Retirement plan sponsors take heed: a majority of the people asked said automatic increases in their plan contributions would be a welcome approach to keep them on track to their retirement goals.
That is the big takeaway from recent survey by American United Life Insurance Co., a OneAmerica company. Fifty-five percent of the respondents said they were in favor of automatic annual increases in their contributions, a notion that is just beginning to catch on.
Not surprisingly, others weren’t so sure. Some who were opposed to the notion (19 percent) said they would go so far as to opt out of such increases, while 29 percent haven’t quite made up their minds whether they like the idea or not.