Users happy with automatic enrollment

Ninety-eight percent of adults now enrolled in an automatic-enrollment 401(k) plan are glad their companies offer the service, according to a survey by Retirement Made Simpler, a coalition formed by AARP, the Financial Industry Regulatory Authority and the Retirement Security Project. Of those who were automatically enrolled, only 7% opted out of the plan. The study also found that 95% of adults in auto-enroll 401(k) plans agree that automatic enrollment made saving for retirement easy and 85% agree that it helped them start saving for retirement earlier than planned. The survey was conducted on Sept. 6 and Oct. 1 among 10,130 adults, of whom 696 were automatically enrolled and are still enrolled in a 401(k) plan.