It’s a tremendous savings gap

They say a participant needs about $1.8 million for retirement savings, to live comfortably.

The only problem is that the average worker between the ages of 55 and 64 has $207,874 in their 401(k) account. As an industry, we are not doing enough and we need to push for more retirement coverage and tools that will get people to save more for retirement.

We have come far in the last 15 years with fee disclosures and participant education, but we have far to go.

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