A Written Plan Leads to More Confidence, Roths Are Underutilized, and 8 Other Insights from New Schwab and Vanguard Studies

Every year, Schwab and Vanguard publish deep surveys on how Americans are saving, planning, and feeling about their financial futures. The 2025 reports confirm what we see every day at Boldin: confidence doesn’t come from having a 401(k) or guessing at a big number—it comes from having a written plan.

And yet, most people still think of retirement planning as either “save more” or “hope for the best.” The result? Missed tax opportunities, underused tools like Roth accounts and catch-up contributions, and vague guesses about whether they’ll ever feel truly “comfortable.”

At Boldin, we believe modern retirement planning should be accessible, personal, and empowering—built on your real numbers and values, not assumptions or fear. That’s why we created a tool that helps people move from confusion to clarity, and why our users report 98% confidence in their financial future.

Here are 10 key insights from this year’s Schwab and Vanguard studies—and how Boldin helps you put them into action.

1. A Written Plan = More Confidence (Boldin has Been Saying This for Years)

Only 33% of Americans have a written financial plan—but those who do are more than twice as likely to feel “very confident” about their finances. (Schwab Modern Wealth Survey, 2025)

Most people think they have a plan (“I’m saving in a 401(k), so I’m good”), but few have actually mapped out what their income, spending, and savings will look like through retirement. A written plan—especially one that’s interactive and personalized—builds emotional security and decisiveness.

That’s Why Boldin Users Feel Confident: In a recent survey, 98% of users of the Boldin Retirement Planner reported feeling financial confidence. When you can see your financial future in the clearest terms possible, you can move forward with clarity, not guesswork.

2. People Wrongly Think Retirement = “I Save” — Not “I Spend”

While 48% of Americans say they’re already financially comfortable or on track, a significant portion only base that confidence on saving behavior, not on having a detailed plan for using those savings in retirement (Schwab)

But saving isn’t enough. To retire successfully, you also have to invest those savings wisely over time. And even that isn’t the finish line. Once you retire, the real challenge begins: how much can you afford (and/or want) to spend each year? Which accounts should you draw from first? How do you avoid big tax mistakes? What happens if markets drop or expenses spike?

This is where most people stall.

And, this is where Boldin excels: Our tools go far beyond simple savings tracking. We help users create clear, personalized drawdown plans, model income sources like Social Security and annuities, understand the tax impact of withdrawals, and stress-test their plan through good markets and bad. We shift the frame from “Are you saving enough?” to “Do you know how you’ll use what you’ve saved—year by year, account by account?”

With the Boldin Retirement Planner, you don’t just plan to stop working—you plan to keep living.

3. People Believe It Takes Over $800,000 to Feel Financially Comfortable

The average American now believes they need $830,000 to feel financially comfortable, up 33% from 2021. (Schwab, 2025)

This sharp increase reflects more than just inflation—it also points to rising lifestyle expectations fueled by social media, housing costs, and cultural pressure to “keep up.” Many people now equate “comfort” with a number so large it feels unattainable. When that happens, they often shut down emotionally and disengage from planning altogether.

Rather than seeing their financial future as something they can shape, they assume they’re already behind and stop trying to catch up. It becomes easier to avoid the conversation than to face it.

Boldin Can Show You YOUR Path to a Comfortable Future: The Boldin Planner helps users shift from overwhelm to ownership. Instead of chasing someone else’s version of wellness, we show people what their version of financial comfort actually looks like—and the practical steps they can take to reach it.

The shift from “I’ll never have enough” to “I know where I’m headed” is powerful.

4. Survey Respondents Say It Takes $2.3M to Be Wealthy

What it takes to be considered wealthy dropped slightly compared to last year, from $2.5M to $2.3M. (Schwab 2025)

There’s a growing gap between what people say they need to feel comfortable ($800,000) and what they believe it takes to be considered wealthy ($2.3 million), and both numbers feel out of reach to many people. (See how Boldin users define wealth.) Comfort is about freedom from worry—having enough to cover expenses, enjoy life, and weather the unexpected. Wealth, on the other hand, is often seen as symbolic or status-driven: a number that represents “making it” in society. The problem? Chasing wealth can feel unattainable, while comfort is both more grounded and more personal.

With Boldin, It’s Your Definition of Wealth: Boldin users can plan for their own personal goals and not an idea of what wealth means. The tool enables you to model what’s important to you. From maximizing spending to minimizing taxes and from dying with zero to leaving the biggest possible estate, Boldin enables you to drive toward what is important to you.

4. It Feels Harder to Achieve Wealth Right Now

63% of Americans say that it takes more money to be wealthy due to an increase in inflation, a worsening economy, taxes, and higher interest rates. (Schwab 2025)

Even if their financial situation hasn’t changed dramatically, the perception of wealth is shifting upward—and with it, anxiety about whether they’re doing enough.

This sense of “falling behind” isn’t always rational—it’s rooted in the emotional toll of uncertainty, higher living costs, and constantly shifting goalposts. People are comparing themselves not just to others, but to a version of the future they were promised before inflation and volatility changed the rules.

Use Boldin to Cut Through the Noise: Boldin helps users cut through the noise by anchoring their plan to what actually matters. Instead of reacting to headlines or chasing inflated definitions of success, users can focus on the real numbers that define security, freedom, and possibility in their own lives. Planning brings the focus back to what you can control.

If you are worried about something, model a “what if” scenario and you will likely find that the long-term impact is minimal and that you are going to be just fine. And, if it isn’t okay, the tool will help you discover a path back to financial wellness.

5. A Written Retirement Plan Buffers Emotional Reactions

People with a written plan are significantly less likely to panic during market volatility. (Kiplinger, in an article citing Schwab survey)

The markets will always swing. What’s important is that people with a written plan behave differently—they’re more likely to stay the course and make smart decisions during downturns. We saw this in action during the turmoil over tariffs last Spring. On Boldin’s Facebook and Reddit discussion groups, it was clear that users felt prepared for market shifts. They were not panicked or even spooked.

With Boldin, Planning is Flexible: We can’t eliminate uncertainty, but we can equip users with a planning mindset that turns emotional reactivity into strategic action. With Boldin, your plan evolves with you and the market conditions.

6. 401(k) Balances Hit Record Highs—But They’re Not Enough Alone

Average balances rose to $148,000 in 2024, boosted by strong markets. (Vanguard, How America Saves, 2025)

While $148,000 may or may not be enough to retire on, it’s great news that balances are rising.

How much is enough?: Believe it or not, $148,000 might be perfectly sufficient for a household with low expenses and decent Social Security income. At Boldin, planning isn’t about an arbitrary number, it’s about building a plan that is right for you – your values and resources.

7. Catch-Up Contributions Are Underused

Only 16% of eligible workers over 50 take advantage of catch-up contributions. (Vanguard, How America Saves)

That’s free tax-advantaged room being left on the table. For many late starters or career shifters, catch-up contributions are one of the last—and best—opportunities to meaningfully boost retirement savings. It’s not just about saving more—it’s about saving smarter by reducing taxable income and accelerating retirement readiness.

What’s the impact of catch-up savings? It’s fairly common for people to only get serious about retirement planning when they’re 5–10 years away from stepping back. Catch-up contributions can be a powerful way to close the gap. Model increased savings in the Boldin Planner and see how a few focused years can fast-track your golden years.

8. Roth Options Are More Common—but Still Underutilized

Over 86% of plans offer Roth contributions—but only 18% of participants use them. (Vanguard, How America Saves)

That’s a major tax-planning opportunity being missed by a lot of people.

Boldin Knows Roth Conversions Are Powerful: Our Roth Conversion Explorer is designed precisely to bridge that gap. It helps users:

• Compare Roth vs. traditional tax outcomes side-by-side, based on individual income, tax expectations, and projected retirement scenarios.
• Visualize tax impacts now and later, with interactive graphs that show how conversions affect both annual tax bills and long-term net wealth.
• Make confident, personalized decisions by exploring scenarios like converting to a tax or IRMAA bracket or to minimize taxes.

By turning confusion into clarity, Boldin users can make smarter Roth choices—and potentially add tens of thousands to their retirement wealth.

9. Advice Further Boosts Emotional Confidence and Eases Financial Stress

71% of clients with human advisors reported feeling more positive, secure, and confident about their finances, more than those using digital-only advice (47%). (Vanguard, The Emotion and Time Value of Advice study)

79% of human-advised clients, and 57% of digital clients, report fewer negative feelings (like anxiety, overwhelm, or worry) after getting guidance. (Vanguard, The Emotion and Time Value of Advice)

Money is challenging for some people – both emotionally and practically. Many people aren’t fully comfortable with the math and frankly unintuitive concepts behind financial planning, and they’re equally unsure how to manage the emotions that come with big decisions about retirement, risk, or uncertainty.

DIY planning can help educate people, but professional advice can be more than just helpful—it’s can offer real relief.

Boldin’s hybrid approach to planning: Our hybrid model combines smart, easy-to-use technology with empathetic human support—so users don’t just build a plan, they build confidence. Whether someone wants to explore on their own, get coaching, or talk to a CFP® professional from Boldin Advisors, we are here to meet you where you are. Boldin makes the math easier and the emotions more manageable.

Final Thought: Everyone Needs a Written Plan

What these reports reveal is that the people who feel most confident, least stressed, and best prepared for the future aren’t necessarily the ones with the highest balances. They’re the ones with a written plan.

Not just a vague idea or savings habit—but a real, flexible, personalized plan that shows how to turn assets into income, how to spend confidently, and how to make smart choices along the way. That’s what the Boldin Planner delivers.

Whether you’re just getting serious about retirement, already retired, or trying to make the most of the next 10 years, Boldin gives you the tools, insights, and expert support to plan with clarity—and live with confidence.

Boldin’s mission is to put the power of planning in every person’s hands, combining automation, guidance, and clarity to help users feel calm, capable, and in control of their future.