401(K) Plans A Big Part Of The American Retirement Strategy
Four in five American workers say that their 401(k) retirement funds and savings accounts haven't reduced in value, according to a CareerBuilder survey. 401(k) savings of American adults aren't being dipped into as much as compared to recent years and more workers are putting their paychecks into savings, the survey reveals.
On the other hand, a study of 401(k) plans has revealed that black and Hispanic workers save significantly less for retirement and tap into their accounts more frequently than white and Asian employees. The study of 3 million 401(k) plans concludes that unless some changes are made some minority groups run the risk of retiring into poverty. 66 percent of black employees and 65 percent of Hispanic workers participate in their company's 401(k) plan while 77 percent of white workers and 76 percent of Asians enroll.