Workers are taking responsibility for their retirement, but many need help getting there, a survey released recently by Charles Schwab found. Almost 90 percent of respondents said they were counting on their own savings to support themselves in retirement, and more than 60 percent say that income will be largely or entirely from a 401(k) plan.
Unfortunately, more than half say their 401(k) plans are more confusing than their health-care benefits, and 46 percent don’t know what their best options are. Over a third reported being very stressed about the right allocation in their plan.
While workers clearly need help with specific planning issues, the survey found they’ve adopted positive savings behaviors overall. Fifty-five percent have increased their savings rate in the last two years, and 70 percent said their 401(k) is in better shape than it ever has been.
“It’s gratifying to see so many people taking the reins of their retirement,” Steve Anderson, head of Schwab Retirement Plan Services, said in a statement. “In our view, contributing to a 401(k) plan should be the number one savings priority for workers. Planning ahead, taking action and getting the help you need along the way are key steps to help build sufficient retirement savings.”