The Long View · Spencer Look and Jack VanDerhei: The Assumptions That Can Put Your Retirement at Risk
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Created 43 different 401k plan prototypes varying enrollment type, escalation, default deferrals, and match rates to model impact on retirement outcomes
“Automatic enrollment is great… if people don't have the high enough default deferral, if they don't have auto escalation, and if it's easy to pull out… tying together automatic enrollment, high default deferrals, locking up the money…”
“He said that automatic enrollment into retirement savings plans leverages the power of defaults and inertia, so people are more likely to stay enrolled.”
“He said automatic enrollment into retirement savings plans works because of the power of inertia and defaults; kids should be auto-enrolled.”
“When you enroll for 2027 with me, we will go through the full enrollment process, which includes the benefits that you have selected, reviewing the benefits summary, reviewing your prescription drugs on the drug formulary, making sure you know what the star rating is for your 2027 plan.”
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