Retirement: Americans living longer, healthier lives
More Americans are living longer, healthier lives, but that can affect retirement savings in a big way.
Seventy is now becoming the new 60, which means more people are working longer.
But are they saving enough to enjoy their golden years?
Some employees are getting a little help from their bosses.
According to a new report from asset management firm T. Rowe Price, more companies are making it easier for employees to save for retirement.
Last year, a little more than half of the employers in the report automatically enrolled workers into a retirement savings plan like a 401(k).
And 30 percent automatically contributed 6 percent or more of workers’ salary to the savings plan, which according to the report is a big deal.
If automatically enrolled, 88 percent of workers participate in the plan.
When employees have to sign themselves up and aren't automatically enrolled, less than half participate.
But putting away 6 percent still might not be enough.
T. Rowe Price recommends saving 15 percent or more of your salary towards retirement.
If a worker can't do that all at once, start saving gradually-- like adding 2 percent each year.
Little by little, you can get a nest egg that may keep you comfortable.