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401(k) plans have been a staple of employee benefits offerings for decades. They’re a way for employees to save money for retirement by deferring taxation on contributions. One of the most attractive aspects of a 401(k) is the employer match, which averages around 4.7% of employees’ salaries in the U.S. and adds substantially to the employees’ retirement fund.
Despite the broad availability and benefits of 401(k) investing, only 41% of workers actually contribute to one, either because they don’t understand the value, or they can’t afford to.
Fortunately, emerging innovative options offer greater flexibility to support employees’ holistic financial health across different stages in life. These not