Retirement Plan Matches Have Declined for Small Businesses, Data Shows
Saving for retirement is important. Without independent savings, seniors risk struggling financially when they attempt to live on Social Security alone, especially when we consider that the average recipient today collects just around $1,500 a month, or $18,000 a year, in benefits.
But many people get help with retirement savings -- namely in the form of an employer match. That match can vary from company to company, but retirement plan matches are a common workplace benefit that employees are encouraged to take advantage of. Yet recent data from Ascensus reveals that among companies with up to 500 employees, employer retirement plan contributions decreased 11.4% overall from March through May of this year.
Why the decline? Some smaller companies have discontinued their retirement plan matches in an effort to cut costs. For others, though, it's a matter of having less money in contributions to match in the first place.
Source Fool.com
