While most Americans value their workplace retirement plans, they seek more guidance from employers to help them reach their retirement goals, according to a recent study by ING.
The ING Retirement Research Institute said a majority of Americans find retirement planning confusing and overwhelming. Of the more than 2,600 Americans who participated in the study, less than half indicated they felt in control of their retirement plan investments. The study also showed that while consumers want control of their money, they expect their employers, advisors and financial providers to help guide them. Employees also want regular contact from their employers about retirement advice and services.
The survey found 89% of respondents said they want help allocating their investments, 86% said they want guidance calculating their financial needs in retirement, and 84% said they want solutions for calculating and creating retirement income.
"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," said Lynne Ford, CEO of ING Individual Retirement. "The results from our study were clear: Americans want a roadmap to help them navigate to and through retirement."
Ford added that while consumers value choice, too much is often overwhelming.