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401(k) matching, loans, auto-enrollment: Options to incentivize workers to save more

While 401(k) plans have blossomed in popularity, the retirement savings crisis rages on. Here’s the path forward, from the employer and employee perspective, says Paychex’s Zach Keep.

By Lynn Cavanaugh | November 18, 2024 at 12:35 AM
Credit: Rassco/Adobe Stock

According to the AARP, 1 in 5 (20%) of adults aged 50+ have no retirement savings, and more than half (61%) are worried they will not have enough money to support them in retirement. On the other hand, 401(k) plans have become financial wellness destinations, with retirement plan participants saving at record-high rates in 2024, according to Vanguard’s “How America Saves” report. 

To explain how the retirement savings crisis rages while 401(k)s have blossomed in popularity, we connected with Zach Keep, Manager, Compliance and Risk at Paychex, who discusses the path forward, from the employer and employee perspective.

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