NEW YORK (7/22/09)--While the numbers indicate that workers still are stashing cash in their employer-sponsored 401(k)s, the news is not all good and requires many workers to take action now to catch up (Money August 2009).
A recent survey of 2.7 million eligible employees by Hewitt Associates revealed that 401(k) participation rates have increased from 67.2% in 2005 to 74.2% in 2008, thanks in part to auto-enrollment programs. And 15.4% of 401(k) participants increased their contributions in 2008. But that's the end of the good news.
Here's the bad news:
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Courtesy of cuna.org