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Americans Confident 401(k) Can Help Them Reach Their Retirement Goals
January 11, 2010 07:41
Americans Confident 401(k) Can Help Them Reach Their Retirement Goals
Source: Investment Company Institute
In late 2009—having weathered a bear market in stocks that started in late 2007 and continued through early 2009—a large majority of Americans had confidence in their 401(k) and similar retirement plans and their investment options, according to new research released today by the Investment Company Institute.
In a survey of 3,000 households, ICI found that overall 73 percent of households surveyed indicated that they are confident that retirement plan accounts can help people reach their retirement goals. Among households that participate in defined contribution (DC) plans or own individual retirement accounts (IRAs), 78 percent expressed confidence in these plans. Even larger majorities supported key features of the 401(k) system, including tax advantages for employee and employer savings, payroll deduction, and individual choice and control.
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