Americans Stick With 401(k)s
In spite of everything happening with the economy, most Americans still believe their 401(k) plans can help them reach their retirement goals, according to an Investment Company Institute survey.
In a survey of 3,000 households taken in December, ICI found that 73% of households indicated that they are confident that retirement plan accounts can help people reach their retirement goals. Among households that participate in defined contribution plans or own individual retirement accounts, 78% expressed confidence in these plans. Even larger majorities supported key features of the 401(k) system, including tax advantages for employee and employer savings, payroll deduction, and individual choice and control, according to ICI.