The average American is not saving enough, devotes little time to managing his or her retirement investments and lacks the knowledge to invest properly, a survey by John Hancock Financial Services indicates. Hancock based its findings on a national survey of 801 defined contribution plan investors.

The survey indicates that most retirees will only achieve 50% to 60% of their pre-retirement income, said Wayne Gates, general director of market research with John Hancock

Highlights of the survey found that 40% of respondents said they have little or no investment knowledge and 75% have not rebalanced their portfolios in the past year. More than 50% said they spend only a half an hour or less each month reviewing their retirement portfolios. Another 40% said they do not know what kinds of returns to expect from various investment instruments over the next five to 20 years.

"Although I think participants probably could manage their investments effectively, our survey shows that most of them don't," Gates said.

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