Survey also shows less than half know how much they will need; most don’t know how to calculate
Greater than half of participants who have not calculated retirement income needs, cited not knowing how as the reason. The remainder cited they were nervous to find out how much they will need (23 percent), don’t know where to go (20 percent), and don’t have time (16 percent).
“Calculating future income can be an easy first step to planning for retirement,” said
When asked how they preferred receiving financial education information, 56 percent of participants indicated online.
“As a result of these findings, we’ve placed online educational tools and resources more prominently on OneAmerica.com and have made other enhancements to the site,” said Whitehead. “Our One Day is Today™ platform provides calculators, tutorials, checklists and videos to help individuals prepare for retirement.”
Of those who calculated their retirement income, more than half (55 percent) said they were either confident or very confident in their ability to maintain their current lifestyle in retirement. Of participants who had not calculated their income, only 23 percent reported the same level of confidence.
“An online calculator can provide the extra nudge someone might need to learn more, save more and take other steps to prepare for retirement regardless of their age or income level.” said Whitehead.
The companies of OneAmerica surveyed visitors to its retirement plan participant website to better understand behaviors and resources that might help their customers prepare for retirement. 7,545 participants responded to the survey. Findings from the survey will be summarized in a white paper to plan sponsors with the companies of OneAmerica.
This summary infographic provides survey methodology and additional insights. Visit the OneAmerica Newsroom or follow @OneAmericaNews on Twitter for more information.
OneAmerica’s nationwide network of companies offers a variety of products to serve the financial needs of their policyholders and other clients. These products include retirement plan products and services; individual life insurance, annuities, long-term care solutions and employee benefit plan products. The goal of OneAmerica is to blend the strengths of each company to achieve greater collective results.
The products of the OneAmerica companies are distributed through a network of employees, agents, brokers and other distribution sources that are committed to increasing value to our policyholders by helping them prepare to meet their financial goals.
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