Saver's Match: A 'Force Multiplier' in the Battle to Improve Retirement Readiness
CHARLOTTE, N.C., April 9, 2024 /PRNewswire/ -- Key findings from new research indicates that the Saver's Match Program holds strong potential to be a "force multiplier" in the battle to help America's under-saved and under-served workers improve their prospects for a secure retirement in at least three measurable ways. These include stimulating more savings through federal matching contributions, incentivizing more contributions from existing savers, and boosting participation in the retirement system from non-savers.
- These include stimulating more savings through federal matching contributions, incentivizing more contributions from existing savers, and boosting participation in the retirement system from non-savers.
- This is one of the key findings of a new study undertaken by Retirement Clearinghouse, LLC and Boston Research Technologies , "How the Saver's Match Could Promote Financial Inclusion: A Survey-Driven Analysis of the Saver's Match Program."
- In addition, the survey found Black and Hispanic savers would benefit from the Saver's Match Program at higher-than-average rates.
- However, these minority savers have lower retirement savings account balances and lower household incomes than their White counterparts.