A new study found that workers increasingly are seeking personalization, simplification and portability in their retirement options, while looking for more professional help and guidance in their retirement planning.
The 2022 Retirement Trends Study from Icon Savings Plan focused on the shifting attitudes and preferences of workers toward their retirement benefits. Icon provides retirement savings plans for individuals and businesses. The digital survey of 1,650 actively contributing retirement plan participants and employed workers without access to a plan revealed changes in employees' feelings toward retirement plan options since 2020, the last time Icon conducted the study. For instance, the survey found that 78% of respondents want access to emergency savings through their retirement plan, compared to just 53% in 2020. In addition, 80% prefer a discretionary cash bonus to a 401(k) match – vs. 55% of respondents two years ago.
The study examined how employees treat their retirement plans when they switch employers. Of those surveyed, 30% roll it over to an IRA and another 30% roll it to a retirement plan at their next job. In addition, however, 17% cash out the plan, and 14% leave the plan behind at their old employer.
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