Reported 12 months ago
Recent studies from Vanguard and Transamerica show that Americans are actually saving more for retirement than previously thought. Vanguard's report reveals that despite high inflation, over 40% of workers increased their 401(k) contributions in 2023, with an average savings rate of 11.7%. Automatic enrollment in retirement plans is on the rise, as well as the use of target-date funds. While some are taking hardship withdrawals due to financial strains, the number of 'super savers' contributing more than 10% of their salaries to retirement plans is increasing across all generations.
Source: YAHOO