Retirement planning confusing, overwhelming: Study

Americans seek guidance, regular contact from employers
|Canadian HR Reporter|Last Updated: 04/07/2011

Many Americans find retirement planning confusing and overwhelming and are looking for additional help, according to a study by the ING Retirement Research Institute.

While Americans highly value their workplace retirement savings plans, they are looking for even more guidance and resources from their employers to help them further their retirement goals, according to Shedding Light on Retirement, which surveyed more than 2,600 Americans.

Less than one-half of respondents (48 per cent) said they feel in control of their retirement plan investments. While consumers want control and empowerment of their money, the expectation is employers, advisers and financial providers will help guide them, found the study.

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.

"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 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 provide advice on how to calculate financial needs for retirement.

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