Younger workers are increasingly participating in 401(k) plans, but many might not be saving enough for a secure retirement.
A recent survey shows that nearly half of workers aged 21–34 have saved over $50,000 in their 401(k)s, but this often falls short of benchmarks like saving one year’s salary by age 30.
Starting early is key, as compound interest can significantly boost retirement savings, while delaying contributions may require much higher monthly savings to catch up.
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