Two-thirds (65%) of DC participants do not have a written financial/retirement plan and fewer than half (48%) have worked with an adviser when planning for retirement, according to the third annual Participant Experience Study by KK & Company and Mathew Greenwald and Associates.
The study identified what the companies call an overlooked segment of retirement plan participants. Near-retirees (55 to 70 years old) often have more assets to invest than the average plan participant.
The study found that fewer than a quarter of participants have:
- $50,000 to $149,000 (21%);
- $150,000 to $249,000 (17%);
- $250,000 to $499,000 (18%); and
- more than $500,000 (10%).