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|Consumer Preferences for Lifetime Income Estimates on 401(k) Statements|
Insured Retirement Institute [IRI]
Jan. 13, 2015
"Over 90% of survey respondents -- regardless of age, income level, or 401(k) plan balance -- want their 401(k) statements to include estimates of lifetime retirement income.... The survey found no overwhelming preference for one type of retirement income estimate, and some correlation of preferences were seen with age, income, and plan balance levels.... More than 75% of survey respondents stated they would increase their contribution level by four percentage points or more after seeing estimates of lifetime retirement income.... Over 90% of survey respondents stated they want their employers to provide them with online retirement income calculators so they can use their own assumptions to calculate estimates of lifetime retirement income."
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