Investors who recently retired or changed jobs say they were stressed and confused when it came time to roll their 401(k)s into other investment vehicles and would have welcomed help from their plan providers, according to a study conducted by consulting firm
The study, which is based on interviews with investors who rolled over $100,000 or more in the last two years, found that most of the investors made decisions about their rollovers with limited, if any, input from the their current retirement plan providers.
Spectrem did not provide specific numbers, but said that the rollover process was stressful for investors because the large plan balances represent between 50% and 90% of their retirement savings.
In addition, investors said they didnt like getting self-directed advice from Web sites or brochures, and would rather learn about the rollover process from a financial adviser or even a family member.
