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The U.S. retirement system faces many challenges, but one important area is seeing improvement: 401(k) savings.
In 2023, according to a new study from Vanguard, Americans set aside more of their incomes for retirement than ever before. The financial giant studied the savings behavior of its 5 million 401(k) participants, and found that their average contribution rate was 7.4% — the highest rate Vanguard has ever recorded.
Nathan Place is a national reporter at American Banker. A native of New York City, he has worked for more than a decade in both print and video journalism. He got his start in Beijing, where he … Read full bio
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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.
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