In a recent, nationwide survey of more than 1,000 401(k) plan participants, the majority of respondents seem aware that they are primarily on their own for their retirement saving, and they plan to rely mostly on their defined contribution plan to get there. However, according to the Schwab poll, many find information on their 401(k) confusing and lack confidence on managing their retirement savings.
Almost nine out of 10 survey respondents (89%) say they are planning to rely on themselves for retirement, and only 5% say they’ll rely mostly on government spending after they stop working full time.
