Why Workers Shun Expert Advice On Retirement Planning
Although the conditions of the country's retirement system are a cause for many
seniors to worry about their future security, some workers who participate in popular retirement plans are hardly considering expert advice as part of their retirement strategy. Investment service provider Charles Schwab has recently surveyed a number of 401K plan participants, and uncovered some surprising findings.
The survey found that despite access to free professional aid, only 10% of all participants are using free advice from retirement professionals to strengthen their retirement planning efforts, although more than half of all surveyed currently have access. The leading causes of turning down this kind of free aid are as follows:
*49% of all participants want to save up at least $100,00 before talking to a professional investment advisor
*27% are getting advice from sources outside the workplace
*26% are focused on more immediate financial concerns, such as their daily expenses, and
*23% think their savings are too meager to merit professional advice.
Why are many workers against the idea of seeking professional advice that won't cost anything, in light of today's hostile economic conditions and its effects on retirement security? A data chart from the Schwab press release suggests a lack of trust, with a percentage upwards of 70% of all surveyed directly stating that lack of trust wasn't in these advising institutions or professionals, but in the companies or employers' management of their retirement accounts.
Although the cynicism may be at par with what's happening to the system in its entirety, participants are missing out on a good opportunity to ready themselves for a better retirement. For one, the complicated structure of your 401K should be a basis for listening to professional financial advice. The free aid you'll get in terms of recommendations and additional information on what to do with your 401K and how to make the most out of it can be priceless, and may be able to give workers who take advice a significant edge over those who don't.
by: Carina Smith
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