A Charles Schwab research study revealed that though many 401(k) participants need more guidance with their plan, very few actually use the help offered to them by their employer:

Seventy percent of respondents said their 401(k) is their only or primary source of retirement savings but less than half or 47% said they are very confident when it comes to making investment decisions. Fifty-three percent said they find their retirement plans even more confusing than health care benefits. Fifty-five percent said they would use free, personalized guidance if their employer made it available to them while less than 10% of people with access to advice actively use it.

According to Bill Losey, a retirement adviser and certified financial planner, for many workers, having savings in a 401(k) plan can make the difference between security and struggle in retirement. But how long they've been in a 401(k) plan and how much is being put into are the most important factors to show if they would have enough retirement income.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.