A new survey conducted by ING’s U.S. Retirement Services unit found that retirement plan participants employed at colleges, universities, and post-secondary schools have become less sanguine about living comfortably in retirement than before the markets decline, yet a full 40% said they had never changed their retirement plan investment mix. The survey was conducted online last October 14-19 among 301 higher education employees who participate in their employer’s defined contribution plan.
Sixty-two percent felt less confident about living comfortably in retirement, but 63% said they did not expect to delay their retirement in light of the markets decline; 64% said they had calculated their retirement income needs during their lifetimes, but 30% had not done so within the past year.
Brian Comer, president of Public Markets for ING U.S. Retirement Services, said in a statement that despite their assumed sophistication, “a considerable number of education employees may require more guidance than they realize to assess retirement income needs, put a plan together, and adjust their strategy to manage lifestyle and market changes.”
One positive sign: 55% of respondents aged 55 and over had sought retirement advice from a professional, but Comer added that the finding “raises the question of whether their outcome could be better by getting advice at a younger age.”