Life Insurance Quotes

401(k)s may be saving America's retirement future

07/15/11

In a study released this week, Fidelity investments found that more than half of current workplace savings plan participants would not be saving for retirement it they were not enrolled in a 401(k) plan. Additionally, one in five people surveyed said they have no other retirement savings outside of the workplace, which are typically in the form of an annuity or whole life insurance plan.

Experts believe that the survey will help professionals better understand how Americans are using their 401(k)s to achieve their retirement savings goals. Almost every participant said that it was important for them to participate in a company program so that they would not miss out on match dollars. Many investors also said the plans were a good tax-deferred way to save.

"It also provides an interesting snapshot of the actions of workplace plan participants in an uncertain economic climate and highlights the importance of Fidelity's wide array of financial education offerings, from online tools to one-on-one guidance," said James M. MacDonald, president, Workplace Investing, Fidelity Investments.

While the majority of employees are enrolled in their workplace 401(k)s, most also said they would contribute more money if they could.  

Talk to an Advisor

A licensed insurance advisor can explain your options and help you choose the right life insurance for your needs.

Call: 1-800-823-4852

Chat: Live Advisor Chat

Sm

A few of the carriers we quote