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Default Settings Are Holding Back Retirement Savings | Raleigh News
More people than ever are enrolled in 401(k) plans thanks to automatic enrollment, but new data reveals a troubling gap: most start at contribution rates too low to meet retirement goals. While participation hit an all-time high of 86%, the median savings rate remains below target, with many beginning at just 3% or less. Experts say default settings and lack of auto-escalation features are major culprits, leaving workers years behind on saving—even with employer matches. The fix? Boosting defaults and leveraging automatic increases to help workers climb toward the recommended 12–15% savings…
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