Sure, there are tools and calculators, but a report from Cerulli points out that more than 40 percent of participants in 401(k) plans don't have an official source for retirement advice—and among those with less assets, the gap is particularly severe.
In its report The Cerulli Edge—U.S. Retirement Edition, Cerulli also points out that fully half of plan participants in their 50s are in the same boat.
"Tools and calculators helping investors translate account balances to replacement ratios and overall 'retirement readiness' (including assumptions for market returns and life expectancy) are hardly new, but providers must realize the need for expanded customization in this regard," Anastasia Krymkowski, associate director at Cerulli Associates, is quoted saying.
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