A recent survey of people participating in 401(k) plans revealed that 62% of them expect their 401(k) to be their biggest source of income in retirement. But if these accounts are so critical to retirement, why are they so often neglected? In this episode Mark Riepe talks with experts from the world of retirement plan services: Catherine Golladay and Nathan Voris. They discuss saving strategies and the major stumbling blocks that can prevent you from maximizing your 401(k).
You can read more about how 401(k)s have evolved in these studies:
- “Defined Contribution Pension Plans: Determinants of Participation and Contribution Rates,” Journal of Financial Services Research, 2007, Gur Huberman, Sheena S. Iyengar, and Wei Jiang.
- “Increasing Saving Behavior Through Age-Progressed Renderings of the Future Self,” , November 2011, Hal E. Hershfield, Daniel G. Goldstein, William F. Sharpe, Jesse Fox, Leo Yeykelis, Laura L. Carstensen, and Jeremy N. Balinesen.
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