Did you know the original purpose of the 401(k) plan was to supplement retirement income? And that originally such plans we’re supposed to be simple.
Today if a worker doesn’t have a plan at work, most don’t save for retirement and even with a work-based plan it takes auto enrollment to get many to sign up. Despite several types of savings vehicles, it’s generally assumed there is a lack of retirement saving tools and thus people don’t save.
Not true. People don’t save because they can’t see the future and they set their standard of living for necessities and non-necessity spending before saving 🤑🤑🤑 and that’s the truth for the vast majority of Americans.
And yet when motivated saving is quite possible.