Woman and man talking Forty sixpercent of participants who say they “definitely will” keep assetswith their provider (either in the plan or a rollover) afterleaving their job. (Photo: Getty)

If people aren't confident that what they're doing is advancingthem toward their goal, they're likely to quit or make baddecisions—and according to a J.D. Power report, retirement planparticipants are experiencing a “crisis of confidence.” That bodesill for how they'll do in retirement.

According to the J.D. Power 2019 U.S. Retirement Plan Participant Satisfaction Study, only17 percent of plan participants say they're “very confident” intheir retirement preparedness—and it's even worse among boomers, atjust 15 percent. Considering that 10,000 boomers a day are enteringretirement, retirement plan providers need to rethink theirapproach on both digital tools and human advisors.

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Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.