Compass Capital

Your Trusted Financial Advisor

  • About Us
  • Our Team
  • Services
  • Resources
    • Client Links
    • Articles
    • Disclosures
  • Blog

Test Your Savings Knowledge

June 9, 2010 By Susan Scheide

Test Your Savings Knowledge with this Savings Quiz which   will reveal how much you understand about the realities of saving in America.

With defined contribution (DC) & 401k plans now a primary source of retirement income, it is incumbent on employers to ensure that their employees are saving and investing effectively within those plans.

•Over one-third of all eligible employees do not participate’at all’in their company’s retirement savings plan.

•More than 90% of those who do participate fail to take full advantage of the legal maximum contribution limits.

•Nearly one-fifth of participants are invested in a single nondiversified investment option.

•About 20% have outstanding loans within their DC accounts, risking a smaller balance and less earnings potential if the loan is not repaid.

These results are alarming when we consider that the work-place savings plan is the primary retirement savings plan for most working Americans. Each of these missed opportunities can be costly and can devastate an employee’s chances to enjoy a financially secure retirement. One potential solution for achieving retirement readiness is if the plan sponsor leverages automated savings techniques so that a DC plan, by default, can work to maximize retirement savings for all employees: automatic enrollment, automatic deferral increases, and automatic default into an age-based lifecycle option or managed account.

Filed Under: Compass Capital

Thanks for signing up!

Join Our Mailing List

By submitting this form, you are granting: Compass Capital Corporation, 50 Braintree Hill Park, Braintree, Massachusetts, 02184, United States, https://compasscapital.co permission to email you. You may unsubscribe via the link found at the bottom of every email. (See our Email Privacy Policy for details.) Emails are serviced by Constant Contact.

Compass Capital

  • About Us
  • Our Team
  • Services
  • Resources
    • Client Links
    • Articles
    • Disclosures
  • Blog

Latest Blog Posts

  • Lend to Friends and Family—But Only if You Follow These 3 Tips February 14, 2019
  • #Adulting: 5 Things I Wish I Knew About Managing My Finances July 24, 2018
  • Getting a Handle on Virtual Currencies July 24, 2018
  • Talking Money With Mom: Gender, Generation and Financial Knowledge June 8, 2018

Connect with Us

  • Email
  • Facebook
  • Google+
  • LinkedIn
  • Twitter

Copyright © 2021 · Compass Capital Corporation