I would have guessed HT'ers, particularly those that click on this thread, would score well above average. A lot of people miss the bond question. It was probably the toughest one and it is the only one investment specific except for the stock risk question. The others are just basic math. So yeah, 3.3. America is not doing great...
Dang. Im throwing in the rag in 150 days, 15 hours, 55 minutes
When I only had one employee, my wife and I spent quite a bit of time getting the 401k set up, and paid some administrative fees to do so. At 3 Mo when he was eligible, he decided not to enroll.I looked up the article. I don't see any reference to the $23,500 max? I think it would just be referring to the person earning 65k putting away around 10-12% and then the employer matching 3-4%?
Earlier in my career (12+ yrs ago) I worked on some 401k audits. The biggest one was a small publicly traded company with ~1500 employees in the Midwest. Medium cost of living area where it was fairly easy to for people to afford a house. There were people making 60k and maxing out their 401k and people making 150k that would opt out of the auto-enrollment and put nothing in.
We have 35 people in our office and pay above average for the area. We match 7.5%, $1 for $1, and still have some employees not putting in 7.5%
I had to work hard to convince at the time our highest paid employee making over $200k that he needed to start contributing at least 5% into our 401k plan to get the 5% match we provide. It took me over a year to convince him. It cost us $10,000+ a year once I finally convinced him.
hbr.org
usafacts.org
Recent but expected.. Had several advisors from major companies suggest a higher portion of foreign last fall.
No offence intended to you or your business, but I'm sure glad he is not my accountant if he doesn't understand something this fundamental. You did the right thing to finally convince him.
The funny part is the “Don’t know” answer. Apparently, Americans want to be told everything. Thinking is hard, I guess.
