The current design of many 401(k) plans does not account for repeated job switches, which can lead to significant losses in retirement savings for job hoppers.
Job-hopping may yield a 10% salary increase but often results in a 0.7% decline in retirement savings rate, costing individuals over $300,000.
About a quarter of adults over 50 fear they'll never be able to retire, revealing the challenges faced in today’s economy where $1 million is insufficient.
Despite financial uncertainties, Gen Zers are leading the way in 401(k) contributions, potentially mitigating future retirement savings challenges.
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