Newark, N.J. (Jan. 2, 2004) -- Six in 10 workers surveyed expect their savings in employer-sponsored retirement plans to be their single largest source of future retirement income, according to a study of plan participants by Prudential Financial Inc.
On average, participants expect retirement plans to account for 54 percent of their total retirement income, more than twice as much as they would expect from Social Security (26 percent), according to Prudential Financial's retirement perceptions study. According to the survey, 48 percent characterized Social Security as a “minor component” or not important to their future retirement income.
The majority of respondents (56 percent) use four or less investment options, while 19 percent don’t know how many investment options they put their money in within their plan. Sixteen percent use five or six options, while 10 percent use seven or more.
Prudential polled 1,000 full-time employed men and women ages 21 to 64 who currently participate in 401(k), 403(b), 457, or other plans offered by their employers.
-- WebCPA staff
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