As 401(k) Contributions Climb, So Does the Number of 401(k) Millionaires
By Stephen Miller
“Employers shouldn’t be wary of auto-enrolling their employees in their 401(k),” said Amy Ouellette, director of retirement services at 401(k) advisory firm Betterment for Business. “Getting savings started should be a given—your employees will thank you for this later.”
Employees need to be saving more than the bare minimum toward retirement throughout their career, and “3 percent of pay won’t be enough to confidently retire,” she added. “Encourage them to aim for at least 6 percent, and then to try to work their way up to 10 to 15 percent over time,” which can include the employer’s contribution.