Many Americans have fallen behind in saving for retirement. What is the current 401 (k) participation rate?
Enrollments and contributions to 401(k)s rising each year from 2012-2015, a renewed focus on increasing 401(k) enrollment in the financial advisory industry has mostly been a success. According to data from Bank of America Merrill Lynch, 84% of employees who made changes to their 401(k) contributions in 2015 increased them, while total contributions in all retirement plans offered by employers increased 16%. 2016 data is still unreleased as of press time.
For more information on ways to increase 401(k) participation rates, see our new article this Thursday.