Although they believe they are making correct  401(k) investment choices, a majority of investors fear that they won’t have enough savings to last them throughout their retirement years, according to a survey by New York Life Investment Management.

The survey, conducted among 8,958 people who invest through NYLIM’s retirement platform, found that 60% believe they are making correct investment decisions, but 40% fear they will not be able to make ends meet in retirement.

Half said they would “take on substantial risk if it could mean a higher return.”

“This research shows us several things. First, by emphasizing a retirement account  balance instead of the amount necessary to retire in comfort, we have all been putting the emphasis on the wrong idea,” said Don Salama, senior managing director of NYLIM Retirement Plan Services.

Investors are also split on whether they want guidance, with 40% saying they would like someone else to manage their account with their input, and 44% disagreeing with that statement.

Thus, the survey shows that investors vary widely on what they seek from a 401(k) plan, Salama said. “This means offering everything from auto features and managed accounts to do-it-yourself tools on the other end of the spectrum.”

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