While a majority (87 per cent) of U.S. employees believe it’s a good idea to review their workplace retirement savings plan during their company’s open enrolment period, just 44 per cent say they’ll review how much they contribute to their plan, according to a new survey released by Corebridge Financial Inc.
The survey, which polled more than 2,300 workers, found a third (32 per cent) said they’ll enrol in their company’s defined contribution pension plan during open enrolment. Only a third (34 per cent) said they’ll review their employer’s contribution to their plan, while a similar percentage (31 per cent) said they’ll evaluate whether they’re on track to meet their retirement goals.
Fewer than half (45 per cent) of survey respondents said they intend to increase their retirement plan contributions by one per cent or more. Among those who don’t intend to review or make any changes to their workplace retirement plans, a quarter (27 per cent) said they haven’t thought about it.
While two-fifths (41 per cent) of all employees said their retirement outlook has improved since this time last year, that percentage decreased among women (33 per cent) and increased among men (48 per cent) and millennials (51 per cent).