More than half of retirement plan participants favor automatic annual increases to their contributions, according to a new report. American United Life Insurance Company (AUL), a OneAmerica company, released this finding in a survey that polled visitors (7,545 plan participants) to OneAmerica's retirement plan participant website. The research aimed to better understand behaviors and resources that might help plan participants for retirement.
Fifty-five percent of retirement plan participants who took AUL's survey said they would favor automatic annual increases to their contributions, the report shows.
"With non-stop family, health and life events and changing financial obligations over the course of one's life, saving for retirement can easily fall to the bottom of the priority list," said Marsha Whitehead, vice president of marketing for retirement services for the companies of OneAmerica. "Automatic features can help plan participants easily increase their retirement contributions and not get distracted by other financial matters."
