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A recent survey from Charles Schwab revealed that 87 percent of American workers would hire someone to change their car's oil yet only 24 percent would get help to figure out their 401(k) investments.

This suggests that only a small number of defined contribution plan participants are taking advantage of the help available to them from their defined contribution plan. So why aren't they?

Earlier LIMRA Secure Retirement Institute research found when pre-retirees with household assets of at least $100,000 were asked for reasons why they don't seek professional financial advice, 10 percent said they didn't have enough money to do so. Slightly more than half (53 percent) said they could do just as well or better on their own, and another 48 percent said they didn't want to pay the fees associated with professional advice.*

Record-keeper companies should talk with employers to ensure that their plan participants are aware of the services available to them, including retirement planning advice.  LIMRA Secure Retirement Institute research shows that accessing advice could make a difference in retirement planning and outcomes.

A LIMRA Secure Retirement Institute study revealed that when pre-retirees work with an advisor nearly 80 percent say they are well or moderately prepared for retirement. This is consistent among all income levels. Among pre-retirees who do not seek professional advice, half say they are poorly prepared or not at all prepared for retirement.

No matter what form the communication takes, if people act on good advice they get better results.  Who knows? Advice on retirement savings could make good reading material while waiting to get the oil changed.

*Respondents could provide more than one answer.