A new study finds 55% of all investors use a 401(k) plan as their primary means of saving for retirement.
But 74% of GenXers are saving for retirement mainly through a 401(k), according to the study by Eaton Vance Corp., Boston.
The company’s survey of investors found about 25% identified either a pension or self-directed brokerage plan as their primary retirement vehicle.
Many investors remain unaware of the retirement reforms made under the Pension Protection Act of 2006, the study found. 56% were unaware of reforms, which include automatic enrollment of new employees in 401(k) plans and quicker vesting.