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401k Advice? I Don’t Need No Stinkin’ 401k Advice!

Schwab Retirement Plan Services recently announced the results of a nationwide survey of 401k participants.  When it comes to getting professional 401k advice, only a small percentage of participants actually got help even though most people acknowledged their need for such advice and the confidence that would come from it.  Participants were much more likely to get help for the following things:

  • 87% – Changing their oil
  • 51% – Installing a new faucet
  • 36% – Preparing their taxes
  • 32% – Getting help landscaping
  • 24% – Getting help making 401k investment decisions

Clearly, this is more evidence that we have an engagement problem when it comes to getting most people to save and invest wisely for retirement, even though people recognize the need to do so and the peace of mind that comes from it.

Schwab has put together a really nice infographic that summarizes the results in more detail: Schwab 401k Survey Infographic.

Information contained herein has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. It is not intended as the primary basis for financial planning or investment decisions and should not be construed as advice meeting the particular investment needs of any investor. This material has been prepared for information purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

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