NEW YORK (MainStreet) You're doing everything the experts recommend. Deferring a chunk of your salary to your 401(k) at work, at least up to the company match, attending the educational seminars, investing in a diversified portfolio what else can you do to secure your future retirement? The one thing more than a third of Americans with a 401(k) have never done: increase the amount they automatically contribute.
Read More: Companies Lag in Matching 401(k) Programs
A new TIAA-CREF survey says that while many of us have never raised our deferral, 26% have not kicked-up what they kick-in in over a year. With 44% of the U.S. workforce saving 10% or less of their annual income for retirement, that's a problem. Many financial advisors say we should be putting aside 10-15% -- even more as we age.
One of the best times to increase your contribution is when you get a raise. Most of us (57%) don't do that. More men (33%) than women (17%) are likely to be contributing the maximum amount allowed -- and thrifty Millennials are most likely (52%) to jack up their contribution after a bump in pay.
But the workers really lagging behind are those who never got started. More than half (53%) of employees who work for a company offering a 401(k) retirement plan were not automatically enrolled in their companies' plans, according to the survey.