By and large, workers with retirement plans still believe in the system, but most think there’s plenty of room for improvement in one key area.
That’s according to a new study on retirement plans by ING Direct.
The study found that 84% of employees take an active role in managing their retirement savings and investments. But these workers would like more in the area of employer assistance.
More specifically, the survey found that:
- 88% of workers would like to see a variety of investment options
- 84% said they’d like to be aware of what their current balance would equal – if it were converted into a monthly income stream
- 83% of employees said they wanted their employers to provide more education and tools to help them better understand how to save, and
- 75% wanted their employers to incorporate plan strategies to make saving easier and more automatic.
Here’s one option that seems to be working: One-on-one employee meetings with investment experts. Personal attention helps employees feel confident that their investments are being carefully managed. If this isn’t possible, try getting your retirement provider to come in quarterly and host small group meetings with workers.