Workers plan to contribute less to their 401(k) retirement accounts in the year ahead relative to 2012, new research shows.
Brightwork Partners LLC discloses this finding in “Mercer Workplace Survey 13,” the product of proprietary research conducted for Mercer’s U.S. Benefits Administration business. Tracking employee attitudes toward, and experiences with, employer-sponsored retirement, health and benefits programs, the survey is based on responses from active 401(k) plan participants.
The survey observes that workers expect to contribute less to their 401(k)s this year than last year: $7,402 on average per person in 2013 versus $7,995 in 2012. The dip is noted among both workers over age 50 ($6,708 vs. $8,242) and under age 50 (7,608 vs. $7,877).
Concurrent with these declines, both older and younger workers perceive a drop in the maximum amount they can defer from income taxes by contributing to a 401(k).