Individuals are more likely to pay for an oil change than they are for personalized advice on their workplace retirement account. Don’t believe it? According to a recent Charles Schwab survey, it’s true.
Although 87% of those surveyed stated that a 401k was a “crucial benefit”, only 24% said they were likely to seek help choosing the right investments. People want employers to provide a 401k more than they want life insurance, disability insurance, extra vacation time or the ability to telecommute. The importance of 401k accounts seems to have sunk in, but not the importance of intelligent and responsible investing within the plans.
People spend more time researching vacation destinations or new cars than they do the investments within their 401k plan at work. Your retirement is going to last much longer than any vacation or car will. Getting help with your workplace retirement account is important. This account is likely the largest source of income you’ll have in retirement. If you’re overwhelmed when looking at your 401k, get help from a good fee-only investment advisor. They’ll provide you with the unbiased guidance so many 401k investors need.
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