You and Your 401(k)
October 9, 2013 § Leave a comment
According to a recently published study, 61% of workers surveyed said that their 401(k) is their only savings for retirement and will be an important source of income along with Social Security. More than half have increased their contributions in the past couple of years and believe their investments have recovered since the crisis, and most realized the importance of a 401(k).
Here are the obstacles:
Too confusing – 52% said the their 401(k) was more complicated to understand than their health benefits.
Wish it were simpler – 57% said they wish there was an easier way for them to figure out the correct investments for them.
Don’t know best investment option – Almost half (46%) don’t know what is the best option for them to choose and a third (34%) are stressed out about not knowing which to pick.
Feel twice as confident with an advisor – Those with advisors felt twice as confident about making investment decisions than those making those investment choices on their own (61% to 32%).
You are not alone if you feel overwhelmed. But you don’t need to stress about it. Maybe it’s time to speak with a professional. (CR9442)