The 401 plan savings rate reached 14.2%, including employee and company contributions, as of March 31, according to a Fidelity analysis.401 plan savings rateMega backdoor Roth conversions can boost retirement savings for higher earnersa total retirement savings rate of at least 15% is a key step to be able to maintain your current lifestyle in retirement.and companies contributed an average of 4.8%, including matches, profit sharing and other deposits.
However,"if you can't reach that 15%, at least try to contribute to get your full company match," Shamrell said. "We have target savings rates of 10% to 30% depending on the household," said certified financial planner Andrew Herzog, an associate wealth advisor at The Watchman Group in Plano, Texas. Many companies automatically sign eligible employees up for the 401 plan, leaving them to opt-out if they don't want to participate. While the default contribution rate for such auto-enrolled 401 plans was 4.1% last quarter, nearly 40% of auto-enrolled plans
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