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Was the 401(k) a Mistake? How an obscure, 45-year old tax change transformed retirement and left so many Americans out in the cold. (www.nytimes.com)

submitted 2 months ago by Blaze@reddthat.com to c/personalfinance@lemmy.ml

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[–] Copernican@lemmy.world 11 points 2 months ago (13 children)

So my employer did this thing where new hires automatically got enrolled in a 401k. If you did absolutely nothing to your 401k, each year it would automatically up your percentage to a max of Y. Is that common or uncommon? And in this world of 401k over pension, should that be more of a norm to help protect people that don't know better build retirement savings. It doesn't solve the problem of folks not having enough money and needing to use 401k for emergency funds...

[–] Trigger2_2000@sh.itjust.works 8 points 2 months ago

It's getting more common; which I think is a good thing.

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