Yet another study has found that lower-income workers don't get as much bang for the buckfrom 401(k) accounts, while higher-income workers can take advantage of more plan provisionsand make out better financially.
The 2017 MassMutual Retirement Savings & Household Income Study reveals that despite ahigh participation rate among middle-income workers, the lower their income, the less likelythey are to reap the full advantages from their employer's retirement savings plan.
"Nearly nine in 10 middle-income Americans participate in employer-sponsored retirementplans," Tom Foster, national spokesperson for MassMutual's Workplace Solutions, says in thereport, adding that the company's research "shows that savers with higher incomes are far morelikely to contribute a higher percentage of their income and take full advantage of matchingcontributions."
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.