Why Aren't More Retirement Savers Jumping on This Fantastic 401(k) Feature?

Saving for retirement is essential if you want to enjoy your senior years without financial stress. That's because Social Security will only replace about 40% of your pre-retirement income if you're an average wage earner, and most seniors need around twice that sum to maintain a comfortable lifestyle.

When it comes to savings plans, there are plenty of benefits to signing up for a 401(k). First of all, 401(k) plans offer more generous contribution limits than IRAs, and many companies that sponsor 401(k)s also match worker contributions to varying degrees. This means that you could be in line for free money for retirement if you contribute modestly.

Image source: Getty Images.

Source Fool.com