Less Than Half of Americans Have Taken This Step Toward a More Secure Retirement
For 58% of Americans, a 401(k) is their only source of retirement savings, according to research from Charles Schwab. These workplace accounts are a good place to put away money for the future, especially since contributions are made with pre-tax funds and many employers match at least some of the money you put in.
The problem is, most people aren't putting enough money into their 401(k)s. In fact, just over half of Americans responding to the Schwab survey were investing no more than 10% of their income. And unfortunately, the survey also showed most people are making a big mistake: They aren't increasing the amount they invest.
Fewer than half of investors had raised their 401(k) contributions in the past two years, and around a third of people who were automatically enrolled had never changed their contribution amount at all.
Source Fool.com
