Three out of five participants are saving 6% or more for their retirement, with 17% of these individuals saving more than 15% of their income. In addition, 20% of participants have moved into more aggressive investment options, a press release said.
Seventy percent of respondents had reviewed their retirement outlook in the past year. Fifty-five percent have used an online calculator, asked a financial adviser, or estimated on their own what they will need. Nearly half (49%) said they wanted help to establish a retirement income goal, an 18% increase over 2008, according to the announcement.
The use of the Web to manage retirement accounts has increased by 4% over 2008 figures. Among Web users, 95% review their account balance, 73% review investment performance, and 49% change investment allocations.
When asked about their concerns for their retirement income needs, 43% want to have guaranteed monthly income for the rest of their lives, 35% want to get the best return on their investments, and 19% want to ensure that their retirement income keeps up with inflation.
Despite the financial hardship caused by the economic downturn, only 4% of respondents had taken a hardship withdrawal. However, 15% had taken a loan and 12% decreased the amount they are saving for retirement.The 2010 Participant Satisfaction Survey was conducted by Diversified in the second quarter of 2010 and included responses from 2,142 retirement plan participants.