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Saying that Americans don’t save enough for retirement is a bit like declaring water to be wet. Only 30% of savers say they are very confident that they will have a comfortable retirement, according to the Employee Benefit Research Institute’s 2020 Retirement Confidence Survey. But unlike water and it’s moisture properties, the lack of retirement savings isn’t a foregone conclusion. There’s a lot plan sponsors can do to help workers save and improve their retirement readiness.

The field of behavioral finance provides a lot of ideas about how to do this. Richard Thaler, for example, author of the widely read book “Nudge,” even won the Nobel Prize in Economics in 2017 for his work on ways people can “nudged” into making better decisions. Those findings have been applied to retirement plan designs.

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