Chicago, IL, May 29, 2015 — Retirement plan participants have money in defined contribution accounts to prepare for the day they stop working, but according to a new report from Spectrem Group (www.spectrem.com), many feel they will not have enough money in their accounts to protect them from the steep costs that come with retiring and getting older.
Spectrem’s latest Defined Contribution (DC) Participant Series report, Financial Attitudes and Concerns of Retirement Plan Participants, examines the personal and financial factors affecting investors with defined contribution plans. Whether their investment decisions and concerns involve the health of a spouse, getting adequate advisor help, or a low plan balance, retirement plan participants are unique investors and have specific attitudes and concerns that affect their investment behaviors.
Key findings from Financial Attitudes and Concerns of Retirement Plan Participants include:
· Only half of participants believe they will have enough retirement income to live comfortably in retirement.
· The cost of health care is the highest financial concern of plan participants who fear their retirement account balances will be depleted during retirement.
· Tax increases, the political environment and inflation are the top national concerns of plan participants.
“The economy is a major concern of defined contribution plan participants, and they could benefit from additional education about how to protect their investments in the case of another significant downturn,’’ says George H. Walper Jr., president of Spectrem Group. “They’re also very concerned that healthcare costs will deplete their savings and keep a close eye on issues that will affect their plan balances.”
Additional insights are available at Spectrem.com and Spectrem’s Millionaire Corner, including:
About Spectrem Group: Spectrem Group (www.spectrem.com) strategically analyzes its ongoing primary research with investors to assist financial providers and advisors in understanding the Voice of the Investor.
About Millionaire Corner: Spectrem's Millionaire Corner website (www.millionairecorner.com) provides information for investors about investors. With its Best Financial Advisors service, investors are able to search for financial and investment advisors to assist in growing their wealth.
Charts and summary insights available upon request.