Americans often view saving for retirement as a choice between contributing to a workplace 401(k) plan or funding an IRA, even though the majority of people are allowed to contribute to both at the same time. A new report by Fidelity Investments indicates that as companies cut down on pension plans, more workers are contributing to both Individual Retirement Accounts and 401(k) plans. Those who contribute to both end up saving much more overall, the study showed. In addition, workers are more likely to save for retirement if they seek financial advice.
All Employee Benefit Adviser articles are archived after seven days. REGISTER NOW for unlimited access to all recently archived articles, as well as thousands of searchable stories. Registered Members also gain access to exclusive industry white paper downloads, web seminars, podcasts and blog discussions. Members may also choose to receive any of our daily or weekly e-newsletters covering the latest breaking news, opinions from industry leaders and developing trends with specialized topics like defined contribution/defined benefit, healthcare insurance news, voluntary benefits, and legal issues.