Retirement Planning: Most Americans Find It Confusing And Overwhelming
Retirement planning is considered by many Americans to be confusing and overwhelming, according to a study by the ING Retirement Research Institute.
While Americans value their workplace retirement savings plans highly, they are seeking even more guidance and resources from their employers to help them further their retirement goals, according to Shedding Light on Retirement.
In excess of 2,600 Americans were surveyed for the study.
Less than one-half of respondents (48 per cent) said they feel in control of their retirement plan investments.
The study found that, while consumers want control and empowerment of their money, the expectation is employers, advisers and financial providers will help guide them.
Employees also want regular contact from their employers about retirement advice and services.
Eighty-nine per cent of respondents want help allocating their investments, and 86 per cent want guidance on calculating their financial needs in retirement.
Lynne Ford, CEO of ING Individual Retirement, said, "Most Americans are busy with their jobs, their families and their personal pursuits and say that they don't have the time or interest to become experts in retirement planning."
Ford added, "The results from our study were clear: Americans want a road map to help them navigate to and through retirement."
More than three-quarters of respondents (80 per cent) said they find it important to have access to specific tools and services to advise them on how to calculate financial needs for retirement.