Schroder lives in Topanga Canyon, California with his wife, Andrea Bernard, and their four children. He is a convert to The Church of Jesus Christ of Latter-day Saints. Schroder made an appearance on stage at the 2000 Republican National Convention, endorsing Presidential candidate George W. Bush. He is also a member of the National Rifle Association. Schroder has been playing chess since he was 7 years old and revealed that he and Kiefer Sutherland play chess on the set of 24. On the January 9, 2007 edition of CNN’s Larry King Live, Schroder announced he was changing his name back to Ricky. 
He named his son Holden, after William Holden- the man who taught him how to shoot a gun.