401(k)s are an especially important retirement tool given that pensions are on the decline and Social Security "could be insolvent by 2034," and because an alarming number of Americans have little to nothing saved for retirement individually: A recent study by GOBankingRates found that 42 percent have less than $10,000 socked away.
Even President Trump, during his State of the Union, touted the success and importance of 401(k)s. But he neglected to mention that "most workers don't have one yet."
Indeed, data analyzed by The Pew Charitable Trusts found that 35 percent of private sector workers over the age of 22 don't work for a company that offers a plan. And the numbers were more stark for younger people. Pew found that 41 percent of millennials didn't have access to an employer-sponsored retirement plan while only 35 percent of Gen-X and 30 percent of boomers had to do without.