{"id":9313,"date":"2023-08-06T13:04:41","date_gmt":"2023-08-06T13:04:41","guid":{"rendered":"https:\/\/isafespend.com\/personal-finance\/is-not-having-a-401k-as-a-benefit-becoming-a-deal-breaker-for-new-hires\/"},"modified":"2023-08-06T13:04:41","modified_gmt":"2023-08-06T13:04:41","slug":"is-not-having-a-401k-as-a-benefit-becoming-a-deal-breaker-for-new-hires","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=9313","title":{"rendered":"Is not having a 401(k) as a benefit becoming a deal breaker for new hires?"},"content":{"rendered":"
<\/p>\n
\n
\n
<\/div>\n<\/div>\n<\/div>\n

New data from Schwab\u2019s 2023 401(k) Participant Study show that almost nine in 10 workers say the 401(k) is a must-have benefit, and three in four would refuse a new job if it did not offer one as they prioritize saving for retirement amid inflation and volatility.<\/p>\n

“The 401(k) plays a massive role in so many employees\u2019 future plans,” says Marci Stewart, director of communication consulting and participant education for Schwab Workplace Financial Services. “The impact of the pandemic and the inflation and market uncertainty that followed have continued to increase the importance of 401(k) plans for workers.<\/p>\n

According to Stewart, the 401(k) is usually workers\u2019 first experience with investing, so it makes sense that they already have a certain level of comfort with it.<\/p>\n

“However, that\u2019s not the only reason they are inclined to prioritize it,” she continues. “Workers tell us they are relying on their 401(k) as their primary source of income in retirement. They expect it to deliver 40% of their retirement income, which is double the next closest source, Social Security, at 20% of retirement income.”<\/p>\n

AVERAGE 401(K) ACCOUNT BALANCES TUMBLED LAST YEAR, VANGUARD RESEARCH SHOWS<\/strong><\/p>\n

And, she says that workers are realizing it takes years of planning to shape up their nest egg for a comfortable retirement, and they\u2019re counting on their 401(k) to help them reach their goals.<\/p>\n

What is causing this uptick <\/strong>in younger generations to seek a 401(k)?<\/strong><\/h3>\n

Stewart tells FOX Business today\u2019s younger workers have experienced drastic workplace changes in their short careers stemming from the impacts of the COVID-19 pandemic, witnessing the Great Recession and also the struggles many Americans faced.<\/p>\n

“All of this has led them to take more ownership of their finances, and to be more engaged,” Stewart explains. “Many are also realizing this is their opportunity to take advantage of one of the most powerful investing tools available \u2013 time.”<\/p>\n

\n
<\/source><\/source><\/source><\/source><\/picture><\/div>\n<\/p><\/div>\n

What should be the strategy for making deposits to a 401(k)?<\/strong><\/h3>\n

According to Stewart, at a minimum, your goal should be to contribute at least enough to get your full 401(k) employer match.<\/p>\n

“Not doing so is like leaving free money on the table,” she said.<\/p>\n

12 STEPS TO RETIREMENT<\/strong><\/p>\n

And, if you can\u2019t save up to the match right now, revisit the amount you are contributing the next time you get a pay raise and consider upping your paycheck deferrals then, she says.<\/p>\n

“Even one or two percentage points can make a big difference over time,” Stewart says. “But don\u2019t stop there. If you can up your savings rate a bit each year starting out, you\u2019ll be establishing a powerful habit that will serve you well. Many plans have an \u2018auto-increase\u2019 feature that lets you boost your savings rate automatically each year when you get a raise.”<\/p>\n

CLICK HERE TO GET THE FOX BUSINESS APP<\/u><\/strong><\/p>\n

Retirement remains on the minds of workers<\/strong><\/h3>\n

Among the findings, the Schwab survey of 1,000 currently employed U.S. 401(k) plan participants ages 21\u201370 shows that Inflation (62%) and market volatility (42%) are presenting obstacles to saving for a comfortable retirement.\u00a0Seventy-eight percent say these conditions are impacting their spending and saving habits, and 36% plan to delay retirement as a result.<\/p>\n

The data\u00a0also reveals that workers now believe they\u2019ll need to save an average of $1.8 million for retirement and 37% of workers think it\u2019s very likely they\u2019ll achieve this target, down by 10% from last year. But, the findings show workers are still hopeful: nearly half still feel somewhat likely to reach their goals and only 14% feel they are not at all likely to reach their goals.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

New data from Schwab\u2019s 2023 401(k) Participant Study show that almost nine in 10 workers say the 401(k) is a must-have benefit, and three in four would refuse a new job if it did not offer one as they prioritize saving for retirement amid inflation and volatility. “The 401(k) plays a massive role in so<\/p>\n","protected":false},"author":1,"featured_media":9314,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44],"tags":[32],"class_list":{"0":"post-9313","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-featured"},"yoast_head":"\nIs not having a 401(k) as a benefit becoming a deal breaker for new hires? | iSafeSpend<\/title>\n<meta name=\"description\" content=\"New data from Schwab\u2019s 2023 401(k) Participant Study show that almost nine in 10 workers say the 401(k) is a must-have benefit, and three in four would\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/isafespend.com\/?p=9313\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is not having a 401(k) as a benefit becoming a deal breaker for new hires? | iSafeSpend\" \/>\n<meta property=\"og:description\" content=\"New data from Schwab\u2019s 2023 401(k) Participant Study show that almost nine in 10 workers say the 401(k) is a must-have benefit, and three in four would\" \/>\n<meta property=\"og:url\" content=\"https:\/\/isafespend.com\/?p=9313\" \/>\n<meta property=\"og:site_name\" content=\"iSafeSpend\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-06T13:04:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/1691327081_401KGettyCROP.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/isafespend.com\/?p=9313#article\",\"isPartOf\":{\"@id\":\"https:\/\/isafespend.com\/?p=9313\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf\"},\"headline\":\"Is not having a 401(k) as a benefit becoming a deal breaker for new hires?\",\"datePublished\":\"2023-08-06T13:04:41+00:00\",\"dateModified\":\"2023-08-06T13:04:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/isafespend.com\/?p=9313\"},\"wordCount\":615,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/isafespend.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Personal Finance\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/isafespend.com\/?p=9313#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/isafespend.com\/?p=9313\",\"url\":\"https:\/\/isafespend.com\/?p=9313\",\"name\":\"Is not having a 401(k) as a benefit becoming a deal breaker for new hires? | iSafeSpend\",\"isPartOf\":{\"@id\":\"https:\/\/isafespend.com\/#website\"},\"datePublished\":\"2023-08-06T13:04:41+00:00\",\"dateModified\":\"2023-08-06T13:04:41+00:00\",\"description\":\"New data from Schwab\u2019s 2023 401(k) Participant Study show that almost nine in 10 workers say the 401(k) is a must-have benefit, and three in four would\",\"breadcrumb\":{\"@id\":\"https:\/\/isafespend.com\/?p=9313#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/isafespend.com\/?p=9313\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/isafespend.com\/?p=9313#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/isafespend.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Is not having a 401(k) as a benefit becoming a deal breaker for new hires?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/isafespend.com\/#website\",\"url\":\"https:\/\/isafespend.com\/\",\"name\":\"Solutions For Real\",\"description\":\"Latest Finance News and Updates\",\"publisher\":{\"@id\":\"https:\/\/isafespend.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/isafespend.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/isafespend.com\/#organization\",\"name\":\"Solutions For Real\",\"url\":\"https:\/\/isafespend.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png\",\"contentUrl\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png\",\"width\":690,\"height\":64,\"caption\":\"Solutions For Real\"},\"image\":{\"@id\":\"https:\/\/isafespend.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png\",\"contentUrl\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/isafespend.com\"],\"url\":\"https:\/\/isafespend.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Is not having a 401(k) as a benefit becoming a deal breaker for new hires? | iSafeSpend","description":"New data from Schwab\u2019s 2023 401(k) Participant Study show that almost nine in 10 workers say the 401(k) is a must-have benefit, and three in four would","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/isafespend.com\/?p=9313","og_locale":"en_US","og_type":"article","og_title":"Is not having a 401(k) as a benefit becoming a deal breaker for new hires? | iSafeSpend","og_description":"New data from Schwab\u2019s 2023 401(k) Participant Study show that almost nine in 10 workers say the 401(k) is a must-have benefit, and three in four would","og_url":"https:\/\/isafespend.com\/?p=9313","og_site_name":"iSafeSpend","article_published_time":"2023-08-06T13:04:41+00:00","og_image":[{"width":1280,"height":720,"url":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/1691327081_401KGettyCROP.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/isafespend.com\/?p=9313#article","isPartOf":{"@id":"https:\/\/isafespend.com\/?p=9313"},"author":{"name":"News Room","@id":"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf"},"headline":"Is not having a 401(k) as a benefit becoming a deal breaker for new hires?","datePublished":"2023-08-06T13:04:41+00:00","dateModified":"2023-08-06T13:04:41+00:00","mainEntityOfPage":{"@id":"https:\/\/isafespend.com\/?p=9313"},"wordCount":615,"commentCount":0,"publisher":{"@id":"https:\/\/isafespend.com\/#organization"},"keywords":["Featured"],"articleSection":["Personal Finance"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/isafespend.com\/?p=9313#respond"]}]},{"@type":"WebPage","@id":"https:\/\/isafespend.com\/?p=9313","url":"https:\/\/isafespend.com\/?p=9313","name":"Is not having a 401(k) as a benefit becoming a deal breaker for new hires? | iSafeSpend","isPartOf":{"@id":"https:\/\/isafespend.com\/#website"},"datePublished":"2023-08-06T13:04:41+00:00","dateModified":"2023-08-06T13:04:41+00:00","description":"New data from Schwab\u2019s 2023 401(k) Participant Study show that almost nine in 10 workers say the 401(k) is a must-have benefit, and three in four would","breadcrumb":{"@id":"https:\/\/isafespend.com\/?p=9313#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/isafespend.com\/?p=9313"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/isafespend.com\/?p=9313#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/isafespend.com\/"},{"@type":"ListItem","position":2,"name":"Is not having a 401(k) as a benefit becoming a deal breaker for new hires?"}]},{"@type":"WebSite","@id":"https:\/\/isafespend.com\/#website","url":"https:\/\/isafespend.com\/","name":"Solutions For Real","description":"Latest Finance News and Updates","publisher":{"@id":"https:\/\/isafespend.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/isafespend.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/isafespend.com\/#organization","name":"Solutions For Real","url":"https:\/\/isafespend.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/isafespend.com\/#\/schema\/logo\/image\/","url":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png","contentUrl":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png","width":690,"height":64,"caption":"Solutions For Real"},"image":{"@id":"https:\/\/isafespend.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/isafespend.com\/#\/schema\/person\/image\/","url":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png","contentUrl":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png","caption":"News Room"},"sameAs":["https:\/\/isafespend.com"],"url":"https:\/\/isafespend.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts\/9313","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9313"}],"version-history":[{"count":1,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts\/9313\/revisions"}],"predecessor-version":[{"id":9315,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts\/9313\/revisions\/9315"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/media\/9314"}],"wp:attachment":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}