With rising health care costs, a majority of American workers won’t be able to maintain their current standard of living, according to an article on CNNMoney.com. The article cited a study conducted by the Center for Retirement Research (CRR), which estimated that 61% of households are “at risk” of being unable to live the way they would like while paying for their health care as they grow older. The Employee Benefit Research Institute (EBRI) estimates that couples will need to save about $300,000 in retirement just to cover medical expenses.

While many employers offer their employees a 401(k) plan as a retirement savings vehicle, not enough employees take advantage of it. According to the CNNMoney.com article, 30% of employees do not sign up for their 401(k) plan. How can companies combat this? Automatic enrollment may be the answer. This feature automatically enrolls an employee in their employer’s 401(k) plan unless they specifically opt out. Automatically enrolling participants when they become eligible gets them saving early, which can lead to more money at retirement.

Automatic enrollment is just one of the features NADART offers as part of its 401(k) plan. To learn more about this feature, or to get started on offering your employees a 401(k) plan, please contact a NADART representative at (800) 462-3278, ext. 7161 or at nadart401k@nada.org.