ICI Study Shows Americans Are Confident 401k Plans Will Help Meet Their Retirement Goals

On January 20, 2020, the Investment Company Institute (ICI) released their 2019 study regarding Americans view on 401k plans.

Here are some of the main findings:

  • Confidence was highest, 81 percent, among individuals who hold DC (401k plans including solo 401k plans fall under this category) accounts or individual retirement accounts (IRAs).
  • 76 percent of Americans had a favorable impression of DC plan accounts.
  • Nine in 10 individuals with DC accounts agreed that these plans encouraged them to think about the long term, which made it easier to save for retirement.
  • Most individuals with DC accounts (95 percent) agreed that it is important to have a choice in, and control of, the investments in their DC plan accounts.
  • More than half indicated that they probably would not be saving for retirement at all if not for their DC plans at work.
  • 87 percent wanted to preserve tax incentives for DC plans and nine in 10 disagreed with reducing the amount that individuals can contribute to DC accounts.
  • 79 percent of individuals without DC accounts or IRAs opposed the idea of taking away the tax treatment of DC accounts.

About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>


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