Retirement planning continues to be a frustrating puzzle with too many moving pieces for a large number of Americans to handle. While the majority of people accept responsibility for funding their own retirement, those with 401k plans are confused on how to accomplish the task.
A Charles Schwab nationwide survey finds a high level of self-reliance among 401k plan participants. Roughly nine in 10 respondents say they are relying on themselves to support their retirements, compared to only 5 percent who expect to rely mostly on the government in their golden years. A 401k plan is the largest source of savings for 61 percent of respondents.
“It’s gratifying to see so many people taking the reins of their retirement,” Steve Anderson, head of Schwab Retirement Plan Services, said in the survey. “In our view, contributing to a 401k plan should be the number one savings priority for workers. Planning ahead, taking action, and getting the help you need along the way are key steps to help build sufficient retirement savings.”