Good News: 401(k) Participation Is on the Rise

It's not a secret that most Americans are behind on retirement savings. And that's a problem, because the typical retiree needs more than just Social Security to stay afloat financially.

But a recent study by Bank of America Merrill Lynch reveals a bit of good news: It seems 401(k) participation rates are on the rise. Specifically, last year saw a 6% increase in new 401(k) plan enrollments, and a 20% increase in contributions.

Just as importantly, 401(k) participation increased among all age groups. Of those eligible for a 401(k), 82% of workers aged 21 to 34 made contributions, as did 77% of workers aged 35 to 49 and 75% of workers aged 50 to 68.

Source: Fool.com