It took nearly 50 years, but half of private-sector workers are saving in 401(k)s for the first time. Policymakers have moved in recent years to broaden access. More states are requiring companies to offer a retirement savings option. Congress has given small businesses more generous incentives to launch them. And companies are automatically enrolling more workers, substantially raising participation rates.
“More people are covered and more are participating, fees are coming down,” said David Stinnett, head of strategic retirement consulting at Vanguard. “But there’s work left to be done.”
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