While 50 million employees in the U.S. are invested in a 401(k) plan, research shows that these individuals are not using their plans as well as they could be. About 8 million employees don't participate in their company plan at all.
According to the 2012 Workplace Benefits Report from Bank of America Merrill Lynch, not only are employees more aware than ever that they are responsible for funding their own retirement, but most of them want to do something about it.
In its research, Bank of America found that 82 percent of employees surveyed are willing to give up a portion of their salary to secure guaranteed retirement income, but procrastination, inertia and lack of knowledge about how to take advantage of the benefits offered prevent many employees from maximizing contributions and investing wisely in their 401(k) plans.
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