The RRC – “Retirement Readiness Corner”

Retirement Insights from JP Morgan’s 2013 Plan Participant Survey

In the outcome driven world of retirement planning and services, stewards are needed now more than ever before. Our goal at Sapers & Wallack is to provide guidance to all of our clients in the form of best practices. By beginning with the end in mind, we establish “why” which allows for better understanding of “how” and “what” is necessary to achieve success.

Retirement Readiness Corner

In order to begin with the end in mind as it relates to retirement plans, we need to consider the perspectives of participants, plan sponsors and advisors alike. The first in our RRC series will explore Retirement Insights from JP Morgan Asset Management and their “2013 Plan Participant Survey Findings – Search for direction on the journey to retirement”.

“To gain a better understanding of how 401(k) plan participants make decisions about saving and investing for retirement, J.P. Morgan Asset management partnered with Matthew Greenwald and Associates, Inc., a leading market research firm based in Washington, D.C., to conduct a research study”.

“We embarked on the study to gain deeper insight into participant attitudes toward retirement savings. We found that many individuals-burdened by death and other financial concerns-are planning to retire later than expected. At the same time, participants continue to feel overwhelmed by the process of planning for retirement, with the majority likely to seek out professional advice. The good news is that there are positive changes in plan designs that can help individuals get on an appropriate path to savings.  We take a closer look at some of these developments which include the growing popularity of automatic enrollment and automatic contribution escalation, and discuss potential implications for plan sponsors.”

Click to download the paper.

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