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Auto-Enrollment Coupled With Auto-Escalation of Contributions Takes Away Choice but Increases Success
BenefitsPro; free registration required Link to more items from this source
[Opinion]
Oct. 25, 2012

"[I]t seems pretty clear that to help people reach some extremely nebulous but substantial retirement goals, you've got to use some psychology. And, maybe, take away their freedom of choice. For their own good. The context for all of this heavy-handed behavior is the well-intentioned but way-too-optional-for-its-own-good 401(k). Put simply, while it's a relatively good tool -- especially if it's the only tool most American workers have, minus the prospect of some possible Social Security benefits, perhaps maybe -- it's a totally ineffective tool if people don't use it. A waste of money, in fact. And your time."

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