Category Archives: Calculated Insurance

U.S. workers miss billions in retirement matches: study

Two men hold onto the bannister as they ascend a staircase in the Rayburn House Office Building on Capitol Hill in Washington April 24, 2013. REUTERS/Kevin LamarqueREUTERS/KEVIN  LAMARQUE

(Reuters) – U.S workers are losing at least $24 billion in retirement plan contributions each year by failing to take full advantage of company matches, according to recent research by 401(k) adviser Financial Engines.

One in four retirement plan participants misses out on some or all of the match, costing themselves an average $1,336 annually, said the firm, which reviewed the savings records of 4.4 million employees at the 553 companies using its services.

The missed amounts ranged from less than $100 to more than $20,000 for some highly paid, richly matched workers.

The rate of match-missing echoes those of previous studies, such as one last year by retirement plan provider TIAA-CREF that found 23 percent of those who contribute to a plan fail to get the full match.

Click here to make sure you are on the right track OR Click here to view the full article

Advertisements