SAVINGS INCENTIVES: HOW 401(K)S GET US TO DO THE RIGHT THING
Techlife News|June 18, 2022
More workers are following experts’ advice in saving for retirement, even when finances feel precarious. It’s happening because 401(k) plans are using a simple human trait to guide us: our inclination to do nothing.
SAVINGS INCENTIVES: HOW 401(K)S GET US TO DO THE RIGHT THING

More workers are putting more money into their 401(k) accounts, and they’re more often putting it into a reasonable mix of investments. That’s according to Vanguard’s latest look at the nearly 5 million accounts of 401(k) and similar plans that it keeps records on.

Even amid heavy uncertainty about the economy last year, retirement savers socked away an average of 7.3% of their pay, not including employer matches, according to Vanguard. That’s the same level as a year earlier, when the pandemic first struck and threw everything into doubt. And it’s up from 6.9% in 2012. Vanguard recommends workers save 12% to 15% of their pay, including any employer match.

More than four out of five workers eligible to contribute to their 401(k) were doing so last year, at 81%. That also held steady from a year earlier, and it was up from 74% in 2012.

The reason for the resiliency? In many cases it was because employers made the moves for them.

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