The Pitfalls of Automated 401(k) Plans
Have you been automatically enrolled in your company’s 401(k) plan? It’s a good start, but the New York Times has some advice in a recent article, Don’t Let an Automated 401(k) Lull You to Sleep.
Financial planners at T. Rowe Price argue that workers should really be saving at least 15 percent of their paychecks every year. And the Schwab Center for Investment Research says that workers in their 30s who have yet to start saving need to sock away even more—perhaps as much as 25 percent—to prepare adequately for retirement.
There’s much more information in the full story. Read the article.
