401k

US workers don’t understand their 401k, survey finds

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Starting a little is better than not starting a 401(k) at all.

A new survey explores a strange subset of American workers: Workers who aren’t enrolled in a 401(k) but think they are. In a Retirement Security Survey released this month, Major Financial Group found that nearly 6 in 10 non-savers, 59%, mistakenly believed they were contributing to a 401(k) retirement plan. The survey of non-savers reached … Read more

Here’s the average 401(k) savings rate and where your goal should be

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Hispanolist | E+ | Getty Images The average 401(k) savings rate — including employee deferrals and company contributions — has maintained historic levels as plans make it easier for workers to put money away. In 2023, the average combined savings rate was about 11.7%, matching a record high from 2022, according to Vanguard’s annual analysis … Read more