There is no magic number as to how much is “enough” to have saved for retirement. Each individual has different goals and different financial circumstances. However, saving as much as you can in your 401(K) is critical to the success of any retirement goal. The good news is that data shows that people are saving more. In the first quarter of 2015, 23% of Fidelity’s 13.5 million 401(k) participants increased their retirement plan contribution.
Our goal at DirectAdvisors is to encourage increased contribution rates for the participants we work with every day. Increasing contributions by 1% each year can make a material difference in the ultimate nest egg saved for retirement.
Please read more on the Fidelity and industry statistics in the article, “Record Number Bump Up 401(k) Contributions” by Nick Thornton of Benefits Pro.