A majority of employees are looking for more guidance from their employers regarding their workplace retirement plans and their retirement goals, according to a white paper and study released Monday by the ING Retirement Research Institute.
The study of more than 2,600 Americans conducted by the Boston Consulting Group for ING found that 48% of respondents indicated that they feel “in control” of their retirement plan investments. Yet they expect that their employers, advisers and financial providers will help guide them and will have regular contact with them about retirement advice and services. The study found that 89% of respondents want help allocating their investments, 86% want guidance calculating their financial needs in retirement, and 84% want solutions for calculating and creating retirement income.
“Most Americans are busy with their jobs, their families and their personal pursuits, and say that they don’t have the time or interest to become experts in retirement planning,” said Lynne Ford, CEO of ING Individual Retirement, in a statement. “The results from our study were clear: Americans want a roadmap to help them navigate to and through retirement.”
Meanwhile, eighty percent of respondents said they found sought specific tools and services to calculate financial needs for retirement, including how to allocate retirement savings and providing an annual “financial checkup” to set and measure progress.
“As a whole, consumers highly value choice, yet too much can be overwhelming,” said Ford. “Consumers also value the control to make their own retirement-planning decisions but want detailed instructions on how to accomplish their financial objectives.”
ING announced on Monday that it launched RetireWithING.com to help Americans with clear information about retirement and to help people make informed decisions about retirement. From the website it will also be easy to consult with an ING retirement professional for personal guidance about what to do with their retirement savings or income planning.