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(AP Photo/LM Otero, File)

(Bloomberg Business) — Is 3 percent some magical retirement savings number?

When companies with 401(k) retirement savings plans enroll new hires automatically, many set a default contribution rate of 3 percent of salary. Why not 4, or 5.5, or 6? Are companies saying you can afford to retire if you save just 3 percent of your salary a year?

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