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."
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- 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.