Many Boomers are also missing out on another chance to bolster their retirement savings. Among the 50+ crowd, those eligible for the “catch-up contribution,” a feature allowing them to contribute an additional $5,500 to an employer-sponsored retirement plan, more than two-thirds (68%) are not taking advantage of the opportunity. Half of them are skipping out because they can’t afford it, but another 21% said they had never heard of it.
The survey results are based on a survey conducted by Maritz, Inc. on behalf of TD Ameritrade Holding Corporation, and included 1,509 respondents between 22 and 81 years of age who participated in a telephone survey from July 20-August 17, 2011.
For more information on TD Ameritrade’s Annual Investor Index survey series, including key findings, visit www.amtd.com.