401k Contributions Drop, Retirement Savings at Risk
Business & Finance News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Full-time workers reduced their 401(k) contributions last year, marking the first decline in three years, with the average rate dropping to 8.9% from 9.2%. This trend was most pronounced among those earning between $50,000 and $100,000, with one in four workers lowering their total savings. Nearly 20% of full-time employees took loans from their 401(k)s, the highest rate on record, indicating financial strain. Middle-income families are prioritizing immediate cash flow over future security. Gen Z is an exception, increasing their contribution rate, while every other generation decreased. With rising gas prices, these cuts may continue, highlighting the need to reassess retirement savings priorities.
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