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By PLANADVISER staff [email protected] | February 04, 2016
Households oppose changing tax incentives for retirement saving, says an ICI survey.
Nearly three-quarters of American households expressed confidence in the ability of 401(k) and other defined
contribution (DC) plan accounts to help individuals meet their retirement goals, a new Investment Company
Institute (ICI) survey finds.
Confidence was higher among households with retirement accounts, and most households with DC plan
accounts appreciate the savings and investing features of their plans. Consistent with past ICI research, ICI found
that Americans overwhelmingly oppose changing the current tax incentives for retirement saving.
In the eighth annual update of “American Views on Defined Contribution Plan Saving” ICI reported that two-thirds
of survey respondents with DC plan accounts—young and old—agreed that saving from every paycheck made
them less worried about stock market performance. Nine out of 10 DC plan-owning households agreed these
plans helped them think about the long term and made it easier to save. With periodic saving from each
paycheck into their retirement plans as investment prices fluctuate, plan participants are “dollar-cost averaging,”
and the value of investments they purchase in a down market rises when stock and bond markets recover.
The study suggests that DC plan design encourages workers to save and invest for retirement on a regular basis,
according to Sarah Holden, ICI’s senior director for retirement and investor research. “Most DC plan-owning
households indicated payroll deduction made it easier to save,” Holden says. “They also valued choice in, and
control of, their DC plan investments.”
NEXT: Americans favor tax advantages of DC plans
Tagged: Defined contribution
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