Schroder married Andrea Bernard on September 26, 1992. Together, they have four children: Holden Richard Schroder (born January 8, 1992), Luke William Schroder (born August 14, 1993), Cambrie Schroder (born November 27, 1996), and Faith Anne Schroder (born August 8, 2001). Andrea Bernard Schroder is an interior designer and was a contestant on Season Two of Top Design on Bravo. Holden was named after Schroder’s The Earthling co-star William Holden.
Politically, Schroder is a Life Member of the National Rifle Association and a Republican who supported George W. Bush in 2000 and 2004, and John McCain in 2008. He also spoke at the 2000 Republican National Convention in Philadelphia.
Schroder is an active celebrity ambassador for the child abuse prevention and treatment non-profit organization Childhelp.