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The 'Mirage of Success' Shimmering in Your 401(k): Increasing Net Savings by Reducing Consumer Debt
Bloomberg Link to more items from this source
Jan. 29, 2014
"Vanguard Group, which manages $2.45 trillion in assets, announced Jan. 22 that it has struck a deal with ... a Washington, D.C.-based start-up named HelloWallet.... Calling itself a 'financial wellness service,' HelloWallet will become an option for the almost 4,000 defined-contribution retirement plans that Vanguard runs ... 'Workers need more help preparing for retirement than they're getting. For a lot of 401(k) participants, there's this mirage of success. Their 401(k) balance goes up and their savings deferrals go up. On the other side of the ledger, though, some 64 percent of plan participants are accumulating debt faster than they're accumulating savings. So net-net they're not getting ahead' [said HelloWallet founder Matt Fellowes]."

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