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Even when just entering the workforce, signing up for a 401(k) account and saving for retirement is a priority for some. As income typically rises with age, 401(k) participants are able to put more money into these accounts as they get older, increasing their retirement savings. Longer-tenured 401(k) users also have higher balances, as they have been contributing to their accounts for a longer period.
Read more: American 401(k) savings rates reach all-time high
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U.S. workers say retirement is getting harder to afford, raising questions about how organizations can help workers save, understand their benefits, and plan ahead.
Transamerica Institute finds more middle-class workers expect to fund retirement through 401(k)s and other savings, but financial pressures could derail those plans.
Even high-income employees are uncertain about where to put their next dollar, highlighting the need for workplace guidance on financial wellness.
Instead of assuming that longevity is a good-news story, acknowledge that extended longevity without a plan is a financial and emotional time bomb.
At face-value, HSAs are for short-term medical expenses, but advisors suggest paying out of pocket to maximize HSA funds for investing and tax-free growth.
