Many Americans are confused by 401(k) retirement plans
Americans rely heavily on 401(k)s to fund their hoped-for retirements, but many people find the plans bewildering and aren’t sure they’re making the right investment choices.
That’s the upshot of a new survey by Charles Schwab Corp., which found that people know they need 401(k)s even if they aren’t always sure what to do with them.
Nearly half of people surveyed said they don’t know if they’re making wise investment decisions, while more than one-third reported feeling a lot of stress over it.
The befuddlement runs so deep that more people say they’re confused by their 401(k)s than by their health plans. Yes, people apparently find it easier to understand why their health insurer refused to pay a bill than whether they should own a certain stock or bond fund.
http://www.latimes.com/business/money/la-fi-mo-401k-retirement-confusing-20130815,0,7083617.story