More Americans are saving for retirement through their employers' 401(k) programs. That's because in recent years they've been given a strong nudge — more companies are automatically enrolling workers in retirement savings programs.
Some firms are also automatically increasing the amount employees contribute. That's just as important, experts say.
And all this makes a big difference: Without it, millions of Americans don't save at all.
Making Time For Retirement Planning
A recent survey by TIAA-CREF found that, compared to setting up a retirement account, Americans spend more time choosing a flat-panel TV, or what restaurant to have a birthday party at.
"Yeah, it's kind of embarrassing to admit that I spend a lot more time doing other things," says Mary Hakken-Phillips, a 33-year-old executive assistant in Chicago.
She says says she spends countless hours planning vacations, for example. But retirement planning — not so much.
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