN ANY JURISDICTION OR TO ANY PERSON WHERE IT WOULD BE UNAUTHORIZED OR UNLAWFUL TO DO SO. Allspring Global InvestmentsTM (Allspring) is the trade name for the asset management companies of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. Allspring is the source of all data (which is current or as of the date stated). This communication does not contain investment advice, an investment recommendation, or investment research, as defined under local regulation of the respective jurisdiction. ALL-02142024- tpq9l2uc© 2024 ALLSPRING GLOBAL INVESTMENTS HOLDINGS, LLC. ALL RIGHTS RESERVED.