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Bloomberg provides a dark, detailed look at why many employees may never be able to retire. Two-thirds of all Americans don’t contribute anything to a 401(k) or other retirement account available through their employer.
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Not surprisingly, the Census data suggest well-paid workers find it easier to save than the lowest-paid. But income isn’t the only factor. Eligibility is also a major issue for part-time workers and people who change jobs frequently. Companies often require employees to work for a certain amount of time before they can sign up for a 401(k), and employers aren’t required to allow part-time workers into a plan until they’ve worked 1,000 hours during the previous year.
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