The majority of Americans say they want and need income replacement projections for their retirement but most have neither access to that data nor an understanding of how to translate their 401(k) savings into a stream of retirement income, according to an online survey of more than 1,000 401(k) investors by J.P. Morgan.
Eighty-six percent said they will need to know how much of their pre-retirement salary they can replace, but 22% are not sure what they are on track to receive once they stop working. And only 40% feel comfortable that they will be able to reach their financial goals in retirement.
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