70% of participants say their workplace plan is their single most important retirement asset. 59% wish they received more guidance on how to invest plan assets from their employer.
Americans who currently participate in a workplace retirement plan (e.g. 401k, 403b, or 457 plan) believe they will need $1.2M to retire comfortably. The average age at which participants expect to retire is 63.
- 46% expect to have less than $500,000 in saving at retirement
- 23% will have less than $250,000
- 28% of plan participants are unsure how plan assets are allocated