Reported 2 days ago
A recent Schwab study reveals that an increasing number of workers expect 401(k) plans to be their primary source of retirement income, with the figure rising from 37% in 2022 to 40% in 2023. This shift indicates that employees are increasingly relying on their personal and spousal 401(k) accounts, but they will also need to consider other income sources, such as Social Security (20%), savings and investments (15%), and pensions (11%), to adequately cover living expenses in retirement.
Source: YAHOO