89% of 401(k) Investors Want Allocation Help

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A majority of Americans find retirement planning confusing and want additional help, a study by the ING Retirement Research Institute conducted by the Boston Consulting Group found.

Eighty-nine percent of the 2,600 401(k) investors surveyed would like help with asset allocation, 84% want solutions for calculating and creating retirement income, and 79% would like an annual financial checkup to set and measure their progress. Less than half, 48%, feel that they are in consult of their retirement plan investments.

“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. “The results from our study were clear: Americans want a roadmap to help them navigate to and through retirement.”

Ford added: “As a whole, consumers highly value choice, yet too much can be overwhelming. Consumers also value the control to make their own retirement-planning decisions but want detailed instructions on how to accomplish their financial objectives.”

To help investors plan for retirement, ING has launched a plain-English website, RetireWithING.com, where investors can learn about retirement or reach out to an ING retirement professional.

“The emphasis is on learning and motivating people to talk to someone so that they will take action,” Ford said.

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Retirement planning