A survey conducted by the Spectrem Group shows the number of retirement plan participants seeking advice about retirement rose from 26 percent in 2008 to 58 percent last year.
The studies also showed that defined-benefit plans and defined-contribution plans increased rose from $7.9 trillion in 2008 to $9.3 trillion in 2009. Participant 401(k) plans increased by 20 percent in 2009, totaling $2.3 trillion.
“The number was about the same for the better part of 16 years, and it suddenly jumped. Now participants want somebody to bounce ideas off of and to validate their thinking, and some of them want really in-depth advice,” Spectrem director Gerry O’Connor told Investment News.
Growing healthcare concerns and the economic climate in the United States have many Americans concerned with retirement planning and financial security. In addition to 401(k)s and Social Security benefits, Americans may better protect their assets by investing in a long-term care plan as well as a life insurance plan to protect their family members and survivors from financial hardship when they are gone.