Many married couples are unaware of key workplace benefits, including 401(k) matching. They could be missing out on about $757 a year by not fully using these benefits.
Employers often boost 401(k) savings by adding extra money, called a "match," when employees contribute to their 401(k). There are three main types of employer matching: dollar-for-dollar, partial match, and tiered match.
A study by the Center for Retirement Research at Boston College found that around 1 in 5 married couples do not fully use these matching benefits. Because of this mistake, couples are losing an average of $757 per year in free retirement money.
Experts say the main problem is poor coordination between spouses who treat retirement planning individually instead of as one household.
