Employees are willing and able to save more money for retirement through their workplace retirement plans. The problem is they don't know how best to go about it. That's the nub of a survey released last month by State Street Global Advisors, the asset management business of State Street Corp.
The so-called "action gap" surfaced multiple times in the survey. Only 33% of the participants surveyed claimed to know how to determine how much to save for retirement, even though 77% said it is important. Another example: approximately 67% of the respondents knew adjusting their investments over time is important but only 30% reported knowing how to do this. And 28% reported knowing how to make retirement savings last a lifetime even though 82% thought it is important.
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