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It's often said that a 401(k) is the best employer-sponsored account to help employees save for retirement. But if an employee only had $1 to save, is the so-called gold standard of retirement savings really the best place to start? Well, maybe not…
First and foremost, addressing retirement savings is one of the most important steps to take. Maximizing those savings is the next step. Even with this strategy, most Americans face a dramatic retirement gap in their current savings (the amount employees have saved vs. the projected amount they need for household expenses in retirement). Traditional savings vehicles are no longer sufficient to ensure employees don't outlive their savings. It's a huge problem, and COVID-19 is making it even worse.
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