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.