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October 24, 2002 at 08:00 PM
NU Online News Service, Oct. 24, 2:10 p.m. – Participants who are confident in their retirement planning are more likely to have set a retirement goal than those who lack such confidence, concludes a study by American Express Retirement Services, part of American Express Financial Advisors, Minneapolis.
The American Express 2002 Participant Satisfaction Survey found that participants who say they have calculated the amount of money they will need to retire are 146% more likely to be “very confident” that they are doing well in preparing financially for retirement than are those who have not calculated a goal.
“Setting a goal helps reinforce the long-term nature of 401(k) investing, the benefits of dollar-cost-averaging and asset allocation over a long period of time,” says John Baker, senior vice president of client services for American Express Retirement Services.
