U.S. workers are upbeat about defined contribution plans — at least as far as their usefulness — but still don't know how much to save for retirement.
That's the word from a survey from the LIMRA Secure Retirement Institute, which found that, while 80 percent of workers think 401(k)-type plans are an effective way to save for retirement, half are still ignorant of how much they'll need to save.
This is despite efforts to educate participants on how much is necessary, and how important it is to start saving early and consistently.
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