The “five-year plan” is dead, as the average American is now planning 12 years ahead, according to new research.
A survey of 2,000 employed Americans found that when thinking about saving for the future, a five-year plan simply isn’t going to cut it.
Others would prioritize necessary purchases and cut down on impulse spending while another 46% would work extra hours at their job. Employed Americans who work at a small business are more likely to enroll in their employer’s 401 option than those who work at a private company or public company . Half of the respondents who have not started saving for retirement yet said they’re waiting for their employer to offer or explain more about a retirement plan and 43% said they haven’t had the time to start.
Onboarding is the most popular time to sign up and the majority of Americans who are enrolled in a 401 plan based their decision on employer-provided materials.
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