Participants Want Simpler 401(k) Decisions: JPMAM Survey
Most workplace pension plan participants want easier retirement decisions, and younger generations increasingly expect their 401(k) plans to provide that, according to a new retirement research report from JP Morgan Asset Management released July 13.
“They want to make their retirement decisions easier, and they welcome support for their plans to turn savings into retirement income.”
Alison Frost, JP Morgan Asset Management
The Results of the 2026 Defined Contribution (DC) Plan Member Survey show that seven in 10 (73%) participants wish they could “press a button easily” and fully delegate their retirement planning and investments, up significantly from 55% in 2016.
The biennial survey provides insight into how members interact with their retirement plans at different stages of life and highlights the growing expectation—especially among younger generations—for more guidance and support in their retirement planning decisions. For example, 86% of Gen Z respondents (and 76% of Millennials) believe their employer has a lot or some responsibility to help them save for retirement, compared to only 61% of Boomer respondents (and 71% of Gen X).
“The ongoing research is important to the retirement planning conversation because it captures direct feedback from participants at every stage of the retirement journey,” said Alison Frost, head of retirement at JP Morgan Asset Management. “Workplace plans are important to members, and many still don’t feel confident they’re making the right decision on their own. They want to make their retirement decisions easier, and they welcome support from their plans in turning savings into retirement income.”
In this sense, the survey showed that the demand for retirement income solutions is growing. 91% express interest in plan solutions for guaranteed retirement income, and 75% of respondents said they would likely keep assets in the plan if it offered an income solution.
Navigating the transition to retirement
New this year: Retired DC plan members were surveyed to understand how they transitioned to retirement and whether they wish they had done anything differently during their savings years. The largest share of participants (44%) expect to retire gradually, reducing the number of jobs over time, but only 12% of retirees report this as their actual transition experience.
The survey also found that most participants know they are falling short. 59% of participants believe they should contribute more, and 63% of retirees wish they had contributed more while working. 53% of participants admitted they don’t know how much they need to save to retire safely.
“This year’s survey results show opportunities to help more members achieve the retirement they deserve. It’s clear that many need more guidance on how to use their plans effectively. Continued advances in plan design, savings tools, and accumulation and decumulation solutions are helping to close this gap and improve the way members think about, act on and interact with their retirement plans,” said Megan Conklin, vice president of Retirement Insights at JP Morgan Asset Management.
More finds
- Features of the design of the plan cause a resonance: 96% of members who did not participate in default plans and 97% of members whose contributions were automatically extended report satisfaction.
- The leak of the plan is closely related to the financial turmoil: 45% of participants who take out a loan do so to cover unexpected expenses or credit card debt. Participants without emergency savings were almost 70% more likely to take out a loan or withdrawal.
- Social security trends: The findings compare participants’ expectations about Social Security’s role in covering retirement costs and when they plan to claim benefits with the lived experiences of retirees. Only 35% believe their Social Security benefits will be enough to cover normal retirement costs, and that declines steadily as participants approach retirement.
For more information on the survey results, visit the DC Plan Participant Survey Findings section website.
SEE ALSO:
• Americans expect to retire with half their savings. Experts recommend: survey
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