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Investors Aren't Up To Snuff On 401(k) Plans Many know few details about benefits, how they work, survey shows.(MAKING MONEY IN MUTUALS)(PLANNING FOR RETIREMENT)
Byline: Dan Moreau
For millions of Americans, their 401(k) plan is the engine that will power their retirement. It's unfortunate how little many know about this critical piece of their financial game plan.
Just one person in 100 correctly answered all 10 questions in a survey conducted for J.P. Morgan/American Century. More than one-third didn't know there are limits on what they can contribute to a 401(k) plan. Only one in five knew the yearly cap was $10,500.
The survey of 750 investors with 401(k) plans was conducted earlier this year. Questions covered the gamut of retirement-plan issues from who is responsible for investment decisions in a plan to the consequences of taking a cash distribution. The survey asked about the origins of the 401(k) plan. It also queried plan members about rules that govern employers.
Only a third of those surveyed understood that investing too conservatively was perhaps the biggest mistake savers made. As many as 60% couldn't tell real benefits from bogus ones in a list of five. The list included such genuine boons as tax-deferred growth of earnings.
More Right Answers
Custom Research of Minneapolis conducted the survey. It's the second annual survey in what American Century says will be an ongoing study.
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