The most recent Wells Fargo/Gallup Investor and Retirement Optimism Index survey investigated investor perceptions of the importance of tax-advantaged accounts. This quarterly survey was most recently conducted Nov. 9-17, 2012, with a random sample of 1,024 investors, with about half the sample responding to questions focused on federal policies about tax-advantaged savings.When asked to rate the importance of the federal government in enhancing the role of the 401(k) in Americans’ options for building retirement savings, 69% say it is extremely or very important that the president and Congress find ways to financially encourage every company to offer a 401(k) savings option and to financially encourage all Americans to participate in their employer’s 401(k) savings option. A similarly high 67% say it is extremely or very important that leaders seek ways to enhance the role of the 401(k) as a retirement savings investment. Sixty-six percent say it is extremely or very important that the president and Congress should allow Americans with 401(k) retirement savings to obtain more quality investment advice and should allow Americans more investment flexibility with their 401(k).
This poll is encouraging because it signifies that Americans are becoming accountable for their own financial future. The 401(k) plan should become more of a pension fund like plan. This will improve results and reduce anxiety.
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