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In a survey of workers who participate in an employer-sponsored retirement plan, 71% said they wanted their employers to increase their savings rate automatically by 1% each year.1 Some plans have auto-escalation features that increase workers’ contributions by a percentage point on an annual basis.2 Regardless of whether you save by default or by choice, increasing your retirement contributions could make a big difference in the amount you accumulate during your working years (see chart).

Although there’s nothing magical about a 1% annual increase, it may be a manageable way to get closer to an appropriate contribution level for your age and personal situation in Charleston SC, Miami FL, Charlotte NC or Atlanta GA.