A new nationwide survey of 401(k) participants finds some interesting trade-offs when it comes to their 401(k).
More than two-thirds (68%) consider making the best 401(k) investment choices a key priority — even more so than staying in shape (59%). Perhaps not so surprisingly, 73% would rather have their 401(k) balance grow by 15% this year than lose 15 pounds.
And as for those who say participants aren’t aware of their 401(k) fees, the survey, commissioned by Schwab Retirement Plan Services, found that participants pay more attention to 401(k) investment fees (64%) than ATM fees (60%), airline baggage fees (50%) or gym sign-up fees (49%). In fact, 90% of respondents said they would think twice about taking a job if the company did not offer a 401(k) plan.
However, while 90% know what their ideal credit score should be, only 58% know how much they should save for a comfortable retirement — and nearly half (47%) say that materials explaining their 401(k) plan investments are more confusing than materials explaining their health and medical benefits.
Closer to home perhaps, two-thirds (67%) say they want personalized investment advice for their 401(k) and 73% say they would be very or extremely confident in their ability to make the right investment decisions with the help of a financial professional (versus just 44% who would feel that same level of confidence on their own).
Politic ‘Culled’
Despite all the issues America faces, 69% say that Americans’ ability to save for a comfortable retirement should be a major public policy focus, and the same percentage (69%) want it to be a major issue in presidential campaign debates.
When asked to grade politicians on their efforts to help Americans save for retirement, 89% gave them a C or less; 29% actually gave them an F.
