Is Free 401(k) Advice Worth the Money?
09/25/2010 0 comments
Sarah Morgan wrote the article on SmartMoney.com. The key takeaways are:
- Companies and organizations are increasingly offering free retirement plan seminars but few workers participated.
- Same can be said to the free online 401K and alike help sites, people generally skipped these sessions.
- Financial companies blamed that employees are generally too busy to take their long term retirement plans seriously.
- While critics and employees attributed this to 'lack of substantial materials, generic vague investment advice not tailored to personal situation or company plans, not financial planning but fairly basic education materials ...'
- More and more people turn to default investment option -- target date funds, reported by Vanguard.
- But Fidelity did find Fidelity found two-thirds of workers agreed that financial literacy was their own responsibility.
One can learn from the above confusion that people do want to take retirement investing as their responsibility but they prefer a simple to use, tailored made plan for their own 401K plans. Ultimately, what it counts is the extremely simple model that is transparent to participants and that is what MyPlanIQ tries to do.
Read more: Is Free 401(k) Advice Worth the Money? - Personal Finance - Retirement - SmartMoney.com http://www.smartmoney.com/personal-finance/retirement/is-free-401-k-advice-worth-the-money/?cid=1108#mod=BOL_hpp_footer#ixzz10aaqeCXk
labels:401K,IRA,retirement,
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