It’s not enough to put in automatic features in retirement plansif those features don’t push people into saving at a high enoughrate, or to take an active role in choosing investments for theiraccount.
That’s according to a report in Psychology Today, which says that infact automatic features may be deceiving participants into thinkingthat their retirement is taken care of, in the way a definedbenefit pension once took care of the monthly income needs ofretirees.
However, the opposite is true—and in fact people oftencompletely lose sight of the fact that they are fully responsiblefor the outcome of their retirement savings, while that was not thecase for pension plans.
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