NEW YORK, July 25, 2026, 10:09 EDT — U.S. markets finished trading for the day.
- In 2026, 46% of retirees left the workforce sooner than they had intended.
- JPMorgan Chase & Co. NYSE:JPM discovered that 75% of participants would probably keep their assets in plans featuring in-plan income.
- ICI put 401(k) assets for the first quarter at $9.9 trillion.
Almost 50% of retirees in the U.S. stopped working sooner than they intended. This discrepancy heightens concerns about maintaining access to workplace retirement savings.
Participant actions provide the investor indicator. According to JPMorgan’s asset-management division, 91% are interested in in-plan income features. When such an option is available, 75% would probably retain their assets in the plan.
This is important, as retirement often brings changes in plan assets. According to the Investment Company Institute, rollovers from employer plans represent roughly half of IRA assets.
The Employee Benefit Research Institute reports that workers plan to retire at a median age of 65, but retirees have exited the workforce at age 62. Early retirements increased to 46% from 40% in 2025.
Health or disability accounted for 41% of responses. Financial readiness was indicated by 36%, and 35% attributed the decision to changes within their company. In total, 76% said the reason was beyond their control.
TIAA reported pressure taking a different form. Over half, or 51%, had stopped working for more than a year following an unexpected event. About 76% said they wished they had started saving sooner, and 71% expressed a desire to have saved a greater amount.
| Measure | Worker or participant expectation | Retiree reality or retention response |
|---|---|---|
| Retirement age | Median expected is 65 | Median actual is 62 |
| Gradual transition | 44% anticipate one | 12% reported having one |
| Social Security timing | 65% of younger boomers anticipate 66 or older | Nearly two-thirds started by 65 |
| Earlier-than-planned retirement | — | 46% as of 2026 |
| In-plan retirement income | 91% express interest | 75% intend to retain assets in-plan |
Source: EBRI 2026 Retirement Confidence Survey and research by JPMorgan Asset Management on participants.
Based on ICI’s September 2025 data, about $9.5 trillion of the $18.9 trillion total reflects IRA assets originating from rollovers, accounting for half. This represents a cumulative total, not a yearly amount.
Retaining even a small portion could maintain ongoing management fees and potentially direct more value to insurers that offer lifetime-income guarantees.
“They want retirement decision-making made simpler,” said Alyson Frost, JPMorgan’s head of retirement insights. Among participants who defaulted, 96% reported being satisfied, the survey showed. Automatic contribution increases saw satisfaction climb to 97%. JPMorgan
BlackRock, Inc. NYSE:BLK incorporates the model in its LifePath Paycheck offering. The target-date strategy features annuities from Equitable Holdings, Inc. NYSE:EQH along with Brighthouse Financial, Inc. NASDAQ:BHF.
BlackRock disclosed $16 billion in assets across six plans as of the end of 2024. This represents roughly 0.16% of estimated total 401(k) assets. Note the timing is not matched, so the figure is an estimate.
The setup splits the roles: BlackRock manages the investment vehicle, and Equitable along with Brighthouse issue the guarantees. Data from JPMorgan on default satisfaction indicates that companies with robust workplace plan distribution benefit the most.
Caregivers are more likely to retire earlier than planned. According to EBRI, 56% of caregivers stopped working sooner than expected, compared with 44% of those who were not caregivers. The 12 percentage point difference highlights the importance of adaptable income and tailored guidance.
Listed exposures finished Friday in positive territory. JPMorgan advanced 0.9% to settle at $353.21. BlackRock climbed 1.8% to $1,055.67. Equitable and Brighthouse each added roughly 1%.
The Federal Reserve is scheduled to meet on July 28-29 next week, with its announcement set for Wednesday at 2 p.m. EDT. Changes to interest rates may impact annuity rates and insurer spreads.
Risks: The 75% statistic reflects expressed intention rather than assets actually acquired. BlackRock has pointed to complexity, expense, and accessibility as obstacles to adoption. Guarantees rely on the claims-paying capacity of individual insurers.
The key metric is assets retained following retirement. Companies that manage plan defaults and oversee income conversion are in the strongest position to benefit from rollover revenue.
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