More than one-in-five retirement plan participants say they don’t work with a financial professional because they think doing so would be too expensive.
The survey, which was conducted among visitors to the OneAmerica retirement plan participant website, also found that fewer than half (43%) of retirement plan participants age 50 or older say they have considered a withdrawal strategy for their retirement assets.
While women were 6 percent more likely to be influenced to participate in the plan by enrollment meetings than men, fewer than a third of women (31%) said they would be so influenced.
Among other findings:
- Nearly two-thirds (64%) of participants aged 50 or older have considered how they will pay for healthcare post-retirement.
- 57% of participants are not contributing more to their retirement plan because of other financial priorities.
- Half say they are very or somewhat knowledgeable about taxes, Social Security, estate planning and investment concepts.
While more than half (56%) of participants favor online tools, such as calculators, articles and videos, 55% of respondents indicate that they aren’t sure how to calculate their retirement goals.
A total of 7,545 participants answered questions about their savings behaviors and motivations, education and resource preferences and working with financial professionals.
