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E*TRADE Survey: Investors Underestimate Retirement Savings Opportunities (Graphic: Business Wire)

More than one third of adults in the U.S., 37 percent, are interested in working with a professional to help manage their retirement accounts but don’t think they have enough savings and investments to do so, according to a survey released by E*TRADE. The survey found that many Americans are unaware or overwhelmed by their options for retirement savings.

“E*TRADE has a long history of empowering individuals to take control of their financial futures and planning for retirement is a key component,” explained Lena Haas, SVP, Investing and Retirement at E*TRADE. “By providing investors with simple ways to make informed decisions in their retirement planning we are helping them avoid unnecessary expenses and focus on reaching their financial goals.”

E*TRADE offers a wide range of free tools and educational resources to help investors plan for retirement. For one-to-one retirement planning support, E*TRADE has Rollover Specialists and a Chartered Retirement Planning Counselor (CRPC) in every branch and available over the phone. Recently, E*TRADE launched the OneStop Rollover, an online program that makes it faster and easier for individual investors to invest their 401(k) savings from a previous employer into a professionally-managed portfolio with a low minimum of $25,000. Investors can access E*TRADE’s OneStop Rollover at www.etrade.com/retirement, where they’ll also find tools like the Retirement Calculator to create or review their current retirement plan.

Additional key findings from E*TRADE’s survey include:

  • 32 percent of U.S. adults who have not rolled over a 401(k) from a former employer have not done so because they find the process too confusing, intimidating and/or time consuming.
  • 56 percent of U.S. adults think managing an IRA requires more financial know-how than they have right now.
  • 50 percent of U.S. adults with a 401(k) account(s) say it is a critical part of their retirement savings plan, yet:
    • 32 percent are not confident it will ever grow enough to meet their retirement needs
    • 28 percent don’t regularly review their statements or have a hard time keeping track of account performance
    • 21 percent are not certain what fees are being charged
  • 41 percent of U.S. adults believe that opening an IRA requires more time than they have right now.

Survey Methodology

This survey was conducted online within the United States by Harris Interactive on behalf of E*TRADE from August 20-22, 2012 among 2,399 adults ages 18 and older. Figures for age, sex, race/ethnicity, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact Jaime Stein (646-521-4418; jaime.stein@etrade.com .)

About E*TRADE Financial

The E*TRADE Financial family of companies provides financial services including online brokerage and related banking products and services to retail investors. Specific business segments include Trading and Investing and Balance Sheet Management. Securities products and services, including IRAs, Rollover Specialists, CRPCs and the Retirement Calculator are offered by E*TRADE Securities LLC (Member FINRA/SIPC). Advisory products and services, including OneStop Rollover, are offered through E*TRADE Capital Management LLC an investment adviser registered with the Securities and Exchange Commission. A copy of E*TRADE Capital Management's Form ADV Part 2A, which describes, among other things, affiliations, services offered and fees charged, is available at no cost upon request. Bank products and services are offered by E*TRADE Bank, a Federal savings bank, Member FDIC, or its subsidiaries and affiliates. More information is available at www.etrade.com. ETFC-G

Important Notices

E*TRADE Financial, E*TRADE and the E*TRADE logo are trademarks or registered trademarks of E*TRADE Financial Corporation.

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