Follow Us: Small Business Tip of the Day: Saving for Retirement

If you’re trying to convince your employees to participate in retirement plans, new research from the Principal Financial Group shows that retirement plan participation rates increase up to 70 percent when plans use key design features, such as automatic enrollment, automatic increases, online deferral changes and an employer contribution. The Principal Financial Group’s analysis shows most Americans need to save in general between 11 and 15 percent, including employer contributions, over an entire working career to replace 85 percent of income in retirement. Principal recommends offering automatic enrollment for all employees at 6 percent deferral and automatic annual increases of at least 1 percent annually.

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