People working in higher education are concerned about retirement but few are changing their investment strategy or planned retirement date or seeking the help of a financial adviser, ING U.S. Retirement Services found in a survey conducted in conjunction with Synovate.
Sixty-two percent said they are less confident about living comfortably in retirement than they were before the market decline of 2008. Nonetheless, 63% do not expect to delay their retirement, and 40% have never changed their retirement plan investment mix. Of this group, 28% didn’t make a change in the past year. Only 55% have ever sought the help of a financial adviser.
And while 64% said they had calculated their retirement income needs at some point, 30% had not done so in the past year.
“This study demonstrates that more can be done to help higher education employees better understand how to prepare for and reach their retirement goals,” said Brian Comer, president of public markets for ING U.S. Retirement Services.
“Like many others in the workforce, a considerable number of education employees may require more guidance than they realize to assess retirement income needs, put a plan together and adjust their strategy to manage lifestyle and market changes,” Comer said.
Many respondents said they would like their plan’s sponsor to offer more advice, information and proactive communications.
ING recently formed a new business team to serve higher education retirement plans and to identify new opportunities for this segment of the 403(b) market.