Americans are underutilizing their 401(k)s, according to a survey of 1,000 participants by the ING Retirement Research Institute. Eighty-seven percent admit they could save an additional 1% of their annual salary, 59% said they could increase it by 3%, and 53% could bump it up by 5%. And for 64%, their 401(k) or other employer-sponsored retirement plan accounts for all, if not the majority, of their retirement savings.

Investors are also unsure of how much they should save, with 65% determining their contribution rate themselves.

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