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‘Do-It-Myself’ Attitude May Undermine Retirement Security

A large majority of Americans prefer to do-it-myself when putting together a retirement savings and income plan, which may be a major reason why so many feel insecure about their financial future, according to a survey by Deloitte.

By Sam J. Friedman, Val Srinivas | Updated on May 24, 2013

A large majority of Americans prefer to “do-it-myself” rather than depend on an agent, broker or some other financial advisor to help them put together a retirement savings and income plan, which may be a major reason why so many consumers feel insecure about their long-term future.

Deloitte’s Center for Financial Services surveyed nearly 4,500 consumers from a wide range of age and income groups, identifying five barriers that are preventing insurers and annuity companies, along with other financial services providers and their intermediaries from more effectively reaching prospects when it comes to retirement products and services.

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