The world’s largest money manager, BlackRock Inc. (BLK), has news for America’s Early Boomers: you may think your employer’s target date fund will get you through retirement, but don’t expect your company to help you figure out how to spend all the money you’ve saved.
Nearly half, or 46%, of employees enrolled in company-sponsored defined contribution (DC) retirement plans believe they will rely heavily on those plans in their financial future, according to a BlackRock survey released Wednesday. A full 72% of employees auto-enroll into target date funds.
But while Early Boomer employees nearing retirement want help in figuring out how to spend their savings wisely, DC plan sponsors aren’t stepping up to the plate because they are looking for regulatory clarity around how to handle post-retirement issues, said Chip Castille, head of BlackRock’s U.S. and Canada Defined Contribution Group, at a breakfast Wednesday in the company’s New York headquarters.
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