Younger 401(k) participants are not counting on Social Security or other guaranteed income sources to support them in retirement. Instead, they plan to depend primarily on their personal retirement accounts, which signals a need for changes in defined contribution plan design before younger generations retire, according to Cerulli Associate’s “U.S. Retirement Edition: The DC Advice & Income Solutions Issue.”
Responding about their expected primary source of retirement income, 58% of Millennial 401(k) participants cited personal retirement accounts, while just 6% pointed to Social Security. By contrast, 39% of Generation X 401(k) participants expected personal retirement accounts to be their […]
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