Individuals with calculated retirement targets are 146% more likely to feel “Very Confident” that their level of savings would provide enough for them post-retirement than those without, according to the bi-annual Participant Satisfaction Survey, conducted with Spectrem Group, an investment services strategic consultant.
Nationally, 32% of retirement plan participants have retirement goals, according to a Spectrem benchmark. American Express reports their participation level is 52%.
“It’s a driving force behind much of our education efforts, and it’s gratifying to see that the number of our clients’ plan participants active in setting goals is above the norm” according to John Baker, Senior Vice President of Client Services for American Express Retirement Services “setting a goal helps reinforce the long-term nature of 401(k) investing”.
Additionally, the survey revealed 85% of retirement plan participants are eager to receive additional, non-retirement financial services through their employers, up from 65% in 2000.
“These findings support our strong belief that participants today are more eager than ever for their employers to support their entire financial wellness, not just their retirement needs” said Baker.
The survey was mailed out to 10,000 randomly selected American Express Retirement Services 401(k) participants; results are based on the 495 returned responses.