Have No Interest in 401(k)s? What About Helping Others?

Column distributed by Hearst Connecticut Media Group.

Links to resources referenced:

• 401(k) Specialist: 401(k) Millionaire Ranks Grew 27% in 2024: Fidelity
  • https://401kspecialistmag.com/401k-millionaire-ranks-grew-27-in-2024-fidelity/ 
    • Related column excerpt:
      • “Fidelity Investments reported 537,000 401(k) participants with more than $1 million 401(k) accounts at the end of 2024 (Fidelity’s 2024 fourth-quarter retirement analysis). Overall, there were 24.5 million 401(k) participants in the study. “
• MFS 2024 Global Retirement Survey Results
  • https://www.mfs.com/en-us/investment-professional/insights/retirement-insights/global-retirement-survey.html?utm_source=ola_nana&utm_medium=412810920&utm_term=ctx_DC_Advisors&utm_campaign=MFS-FY25-Institutional-DC-CP2RY02&utm_content=233020896&dclid=CIbAk--St40DFWmsgwgd878GLw&gad_source=7 
    • Related column excerpts:
      • “A 2024 Global Retirement Survey of 724 retirement plan participants by MFS Investment Management, a U.S.-based global investment manager, found that 59% said they were very or extremely concerned about saving enough money for retirement.”
      • “And the challenges are real. When asked what, if any, competing financial priorities prevent them from adequately saving for retirement, 31% of the respondents said saving for an emergency, 28% indicated they live paycheck to paycheck and cannot save for retirement, and 19% said they are setting money aside for child education.”

• Nasdaq GoBankingRates: “What Is the Average 401(k) Plan Match in 2025?”
  • https://www.nasdaq.com/articles/what-average-401k-plan-match-2025
    • Related column excerpt:
      • “That’s what a 401(k) with a dollar-for-dollar match gives you -- double your investment without the need to wait 10 years. Most 401(k)s do have matches. The dollar amount varies. The most common match is a 50% partial contribution up to 6% of an employee’s salary, citing the GOBankingRates article ‘What Is the Average 401(k) Plan Match in 2025?’” 

• National Day Archives: National 401(k) Champion Day / Jun 15
  • https://www.nationaldayarchives.com/day/national-401k-champion-day/#:~:text=When%20will%20National%20401(k,(k)%20Champion%C2%AE%20Day%3F 
    • Related column excerpt:
      • “Interestingly, 30% indicated a family member as a resource, and 18% named a friend, peer or co-worker. The latter group provides the basis for the 401(k) Champion Award, which honors those who not only use their 401(k)s wisely to save for retirement but also encourage those around them to do the same. Full disclosure: In my role as an advocate of financial literacy education, I founded and sponsor the award (401kchampion.com). There also is a National 401(k) Champion Day June 15 that I created with National Day Archives.”