Though workplace plans can be imperfect, it’s undeniably easier to save for your golden years when your employer offers a retirement account.
Unfortunately, not all workers have access to a retirement plan at work. According to 2016 research by Pew Charitable Trusts, over one-third of private sector workers (who are not self-employed, farmers, or in the military) do not have access to an employer-sponsored retirement plan.
Moreover, an employer match is a huge incentive for workers to save. According to the Employee Benefit Research Institute’s 2017 Retirement Confidence Study, nearly 3 out of 4 workers who were not saving in their retirement plans would welcome a match. The survey found workers would be somewhat more likely to save if they were offered one.