October 02, 2012
--- More than
one-third (37%) of adults would like a professional to help them manage retirement
accounts but do not think they have sufficient investments. ---
Many Americans are uninformed about their retirement savings
options, an E*TRADE survey
found. Thirty-two percent who have not rolled over a 401(k) from a former
employer cited a confusing, intimidating and/or time consuming process as the
reason for not doing so.
More than half (56%) think managing an individual retirement
account (IRA) requires more financial prowess than they currently have,
and 41% believe opening an IRA requires more time than they currently
Of the 50% of respondents with a 401(k) account who say it
is a critical part of their retirement plan savings, 32% are not confident it
will ever grow enough to meet their retirement needs. In addition, 28% do
not regularly review their statements or have a hard time tracking account performance,
and 21% are unsure what fees are being charged.
The survey was conducted online by Harris Interactive on
behalf of E*TRADE among 2,399 U.S. adults ages 18 and older between August 20
and August 22.