Yet another study has found that lower-income workers don't get as much bang for the buck
from 401(k) accounts, while higher-income workers can take advantage of more plan provisions
and make out better financially.
The 2017 MassMutual Retirement Savings & Household Income Study reveals that despite a
high participation rate among middle-income workers, the lower their income, the less likely
they are to reap the full advantages from their employer's retirement savings plan.
"Nearly nine in 10 middle-income Americans participate in employer-sponsored retirement
plans," Tom Foster, national spokesperson for MassMutual's Workplace Solutions, says in the
report, adding that the company's research "shows that savers with higher incomes are far more
likely to contribute a higher percentage of their income and take full advantage of matching
contributions."
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