Are you a 401(k) saver?

401(k), Investing & Retiring, Retirement


Are you among the nearly 50% of Americans who have access to a 401(k) program but don’t contribute to it? If so, what’s keeping you from utilizing this valuable savings tool?

According to a new survey from Schwab Retirement Plan Services, Inc., non-savers are simply having trouble dealing with the combination of daily financial stresses and significant debt.

The survey found that respondents were split evenly between contributors and non-contributors to their 401(k) programs – roughly the same results as a U.S. Census Bureau study reported by Bloomberg in February.

In the Schwab survey, 45% of the non-savers reported being either even or behind on their monthly bills, as compared to 23% of 401(k) savers. Not surprisingly, a similar 2:1 ratio of non-savers said that keeping up with monthly expenses is a significant stress source.

The short-term stressors for non-savers included basic monthly bills (cited by 46% of respondents), paying down cred…

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