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The study also found that most participants are extremely or very interested in having their statements include projections of how much they need and will have in their retirement plan at retirement age if they continued their contributions. Three approaches to projections were tested in the survey; the one that is most preferred is a projection based on a continuation of contribution rates. “[The American worker is] looking for more insights on how to prepare and manage for retirement rather than understanding the rules and mechanics of their 401(k) plan,” said Mathew Greenwald of Greenwald & Associates.Information for the study was gathered through 17-minute interviews with 1,018 plan participants, using the Research Now online panel, from August 15 to August 22, 2012.
The study also found that most participants are extremely or very interested in having their statements include projections of how much they need and will have in their retirement plan at retirement age if they continued their contributions. Three approaches to projections were tested in the survey; the one that is most preferred is a projection based on a continuation of contribution rates.
“[The American worker is] looking for more insights on how to prepare and manage for retirement rather than understanding the rules and mechanics of their 401(k) plan,” said Mathew Greenwald of Greenwald & Associates.
Information for the study was gathered through 17-minute interviews with 1,018 plan participants, using the Research Now online panel, from August 15 to August 22, 2012.
Kristen Heinzingereditors@plansponsor.com